​Today, the Minnesota Credit Union Network (MnCUN) joined 17 credit union leagues and associations in filing an amicus brief in support of America’s Credit Unions’ recent federal lawsuit challenging the Consumer Financial Protection Bureau’s (CFPB) final rule that sets a fee cap on overdraft protection programs. Collectively, leagues and associations that filed the amicus brief represent 3,237 credit unions and 105,000,000 credit union members.

The amicus brief highlights the significance of credit unions’ unique member-owner relationship that is fundamental to their mission of serving their communities. The CFPB’s final rule focuses on calculating costs and assessing fees, failing to account for credit unions’ unique capital and operational realities. The final rule was developed with data from five financial institutions that does not represent the diversity of the financial services industry.

“Many consumers chose overdraft protections as a financial service and credit unions are providing that option transparently in response to the needs of their members. Existing regulations ensure overdraft protection products do not cause unnecessary consumer harm," said MnCUN President and CEO Mara Humphrey. “The CFPB’s finalized rule disregards decades of precedent set by the Federal Reserve Board and they have overstepped their statutory authority by classifying overdraft services as credit under the Truth in Lending Act, completely failing to consider the broader economic and operational impacts of the rule. Ultimately, the rule threatens to reduce access to financial services in rural areas and underserved communities which directly goes against the mission of credit unions.”

Contact MnCUN Chief Advocacy Officer Ryan Smith with questions.

​Congress needs more time to address several pressing issues before the December 20th funding deadline to prevent a government shutdown. 

As the end of the year approaches and the 118th session wraps up, key issues for Congress include a December 20th deadline to fund the government, reauthorizing the National Defense Authorization Act, and the expiration of the Farm Bill. Congress was in session last week but will break for Thanksgiving, returning on December 2 with just three weeks to address these matters.

​Yesterday, the Senate Judiciary Committee held a hearing titled “Breaking the Visa-Mastercard Duopoly: Bringing Competition and Lower Fees to the Credit Card System,” in which Senate Democrats made the case for the so-called "Credit Card Competition Act."

Earlier today, Minnesota Credit Union Network Chief Advocacy Officer Ryan Smith provided an overview of the 2024 General Election results along with MnCUN President & CEO Mara Humphrey.​ ​They discussed the election's implications for credit unions nationally and at the state level. A recording of the webinar is available by logging into the Member Portal.

While votes are still being counted and several races are still too close to call, the MnCUN Governmental Affairs team tracked races throughout the night and pulled together this update.

Less than a week remains to cast your vote in the 2024 election. Whether you vote early or on Election Day, it's important to ensure your voice is heard. There are several resources to answer all of your questions about voting:

• The Secretary of State’s Polling Place Finder provides voting location and information for your precinct, including candidates and questions on the ballot. You can vote early-in person until Monday, November 4. 
• Not sure who to vote for or where candidates stand on credit union issues? Check out the Minnesota Credit Union Network Voter Guide. This summer, the Minnesota Credit Union Network contacted every individual running for elected office to serve to represent Minnesota in Congress, and the State House of Representatives to ask them their stance on credit union issues. We invite you to review the survey results and see where the candidates stand. If you are unsure of which elected officials represent your credit union, visit the GREAT website.
• CreditUnionsVote.com is a website that helps credit union members check registration status, request an early ballot, look up polling locations, and more. ​

Thank you for helping to ensure credit union voices are heard at the state and national level!