Credit union trade groups are in agreement when it comes to the NCUA’s derivatives proposal. Unfortunately, the responses aren’t pretty.
Both NAFCU and CUNA support the Consumer Financial Protection Bureau’s rule that would amend Regulation Z to allow nonworking spouses easier access to a credit card.
However, CUNA and NAFCU differed over some details in their comment letters.
NAFCU said Thursday it has promoted Tessema Tefferi to senior regulatory affairs counsel and hired two more attorneys to work in that area.
Trade group also indicates "strong support" for agency's efforts to find ways for credit unions to use the investment tools.
CUNA contends that the NCUA’s proposed rule mandating that most credit unions have an interest rate risk policy isn’t needed because most credit unions have such plans in place while NAFCU just wants the proposal tweaked a bit.
CUNA says proposed NCUA rule not needed because most CUs have plans in place, NAFCU suggests tweaks.