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ARLINGTON, Va.—Total consumer credit rose 6.8% in July (seasonally-adjusted, annualized) and is up 5.2% versus a year ago. Despite a slowdown since the start of 2019, NAFCU Chief Economist and Vice President of Research Curt Long said consumer credit remains up.

WASHINGTON—Credit unions have responded generally positively to comments made during a Senate Banking Committee hearing this week on housing finance reform.

WASHINGTON—Calling it a “dangerous Sahara desert,” consumer advocates are criticizing an announcement by the Consumer Financial Protection Bureau that it has finalized policies to give banks, fintech companies and other corporations no-action letters and approvals that will protect companies from enforcement and deem potentially risky new products and services to be in compliance with the law.

WASHINGTON—The CFPB has issued three new policies it said are aimed at promoting innovation and facilitate compliance: the No-Action Letter (NAL) Policy, Trial Disclosure Program (TDP) Policy, and a new Compliance Assistance Sandbox (CAS) Policy. As CUToday.info reports separately, the Sandbox proposal is being panned by consumer groups.

WASHINGTON–In their slow rush to bank cannabis businesses, could credit unions indirectly play a role in deepening the addiction problem in the United States while also actually aiding money laundering? One person believes so.

WASHINGTON–NCUA Board Member Todd Harper addressed two groups here this week with a message that learning from the past but focusing on the future is essential to meeting a period of significant change, especially with warning signs dotting the landscape.

FAIRPORT, N.Y.––Four more credit unions have announced plans to merge into two separate CUs.

WASHINGTON–One senator said it’s easy to get applause from credit unions, which he got when he pledged his support “all the way to my toes” to protect the tax exemption—but said what he really wants is for credit unions to help tackle another issue that isn’t so easy.

TYSONS, Va.–PenFed Credit Union will be among the credit unions today commemorating the anniversary of the Sept. 11 terrorist attacks. The credit union has unveiled a 30x60 foot American flag on the side of its corporate offices in Tysons, Va.

WASHINGTON–CUNA has issued a resolution supporting Ukrainian credit unions following the Russian invasion, while other credit unions in the U.S. continue to announce donations to help refugees and to launch initiatives urging members to provide support.