Removing Barriers Blog

Keeping member credit unions and leagues current on what and why we are doing for advocacy efforts including legislative, regulatory and state governmental affairs.
Posted May 24, 2018 by CUNA Advocacy

President Trump signed S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act into law - enacting a major piece of CUNA-supported bipartisan regulatory relief legislation.

Posted May 24, 2018 by CUNA Advocacy

The NCUA Board proposed a rule to provide federal credit unions with an additional alternative option to offer payday alternative loans. Under the proposed framework, PAL II loans would be permitted up to $2000, with no minimum, and a maximum loan term of up to 12 months. Currently, PAL loans are restricted to $200-$1000 and a 6 month term. Comments on the proposal will be due 60 days following publication in the Federal Register. 

Posted May 24, 2018 by CUNA Advocacy

The Senate Banking Committee met to hold a hearing entitled, "Cybersecurity: Risks to the Financial Services Industry and Its Preparedness.” Prior to the hearing, CUNA sent a letter to Chairman Crapo and Ranking Member Brown highlighting credit unions’ role in protecting member and consumer information.

Posted May 24, 2018 by CUNA Advocacy

Credit Union National Association Chief Advocacy Officer Ryan Donovan joined the CUBroadcast show to discuss the credit union industry's big win on Capitol Hill with the House of Representatives passing the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). Donovan talked about the initial reaction from the CUNA offices following the vote. 

Posted May 24, 2018 by CUNA Advocacy

The Bureau of Consumer Financial Protection (BCFP) announced that along with FinCEN they will host a webinar on financial institutions and law enforcement efforts to combat elder financial exploitation.

Posted May 23, 2018 by CUNA Advocacy

Congress passed historic regulatory relief for community financial institutions in S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act this week. Today, the House Financial Services and General Government Appropriations Subcommittee released draft legislation that it intends to consider and vote on tomorrow. The Financial Services and General Government (FSGG) Appropriations Act for Fiscal Year 2019 funds critical government programs and also includes numerous regulatory relief provisions for credit unions and banks. While this legislation will face difficulty in the Senate, this bill continues to build upon CUNA’s Campaign for Common-Sense Regulation.

Posted May 23, 2018 by CUNA Advocacy

The Senate Banking Committee held a hearing entitled, “Ten Years of Conservatorship: The Status of the Housing Finance System.”  Prior to the hearing, CUNA sent a letter to show support of an efficient, effective and fair secondary market with equal access to lenders of all sizes to Chairman Crapo and Ranking Member Brown.

Credit unions that elect to sell mortgages into the secondary market do so for a variety of reasons, but predominantly it is a tool to help them manage long term interest rate risk in order to continue to meet their members’ mortgage lending needs.  Particularly today, with long term interest rates at or near historic lows but expected to rise, access to a highly liquid secondary market with relatively low transaction costs is vital for the health of credit union mortgage lending.

Posted May 23, 2018 by CUNA Advocacy

After the House passed the bipartisan regulatory relief bill, S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act late Tuesday afternoon CUNA took the opportunity to write to the House Financial Services Chairman and Ranking Member to highlight areas where credit unions need additional regulatory relief.

Posted May 23, 2018 by CUNA Advocacy

The victory achieved by CUNA, leagues and credit unions with House passage of S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act was made possible by months of 360-degree advocacy, as the credit union system engaged lawmakers on all levels to express the need for this important legislation.

Posted May 23, 2018 by CUNA Advocacy

The House Financial Services Committee met to markup several bills, including H.R. 5841, the Foreign Investment Risk Review Modernization Act of 2018 which contains the risk-based capital provision.  Prior to the Committee's markup, CUNA sent a letter of support for Section 701 of H.R. 5841. The provision passed the Committee by a vote of 53-0.  Specifically, the provision would delay the effective date to January 2021. It is currently scheduled for January 2019.

Posted May 22, 2018 by CUNA Advocacy
CUNA sent a letter to the Financial Accounting Standards Board seeking clarification of the effective date of the CECL accounting standard as it applies to credit unions.
Posted May 22, 2018 by CUNA Advocacy

CUNA responded to the Bureau's request for information (RFI) regarding their supervision program.  In the letter, CUNA wrote that the Bureau should transfer examination and enforcement authority of the largest credit unions to NCUA, CUNA wrote to the Bureau. 

