The trade association's lawsuit challenging new field-of-membership rules may have the opposite effect, as more credit unions consider expansion before the litigation is resolved.
Sens. Ron Wyden, D-Ore., Lisa Murkowski, R-Alaska, Elizabeth Warren, D-Mass., and Ed Markey, D-Mass., introduced a bill Wednesday that would allow credit unions to increase their business lending.
Coast Capital Savings, Canada's biggest credit union by membership, plans to expand beyond British Columbia to challenge the dominance of the nation's banks.
Sen. Mike Rounds, R-S.D., told a meeting of bankers not to focus on credit unions' tax exemption in talks with lawmakers, saying the two industries should unite over regulatory reform.
Credit unions and financial institutions are required to take steps to protect against cyberattacks, but small businesses that process payments are not doing enough to protect the security of the financial system, a credit union executive said Wednesday.
Lawmakers from both sides of the political aisle voiced their support Wednesday for keeping credit unions' federal tax exemption intact even as the Trump administration and Congress prepare to make sweeping changes to the tax code.
The banking industry's top advocacy groups can't support giving credit unions capital-raising alternatives, but they are trying to understand the NCUA's complex proposal before filing comment letters against it.
