CUNA

With many Americans and members of Congress questioning the results of the presidential election, financial services trade associations quickly vowed to work with the incoming administration.

As lawmakers look for ways to plug budget gaps, credit union groups are preparing for a possible assault on the industry's tax exemption at the state and federal level.

The trade group supported 11 incumbents running for re-election, including the embattled Maine Sen. Susan Collins, and may have helped Republicans maintain control of the Senate.

Industry groups have launched new programs that are expected to carry over into 2021, while others are raising new calls for Congress to tackle data security.

The industry supports candidates on both sides of the aisle but has tilted toward Democrats during this cycle. Experts say that's partly a reflection of the current makeup of Congress.

Ownership will transfer to DotCoop, which has committed to continuing to develop the domain for industry use.

President Trump and former Vice President Biden meet face-to-face this week while Republicans and Democrats push conflicting priorities in Washington.

It's unlikely that lawmakers will pass new coronavirus-related legislation before Congress leaves for its October recess.

A new jobs report was better than expected, but recent NCUA data on credit union performance for the first half of 2020 shows how hard the industry has been hit by COVID-19.

With on-site supervision off the table indefinitely, various credit union trade associations have suggested how NCUA could improve remote exams, including issues related to exam timelines and cybersecurity.

Industry groups are also pushing the federal regulator to improve how off-site examinations are conducted.

Bankers have long opposed the idea of the U.S. Postal Service taking deposits and making loans directly, but some in the industry are open to the idea of letting banks and credit unions offer services at post offices.

If Congress wants to provide better access to banking services for low-income and rural Americans, it would be wise to consider financial services partners that operate under a not-for-profit model.

The chairman of the National Credit Union Administration spoke candidly about his experiences as a Black man during a panel discussion that touched on issues including race and the pandemic.

A report from the trade group, released Tuesday, follows a June resolution from its board of directors recognizing historic, systemic and institutional racism in the U.S.

Trade groups are still pushing for the industry's priorities, such as temporarily lifting the member business lending cap, as negotiations over the next round of aid continue.

The account would complement the existing Community Development Financial Institutions Fund and could be replenished annually if banks and credit unions use the funds to help when natural disasters and other crises occur.

Primary races in Alabama, Maine and Texas resulted in victories for candidates with support from the Credit Union Legislative Action Fund.

For all banks' claims that credit unions pose a threat to their commercial lending market share, they've accounted for just 2% of volume in the Paycheck Protection Program.

Jim Nussle, CEO of the Credit Union National Association, recently argued that Congress should do away entirely with FOM requirements. Such a move would further favor credit unions over banks.