“CUNA supports this change as it will enable the Bureau to fully focus its examination and enforcement efforts on Wall Street banks and other abusers of consumers, while ensuring credit unions continue to be adequately supervised by the agency most proficient with its structure and operation,” the letter reads. “In addition, this change would streamline the examination and enforcement efforts for these largest credit unions, which are subject to duel examination or even triple examination for a federally insured state chartered credit union.”

Posted May 21, 2018 by CUNA Advocacy

The President signed into law a bipartisan resolution that effectively voids a BCFP rule that provided guidance on indirect auto lending. This resolution not only dissolves the Bureau's guidance on indirect auto financing, it also prohibits the BCFP from issuing any similar rule unless expressly permitted to do so, legally. 

Posted May 21, 2018 by CUNA Advocacy
At CUNA’s request, House Commerce, Justice, and Science (CJS) Appropriations Subcommittee Chairman John Culberson (R-TX) submitted a successful manager’s amendment to the Fiscal Year 2019 House CJS bill full committee markup.  Included in this amendment was CUNA requested language regarding Department of Justice (DOJ) guidance on the Americans with Disabilities (ADA) website accessibility.
Posted May 21, 2018 by CUNA Advocacy

The House of Representatives will consider S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act.  In addition, the House will vote on H.R. 5515, the National Defense Authorization Act for Fiscal Year 2019 and S. 204, the Trickett Wendler, Frank Mongiello, Jordan McLinn, and Matthew Bellina Right to Try Act of 2017.

The Senate will consider the nomination of Dana Baiocco to be a Commissioner of the Consumer Product Safety Commission.  The Senate will also consider, “Veterans Choice.”


Posted May 18, 2018 by CUNA Advocacy

CUNA sent a letter to Speaker Paul Ryan and House Minority Leader Nancy Pelosi in support of S. 2155 citing several provisions with bipartisan support in both House and Senate. 

As mentioned many times before, support for S. 2155 by credit unions is a no-brainer as this bill would: 

  • Make mortgage processing more efficient and easier
  • Protect consumers' credit 
  • Increases affordable rental housing
  • Protect seniors from elder financial abuse
  • Help credit unions provide better service to their 110 million members

There is still time to contact your Member of Congress and urge them to vote 'Yes' on S. 2155. Call, tweet, or email your Representative today. 

Posted May 16, 2018 by CUNA Advocacy

The Bureau of Consumer Financial Protection (BCFP) announced it will host a public forum in Topeka, Kansas to discuss elder financial exploitation on June 8th.  

Posted May 16, 2018 by CUNA Advocacy

CUNA has heard from multiple sources that the House of Representatives will vote on S. 2155 early next week!  There is still time to reach out to Members of Congress and urge them to vote YES on S. 2155.

Posted May 16, 2018 by CUNA Advocacy

The Federal Communications Commission (FCC) issued a public notice requesting comments on several issues CUNA has raised regarding the Telephone Consumer Protection Act (TCPA). CUNA has asked the FCC to take action to clarify several aspects of the TCPA after several parts were overturned by the D.C. Court of Appeals in March.

Posted May 15, 2018 by CUNA Advocacy

The House Financial Service Subcommittee on Terrorism and Illicit Finance held a hearing entitled, “Implementation of FinCEN’s Customer Due Diligence Rule.”  Prior to the hearing, CUNA sent a letter to Chairman Pearce and Ranking Member Perlmutter for the record.  In the letter, CUNA wrote that the Treasury’s Financial Crimes Enforcement Network (FinCEN) should continue to work with the financial services industry as any issues with implementation of its customer due diligence (CDD) rule arise.

Posted May 14, 2018 by CUNA Advocacy

CUNA commented on the Bureau of Consumer Financial Protection's (BCFP) request for information on enforcement practices.  In the letter, CUNA urged the Bureau to delegate to the NCUA primary examination and enforcement of consumer protection laws for credit unions with more than $10 billion in assets.

Posted May 14, 2018 by CUNA Advocacy
This week, CUNA joined The Clearing House, ABA, and NAFCU in a letter to the Federal Reserve Board generally supporting proposed changes to Reg J, Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through Fedwire.
Posted May 14, 2018 by CUNA Advocacy

This week, both chambers of Congress will be in session.  The House will consider H.R. 5698, the Protect and Serve Act of 2018; S. 2372, the VA MISSION Act of 2018; and H.R. 2, the Agriculture and Nutrition Act of 2018. 

The Senate is expected to continue its consideration of judicial nominations.

Posted May 11, 2018 by CUNA Advocacy

The Bureau of Consumer Financial Protection (BCFP) recently released its Spring 2018 Rulemaking Agenda. 

