Get caught up on some of the more recent actions and
announcements from trade organizations representing banks, credit unions and
more as detailed below.
This week’s roundup includes takeaways concerning the credit
union industry, Community Reinvestment Act provisions and mortgage application
figures:
CUNA, NAFCU complete merger to form new trade group
The highly anticipated merger between the Credit Union
National Association (CUNA) and the National Association of Federally-Insured
Credit Union (NAFCU) culminated this week with the official launch of a new
trade group – America’s Credit Unions. The merger is being framed as a move to
provide the credit union industry “a stronger and more responsive voice on the
national stage.” More details are available here.
Credit unions write to NCUA about share insurance rules
NAFCU Senior Regulatory Affairs Counsel James Akin submitted
a letter to the National Credit Union Administration (NCUA) responding to
the agency’s proposal which would amend regulations governing share insurance
coverage. Akin described the industry’s support for proposed elements, which
would simplify share insurance rules. He also encouraged NCUA to create a
phased approach for implementation and to provide support to credit unions
during that process. More information is available here.
MBA details drop in mortgage applications to close 2023
Mortgage applications declined by 9.4 percent over the final
two weeks of 2023, according to data published in the Mortgage Bankers
Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Dec.
29, 2023. The MBA Market Composite Index, which measures mortgage loan
application volume, was used to determine the 9.4 percent decrease on a
seasonally adjusted basis from two weeks prior. On an unadjusted basis, the
Index dropped 38 percent from its level two weeks before. The complete findings
can be found here.
Advisory council members disappointed after CRA rule
meeting
Members of the Federal Reserve’s Community Depository
Institutions Advisory Council (CDIAC) came away from their most recent meeting
with federal regulators about new Community Reinvestment Act rules feeling
disappointed, according to meeting minutes. The CDIAC, which represents banks,
thrifts and credit unions serving on local advisory councils at the 12 Federal
Reserve Banks, indicated they believe the rule is overly prescriptive and does
not offer community banks a clear path to meet its expectations. Read more
details on the American Bankers Association’s website.