President’s Point: CUNA responds to Equifax breach and more

CUNA continues to show leadership on behalf of our industry and members.  Never has it been more important for credit unions, leagues, and CUNA to work closely together. Last Friday, CUNA announced it would be filing a lawsuit to protect credit unions and their members from harm as a result of the Equifax data breach. I applaud CUNA for taking leadership in filing […]

CUNA continues to show leadership on behalf of our industry and members.  Never has it been more important for credit unions, leagues, and CUNA to work closely together.

Last Friday, CUNA announced it would be filing a lawsuit to protect credit unions and their members from harm as a result of the Equifax data breach. I applaud CUNA for taking leadership in filing this suit on behalf of the entire credit union movement. The Equifax breach has harmed and will continue to harm countless credit unions and members. Far too often, credit unions are the ones bearing the burden from data breaches and the costs associated from fraudulent activity associated with stolen identities. It’s time for Congress to act on a comprehensive, national standard.  CUNA will hold a member-only call Tuesday, Oct. 3 at 4 p.m. ET to discuss your legal rights in the wake of the breach, including potentially joining our litigation.

In addition, late last week CUNA filed a petition with the Federal Communications Commission (FCC) to secure regulatory relief for credit unions from confusing and burdensome parts of the Telephone Consumer Protection Act (TCPA).  CUNA, leagues, and credit unions have been discussing various strategies to address this issue.  CUNA has taken the lead on this issue with the FCC; however, this is our first petition seeking a declaratory ruling from the agency.  We will continue to educate the FCC and Congress about how the TCPA has stifled communications between credit unions and their members and has created liability issues.  As part of this effort, CUNA is hosting a webinar on Oct. 11 at 3 p.m. ET.  

Last week, the NCUA Board voted to close the Temporary Corporate Credit Union Stabilization Fund with refunds slated to begin next year and set the normal operating level at 1.39 percent. CUNA was the only national trade association for credit unions advocating for the closure of the stabilization fund and merging it with the National Credit Union Share Insurance Fund. In its comment letter, CUNA recommended the NCUA set the NOL at a level sufficient to withstand a moderate recession and remain at or above 1.2 percent of insured shares over a two-year forecast horizon. This is a continuation of the successful NOL policy established by the Board in 2007. You can find CUNA’s comment letter here.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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