Posted May 10, 2018 by CUNA Advocacy

CUNA wrote to House and Senate Appropriations Committee leadership in opposition to any recessions from the Capital Magnet Fund (CMF).  This fund provides grants to Community Development Financial Institutions (CDFI) credit unions to finance affordable housing.

Posted May 09, 2018 by CUNA Advocacy

The Federal Financial Institutions Examination Council (FFIEC) announced the availability of data on mortgage lending transactions at 5,852 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. Released this week are loan-level HMDA data that cover 2017 lending activity submitted by financial institutions on or before April 18, 2018.

Posted May 09, 2018 by CUNA Advocacy

CUNA President/CEO Jim Nussle continues to urge credit unions to keep up the momentum of support for S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act. Coming off the heels of House Republican leadership committing to bring the Senate-passed bill to the floor soon. CUNA issued another action alert to more than 60,000 credit union leaders this week! Now's the time to reach out to your Member of Congress and make your voice heard.

Posted May 09, 2018 by CUNA Advocacy

CUNA submitted comments to the NCUA on their proposed suspension and debarment procedures.  CUNA supports the NCUA taking administrative action to address due process in the agency's procurement processes.

Posted May 08, 2018 by CUNA Advocacy

The House voted in favor of a CUNA-supported joint resolution of disapproval against the Bureau of Consumer Financial Protection’s indirect auto lending bulletin.  Prior to the vote, CUNA wrote in support of S.J.Res 57 to House Leadership.

Posted May 08, 2018 by CUNA Advocacy

The House passed CUNA-supported H.R. 4743, the Small Business 7(a) Lending Oversight Reform Act of 2018 by a voice vote.  Prior to the vote, CUNA sent a letter to Committee leadership in support of the legislation.

Posted May 07, 2018 by CUNA Advocacy

Credit unions in Iowa saw a major victory Saturday as the state’s legislative session wrapped up when a bill passed without a provision that would have taxed credit unions in the same manner as banks. The victory is the result of CUNA, CUNA Mutual Group and a host of partners from across the credit union system standing with the Iowa Credit Union League and Iowa credit union advocates in waging battle against the provision.

Posted May 07, 2018 by CUNA Advocacy

This week, both chambers of Congress will be in session.  The House of Representatives is scheduled to consider H.R. 4743, the Small Business 7(a) Lending Oversight Reform Act of 2018; H.R. 2152, the Citizens' Right to Know Act of 2017; H.R. 5645, the Standard Merger and Acquisition Reviews Through Equal Rules Act of 2018; S.J.Res. 57, providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by Bureau of Consumer Financial Protection relating to "Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act"; and H.R. 3053, the Nuclear Waste Policy Amendments Act of 2018. 

The Senate is expected to consider the nomination of Kurt D. Engelhardt to be a United States Circuit Judge for the Fifth Circuit. 


Posted May 07, 2018 by CUNA Advocacy

CUNA filed a comment letter with the Bureau of Consumer Financial Protection in response to their latest Request for Information (RFI) on Adjudication Proceedings.  CUNA’s comments were sent in response to the latest deadline for feedback in the bureau’s series of requests for information on its functions.

Posted May 04, 2018 by CUNA Advocacy

CUNA is actively preparing for this summer’s state legislator conferences. We will join the California and Nevada Credit Union Leagues and the American Association of Credit Union Leagues in a credit union awareness campaign at the Legislative Summit of the National Conference of State Legislator in Los Angeles July 29 – August 2.  We will also participate in conference sessions on state and local taxation and financial services.

CUNA staff will be on hand at  the American Legislative Exchange Council’s Annual Meeting in New Orleans August 8 – 10 where will participate on the Financial Services Subcommittee, the Tax and Fiscal Policy Working Group and the Commerce, Insurance and Economic Development Working Group.

Posted May 03, 2018 by CUNA Advocacy

CUNA joined ACA, ABA, MBA, the Chamber and others in requesting FCC Board action, following the DC Circuit’s ruling that the existing automatic telephone dialing system (ATDS) interpretation was overbroad.  The petition was filed at the FCC and requests the Commission to take action to clarify the definition of ATDS for purposes of the Telephone Consumer Protection Act (TCPA).

Posted May 03, 2018 by CUNA Advocacy

PHH Corporation has decided against appealing the U.S. Court of Appeals decision. The Bureau of Consumer Financial Protection’s (BCFP) single director structure was upheld by the U.S. Court of Appeals in Washington, DC in the en banc review of the PHH Corporation v. CFPB.

