Regulatory & Compliance

CUNA has set up groups to help the trade association formulate its positions on two issues that are affecting many credit unions: the proposed NCUA rule on field of membership and the agency's policies on mergers.

Since discussions to settle a case involving an $11.8 million loss from the defunct New London Security Federal Credit Union fell through, the NCUA has moved forward with a suit to recover the misappropriated funds.

The U.S. Treasury Department will make money from the Troubled Asset Relief Program available to credit unions, banks and thrifts that have been recognized as community development financial institutions by the Department's CDFI Fund.

CUNA's political action committee remained among the 20 biggest donors last year, with $1.1 million in contributions to federal candidates and committees, according to data filed this week with the Federal Election Commission.

Community development credit unions that are have been certified as community development financial institutions will be eligible to receive capital in the form of subordinated debt, Obama Administration officials explained today.

Sen. Evan Bayh (D-Ind.), who has been a favorite of the credit union trade associations, may face a serious challenge from former Sen. Dan Coats (R-Ind.).