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1 month ago | 
cusomag.com | Emily Claus
Last week, the NCUA held its first board meeting since the dismissals of board members Todd Harper and Tanya Otsuka by President Trump in April. As the NCUA has consistently argued that one board member can constitute the required quorum, the meeting was held by the sole remaining member, NCUA Chairman Kyle Hauptman.
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1 month ago | 
cusomag.com | Emily Claus
Right now, in the United States, there are over 42 million student loan borrowers holding over $1.7 trillion in outstanding student loan debt. While a small portion (and by small, I mean a few billion) is held by private lenders, over 99% of the loans belong to the federal government.
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1 month ago | 
cusomag.com | Emily Claus
As the new administration took office earlier this year, documents began circulating in the House that suggested eliminating the credit union tax-exemption status as a means to fund the reconciliation bill from the House Ways and Means Committee. While the suggestion may have started as an offhand comment, it grew in legitimacy, as did the threat it posed to credit unions and the 142 million members they serve nationwide.
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2 months ago | 
cusomag.com | Emily Claus
In the United States alone, there are over 41 million native Spanish speakers, making the US the second-largest Spanish-speaking country in the world. However, despite how abundant this group is, statistically, it is also one of the most underserved and underbanked populations, in no small part due to a lack of accessible financial institutions and products.
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2 months ago | 
cusomag.com | Emily Claus
A complaint for declaratory and injunctive relief has been filed on behalf of former NCUA Board Members Tanya Otsuka and Todd Harper. Harper and Otsuka, the two democrats on the board, were dismissed on April 15th by President Donald Trump years before their terms were set to expire and without a reason provided for the firings.
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2 months ago | 
cusomag.com | Emily Claus
As we wade further into Financial Literacy Month, I want us to shift direction for a moment and look away from the “what” and “why” of the month to the “when” and “where.” In many articles over the years, we have covered the importance of financial education and what areas credit unions should focus on—where their members and community are struggling and how they can meet those needs through financial literacy and financial wellness support.
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2 months ago | 
cusomag.com | Emily Claus
Following the unexpected firings of NCUA Board Members Todd Harper and Tanya Otsuka last week by President Trump, the NCUA has released its first official statement on the issue, clarifying that it considers one board member to qualify as a quorum. Under the Federal Credit Union Act, the NCUA cannot conduct business without the majority of the board to form a quorum.
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2 months ago | 
cusomag.com | Emily Claus
Late Tuesday evening, President Trump fired two of the three NCUA board members—Democrats Todd Harper and Tanya Otsuka—years before their terms were set to expire, leaving Board Chair, Republican Kyle Hauptman, the sole remaining board member. Harper has served on the NCUA board for the last six years, originally appointed by President Trump in 2019 before being appointed as Board Chair by President Biden in 2021 and being reconfirmed for his second term in 2022.
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2 months ago | 
cusomag.com | Emily Claus
On April 10th, the House passed a resolution to nullify the Consumer Financial Protection Bureau’s (CFPB) Overdraft Rule in a vote of 217-211. This decision comes just a few weeks after the Senate also passed the resolution, meaning that the nullification of the overdraft rule will be final upon the President’s approval and signature, which he is expected by all parties to give in the coming weeks.
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2 months ago | 
cusomag.com | Emily Claus
While for many (myself included), it felt as though winter would never end, we have come through the other side and made it to April, and hopefully, by now, you all know what that means.