  

Posted May 02, 2018 by CUNA Advocacy

CUNA's President and CEO issued an action alert to credit union advocates to make their voices heard on the bipartisan legislation - S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act. It is expected that this important piece of legislation will receive a vote on the House floor by the end of May.

Posted April 30, 2018 by CUNA Advocacy
CUNA filed a letter with the BCFP regarding its request to the Office of Management and Budget to allow the Bureau to continue collecting certain documents from credit card issuers for public disclosure on the Bureau’s website.
Posted April 26, 2018 by CUNA Advocacy

CUNA submitted a comment letter the Bureau of Consumer Financial Protection in response to their Request for Information (RFI) on its Civil Investigative Demand (CID) process. The bureau investigates potential violations by issuing CIDs and compelling testimony at investigative hearings. A CID permits the Bureau to demand production of documents, written responses and oral testimony, among other things.

Posted April 26, 2018 by CUNA Advocacy

The Bureau of Consumer Protection announced the finalized amendments to the "Know Before You Owe" mortgage disclosure rule that addresses when mortgage lenders with a valid justification may pass on increased closing costs to consumers and disclose them on a Closing Disclosure. The update is intended to provide greater clarity and certainty to the mortgage industry. 

Posted April 26, 2018 by CUNA Advocacy

The House Energy and Commerce Subcommittee on Digital Commerce and Consumer Protection will hold a hearing entitled, “Do Not Call: Combating Robocalls and Caller ID Spoofing.”  Prior to tomorrow's hearing, CUNA joined a number of trades in sending a letter to Chairman Latta and Ranking Member Schakowsky of the Subcommittee.

CUNA and the trades are seeking clarity from the Federal Communications Commission (FCC) on the definition of an Automatic Telephone Dialing System (ATDS) and looking for new telephone consumer protection guidelines for the industry.  

Posted April 26, 2018 by CUNA Advocacy

The National Taxpayer's Union (NTU) wrote to the Senate Finance Committee urging them to evaluate the income tax status for large credit unions. CUNA wrote to Chairman Hatch and responded and corrected several falsehoods about the credit union tax status and reiterated that any change to the status would be a direct tax increase on 110 million Americans.

Posted April 25, 2018 by CUNA Advocacy

CUNA and the Independent Community Bankers Association (ICBA) wrote a letter to House Speaker Paul Ryan and Minority Leader Nancy Pelosi to request timely floor consideration of S. 2155 – the Economic Growth, Regulatory Relief and Consumer Protection Act.

Posted April 25, 2018 by CUNA Advocacy

Chairman Hatch of the Senate Finance Committee wrote to Acting Internal Revenue Service (IRS) Commission David Kautter asking him to consider whether the “largest federal credit unions” should be required to file an annual IRS Form 990.  Yesterday evening, CUNA responded to Chairman Hatch stating, “There is no question that credit unions are complying with their tax-exempt purpose, as determined by the Congress in the Federal Credit Union Act. This makes such additional disclosure unnecessary.” 

Posted April 25, 2018 by CUNA Advocacy

CUNA wrote to the National Credit Union Administration (NCUA) in response to the agency’s advanced notice of proposed rulemaking (ANPR) on ways to streamline, clarify, and improve standard Federal Credit Union Act bylaws. In the letter, CUNA acknowledged the limitations that the Federal Credit Union Act imposes upon NCUA and the credit union industry as a whole. Each recommendation included a statement as to permissibility under the Act. 

Posted April 25, 2018 by CUNA Advocacy

NCUA Board Chairman J. Mark McWatters’ response letter to the Senate Finance Committee was publicly released.  Specifically, the letter was a detailed response to Senate Finance Committee Chairman Orrin Hatch's (R-UT) recent letter to NCUA, questioning the continued policy case for the federal tax exemption for credit unions. 

CUNA President/CEO Jim Nussle released the following statement regarding the NCUA response letter: 

“We appreciate Senate Finance Committee Chairman Hatch and NCUA Chairman McWatters’ exchange of letters related to the credit union tax status and NCUA’s implementation of the Federal Credit Union Act. America’s credit unions are proud of the service they provide consumers, small businesses and communities, and we welcome the dialogue and awareness. Chairman Hatch asked very reasonable questions related to our tax status and various NCUA actions and procedure. In response, Chairman McWatters correctly states that Congress has conveyed the credit union tax status based on credit unions’ structure as not-for-profit financial cooperatives and their mission to promote thrift and provide access to credit for provident purposes.  We are confident that credit unions earn this status every day through the service to their members and communities.” 

Posted April 24, 2018 by CUNA Advocacy

The CFPB is looking for 12 people to join its credit union advisory council. This is a great opportunity to influence the rulemaking process and represent the credit union movement.

The CFPB extended the application window by one week.  The new deadline is April 30, 2018! 

Posted April 23, 2018 by CUNA Advocacy

This week, the House is expected to consider H.R. 4, the FAA Reauthorization Act of 2018. The Senate is expected to consider S. 140, the Coast Guard Reauthorization Act. In addition, the Senate may consider the nominations of Stuart Kyle Duncan to be United States Circuit Judge for the Fifth Circuit and Mike Pompeo to be Secretary of State.

Posted April 19, 2018 by CUNA Advocacy

The CFPB is looking for 12 people to join its credit union advisory council. This is a great opportunity to influence the rulemaking process and represent the credit union movement.

Posted April 20, 2018 by CUNA Advocacy

The Consumer Financial Protection Bureau (CFPB) announced a settlement with Wells Fargo for a violation of the Consumer Financial Protection Act (CFPA) in the way Wells Fargo administered a mandatory insurance program related to its auto loans.   

Posted April 20, 2018 by CUNA Advocacy

Over the past few months CUNA and state credit union leagues have been actively engaged in combating frivolous lawsuits and demand letters that credit unions are facing concerning website accessibility requirements under the Americans with Disabilities Act (ADA).  Together, CUNA and state credit union Leagues in TexasIllinoisOhio, and Alabama have filed multiple amicus briefs supporting credit unions facing litigation. 

Posted April 19, 2018 by CUNA Advocacy

NCUA issued a notice to the Court regarding implementing the ruling in ABA’s FOM challenge (not requiring de-listing of members in existence as of April 4) by not granting new charters.

Posted April 19, 2018 by CUNA Advocacy

The NCUA Board held their monthly open meeting. As expected, the Board unanimously approved a rule on capital planning and stress testing. The rule provides for tiered application of stress tests, permits credit unions that are required to conduct the exercises to do so on their own, rather than agency-conducted. Additionally, credit unions holding less than $15 billion (increased from $10 billion in the proposed rule) in assets would not be required to perform stress tests, and those credit unions that reach the $15 billion threshold would have three years to begin stress testing. There are 3 credit unions with over $20 billion in assets (Tier 3). The due date for capital plan submissions remains May 31. 

Posted April 19, 2018 by CUNA Advocacy

CUNA wrote to Senators Scott, Baldwin, Manchin, and Rounds in support of their recently introduced legislation - S. 2702, the Business of Insurance Regulatory Reform Act to clarify the Consumer Financial Protection Bureau’s (CFPB) regulation of insurance products. 

Posted April 18, 2018 by CUNA Advocacy

The Senate approved its resolution of disapproval for the Consumer Financial Protection Bureau’s (CFPB) indirect auto lending bulletin. CUNA wrote a letter of support for the resolution, which would void the bulletin using the Congressional Review Act (CRA).

Posted April 18, 2018 by CUNA Advocacy

CUNA joined a number of trade associations in sending a letter to Chairman Thune and Ranking Member Nelson prior to the Senate Commerce Committee's hearing entitled, "Abusive Robocalls and How We Can Stop Them.”  In the letter, the signers noted that it is important to distinguish between robocalls and legitimate businesses seeking to communicate with their customers. 

Posted April 17, 2018 by CUNA Advocacy

CUNA wrote to Senators Moran and Toomey in support of S.J.Res 57, a joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Consumer Financial Protection Bureau (CFPB) relating to “Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act.” 

Posted April 16, 2018 by CUNA Advocacy

This week, the House of Representatives will consider a number of tax-related bills that passed out of the Ways and Means Committee last week.  These bipartisan and unanimously approved bills aim to combat identity theft, repair shortcomings at the IRS, and protect taxpayers.  Several of these bills will affect the operations of credit unions and other financial institutions.  It is likely that many or all of these bills will easily pass the House and Senate and be enacted into law.

Posted April 16, 2018 by CUNA Advocacy

This week, the House of Representatives and the Senate will be in session. 

Posted April 13, 2018 by CUNA Advocacy

In response to Attorney General Sessions rescinding the Cole Memo (the Obama-era policy that permitted legalized cannabis to expand), Senator Corey Gardner (R-CO) placed a hold on Department of Justice (DOJ) nominees until he received a commitment that Colorado’s legal cannabis industry would not be impacted. 

Posted April 13, 2018 by CUNA Advocacy

The Consumer Financial Protection Bureau issued its latest Request for Information (RFI).  The CFPB requests information on its handling of consumer complaints and inquiries

Posted April 13, 2018 by CUNA Advocacy
Credit unions were well represented at this year’s Financial Literacy Hill Day, as CUNA and the National Credit Union Foundation manned a booth at the Hart Senate Office Building during the day’s event.
Posted April 13, 2018 by CUNA Advocacy

Consumer Financial Protection Bureau Director Mulvaney was on both sides of the Capitol for Congressional hearings this week.  The House Financial Services Committee held the first hearing on Wednesday entitled, “The 2018 Semi-Annual Report of the Bureau of Consumer Financial Protection.” The Senate Banking Committee’s hearing took place yesterday.  Prior to both hearings, CUNA sent letters to Chairman Hensarling and Ranking Member Waters and to Chairman Crapo and Ranking Member Brown highlighting a number of issues with the CFPB and ways improvements could help credit unions.

Posted April 12, 2018 by CUNA Advocacy

The NCUA board will meet next Thursday to finalize proposed rules relating to stress testing/capital planning and advertising/notice of insured status. CUNA issued comment letters on both proposals, indicating that credit unions should not be subject to stress testing, and that credit unions should enjoy the same allowances in radio advertising that banks are afforded. 

Posted April 12, 2018 by CUNA Advocacy
Suncoast Credit Union EVP/CFO and CUNA Accounting Advisory Committee Chair Julie Renderos represented CUNA at an American Institute of Certified Public Accountants (AICPA) meeting. The meeting focused on implementation issues credit unions and other (non-public) entities are encountering as they continue to prepare for compliance with the Financial Accounting Standards Board’s CECL (current expected credit losses) standard.
Posted April 10, 2018 by CUNA Advocacy

The CFPB’s Payday and Small dollar lending rule was officially challenged in federal court in the United States District Court for the Western Division of Texas Austin Division. Additionally, the CFPB previously announced it may further review the final rule. It stated, “January 16, 2018 is the effective date of the Bureau of Consumer Financial Protection’s final rule entitled 'Payday, Vehicle Title, and Certain High-Cost Installment Loans' ('Payday Rule').  The Bureau intends to engage in a rulemaking process so that the Bureau may reconsider the Payday Rule.” 

Posted April 10, 2018 by CUNA Advocacy

Five financial regulators, including the NCUA, issued a joint statement on the use of cyber insurance for credit unions and banks.  The statement “describes matters that financial institutions should consider if they are determining whether to use cyber insurance as a component of their risk management programs.”  They key takeaway is that credit unions and banks should not to view cyber insurance as a substitute for having strong controls to protect against cyberattacks.

Posted April 10, 2018 by CUNA Advocacy

CUNA joined more than 20 financial services trade organizations in support of legislation to replace the Consumer Financial Protection Bureau’s (CFPB) single director with a bipartisan, five-member commission. The bill was introduced by Representatives Dennis Ross, Kyrsten Sinema, Ann Wagner and David Scott and would create a bipartisan, five-member commission to lead the Consumer Financial Protection Bureau (CFPB). H.R. 5266, The Financial Product Safety Commission Act of 2018 is consistent with one of the primary goals of CUNA’s bipartisan, pro-consumer Campaign for Common-Sense Regulations.

Posted April 10, 2018 by CUNA Advocacy

The House Financial Services Committee will meet for a hearing entitled "The 2018 Semi-Annual Report of the Bureau of Consumer Financial Protection.”  The hearing will feature the first testimony from CFPB Director Mick Mulvaney.  Prior to the hearing, CUNA sent a letter to Chairman Hensarling and Ranking Member Waters highlighting a number of issues with the CFPB and ways improvements could help credit unions.

Posted April 09, 2018 by CUNA Advocacy

This week, both houses of Congress will be in session.  The House will consider  several financial services bills.

Posted April 05, 2018 by CUNA Advocacy

CFPB Acting Director Mulvaney responded to Senator Elizabeth Warren’s lengthy letter that was sent to the Acting Director in the middle of March.  In the letter from March 16, Senator Warren asked more than 100 questions to the Acting Director and raised concerns about the dual role he has by leading both the CFPB and the Office of Management and Budget (OMB).

Acting Director Mulvaney and Senator Warren have been known to spar in the press and public comments, and their letters are no exception.  Even Mulvaney’s speech at CUNA’s GAC was noted and highlighted by a number of publications across the country.

Posted April 05, 2018 by CUNA Advocacy

A lawsuit against a Texas credit union was voluntarily dismissed by the plaintiff, only days after CUNA and the Cornerstone Credit Union League filed an amicus brief in defense of Local 20 IBEW FCU of Grand Prairie, Texas.

Posted April 04, 2018 by CUNA Advocacy
The Consumer Financial Protection Bureau (CFPB) Wednesday issued its latest request for information (RFI) on consumer financial education. It is designed to assist the bureau in assessing the overall efficiency and effectiveness of its consumer financial education programs.
Posted April 03, 2018 by CUNA Advocacy
CUNA continues its aggressive nationwide defense of credit unions facing frivolous lawsuits Friday by filing a brief with the Cornerstone Credit Union League. The brief supports Local 20 IBEW FCU, Grand Prairie, Texas, which has sued by a plaintiff alleging website noncompliance with the Americans with Disabilities Act (ADA).
Posted April 03, 2018 by CUNA Advocacy

CUNA's Senior Director of Advocacy and Counsel, Leah Dempsey, appeared on the Brownstein Client Conversations podcast to discuss the state of frivolous lawsuits hitting credit unions due to uncertainty with how the Americans with Disabilities Act (ADA) applies to websites.

Posted April 03, 2018 by CUNA Advocacy

The Treasury Department released recommendations to reform the Community Reinvestment Act (CRA), a 40-year old law meant to increase access to banking services to low- and moderate-income communities. Credit unions are not subject to CRA, as the law only applies to financial institutions insured by FDIC. The report’s only relevant credit union mention is a statement noting that CRA “does not apply” to credit unions. Among Treasury’s recommendations are updates to how banks are examined for compliance including the definitions of geographic boundaries for CRA exams.

Posted March 30, 2018 by CUNA Advocacy

Governor Ivey signed legislation updating the Alabama Credit Union Act. The measure, H.B. 316, was championed by the League of Southeastern Credit Unions and received overwhelming support in both legislative chambers.

Posted March 30, 2018 by CUNA Advocacy

CUNA filed a comment letter on NCUA’s request for information relating to Call Report/Profile Content Modernization. The submission commended the agency’s use of working groups to develop recommendations to implement during the rulemaking process. 

Posted March 30, 2018 by CUNA Advocacy

The U.S. District Court for the District of Columbia upheld two challenged portions of the National Credit Union Administration's field of membership (FOM) rule and struck down two provisions in a lawsuit filed against the agency by the American Bankers Association (ABA). CUNA, the National Association of Federally-Insured Credit Unions (NAFCU), and CUNA Mutual Group, in a joint statement, disagreed with the court's decision and reiterated their intent to continue to work in support of the agency's authority to issue this rule.

Posted March 30, 2018 by CUNA Advocacy

The Consumer Financial Protection Bureau (CFPB) issued its latest request for information(RFI) this week, on the bureau’s guidance and implementation support. This is the latest in the bureau’s series of RFIs on how it performs its functions.

Posted March 29, 2018 by CUNA Advocacy

CUNA and the Financial Services Information Sharing and Analysis Center (FS-ISAC) will host a webinar with NCUA examiners to explain the new Automated Cybersecurity Examination Tool (ACET). The free webinar is scheduled for April 5, from 3 to 5 p.m. (ET), and registration is now open.

Posted March 29, 2018 by CUNA Advocacy
After several attempts, an Alabama bill requiring companies, organizations and state government to notify consumers if their personal and financial information is compromised was enacted yesterday. When S. 318 becomes effective later this year, all 50 states will have a data breach notification law. Last week, notification legislation was enacted in South Dakota, leaving Alabama as the last state without such a law. 
Posted March 29, 2018 by CUNA Advocacy

CUNA’s Chief Advocacy Officer – Ryan Donovan, sent out a survey to credit union CEOs seeking input on ways the Consumer Financial Protection Bureau (CFPB) could make improvements.  As part of several initiatives calling for evidence to ensure that the CFPB is fulfilling its functions to protect consumers, the CFPB is requesting feedback and suggestions on ways to improve outcomes for both consumers and the financial providers that serve them.  

Posted March 28, 2018 by CUNA Advocacy
CUNA filed a comment letter with the Federal Housing Finance Agency (FHFA) regarding its request for input (RFI) on Fannie Mae and Freddie Mac (the Enterprises) Credit Score Requirements. We appreciate the FHFA’s inquiry into the issue of credit score requirements and encourage the FHFA to continue to work to find the right balance between safety and soundness and credit availability for American consumers.
Posted March 27, 2018 by CUNA Advocacy

CUNA and the League of Southeastern Credit Unions filed an amicus brief in another frivolous lawsuit brought against a credit union alleging violations of the Americans with Disabilities Act. The brief was filed in Scott v. Naheola CU in the U.S. District Court for the Southern District of Alabama.

Posted March 27, 2018 by CUNA Advocacy

CUNA submitted a comment letter to the NCUA regarding the agency’s proposed rule to permit employees of an insolvent credit union subject to involuntary liquidation by NCUA to receive compensation earned in accordance with their contractual employment agreements. 

Posted March 27, 2018 by CUNA Advocacy

Earlier this month the D.C. Circuit issued a long-awaited ruling for a legal challenge the Federal Communications Commission’s (FCC) 2015 Omnibus Telephone Consumer Protection Act (TCPA) order was finally released on March 16, 2018.  CUNA participated in this litigation in a joint Amici brief with the ABA and ICBA.

CUNA's Senior Director of Advocacy and Counsel, Leah Dempsey, joined CUBroadcast to discuss the decision, what it means for credit unions and what could happen going forward.




Posted March 23, 2018 by CUNA Advocacy
CUNA and outside Counsel conducted a webinar to discuss the letters credit unions are receiving from a law firm inviting them to negotiate a patent licensing deal with USAA for the continued usage of remote deposit capture (RDC) technology.  According to the letter, USAA was the first to develop and patent RDC technology, and the patent licensing campaign is an effort to recover “a small and fair portion” of the value USAA has provided to the financial services industry.
Posted March 23, 2018 by CUNA Advocacy
Last night Congress passed the fiscal year 2018 omnibus bill. President Donald Trump is expected to sign the bill today to avoid a government shutdown. The bill, released on Wednesday, contains many wins for credit unions. 
Posted March 23, 2018 by CUNA Advocacy

The Consumer Financial Protection Bureau (CFPB) has issued a request for information (RFI) on the bureau’s inherited regulations and inherited rulemaking authorities.  The CFPB is seeking comments and information parties to assist the bureau in considering whether it should amend the regulations or exercise the rulemaking authorities that it inherited from other federal government agencies.


Posted March 22, 2018 by CUNA Advocacy

South Dakota Governor Daugaard signed legislation, S.B. 62, requiring notification to consumers and the state attorney general when there is a “breach of system security.” 

Posted March 21, 2018 by CUNA Advocacy
NCUA Funding Source On September 14, 2017, the credit union movement scored a critical win on the floor of the House of Representatives.  Representatives Mark Amodei (R NV) and Pete Aguilar (D CA) offered a  CUNA backed amendment to
Posted March 21, 2018 by CUNA Advocacy
CUNA and the League of Southeastern Credit Unions and Affiliates (LSCU) filed a brief in support of a credit union facing a predatory lawsuit alleging noncompliance with the Americans with Disabilities Act (ADA). The brief was filed in Scott v. The Infirmary FCU in the U.S. District Court for the Southern District of Alabama.
Posted March 21, 2018 by CUNA Advocacy
The Northwest Credit Union Association (NWCUA) successfully led an effort to enact an update to the Idaho Credit Union Act. The modernization bill comes after an extensive review of the statutes by the Idaho Credit Union - State Issues Working Group, where the NWCUA team identified several areas of the state act that needed to be updated.   NWCUA then worked closely with the Idaho regulator to identify and propose common sense updates to the Act, which will be presented to the legislature for consideration, over the course of the next few years.
Posted March 19, 2018 by CUNA Advocacy
This week, both the House of Representatives and the Senate will be in session.  The current “Continuing Resolution” that funds federal government operations will expire at midnight Friday.  As a result, both chambers of Congress must pass legislation this week to fund the federal government through the end of fiscal year 2018 (September 30, 2018).  We expect this legislation will be in the form of an omnibus legislation bill encompassing funding that is normally divided into twelve separate bills.  CUNA has a number of priorities in this legislation and we will update you on the status of those priorities as information becomes available.


Posted March 18, 2018 by CUNA Advocacy
The Fifth Circuit Court of Appeals vacated the Department of Labor’s Fiduciary rule. It was found that the DOL had exceeded its statutory authority in promulgating the rule. There is a 14 day stay following the issuance of the decision and would become applicable on May 7.
Posted March 16, 2018 by CUNA Advocacy
After more than a year, the long-awaited ruling by the United States Court of Appeals for the District of Columbia challenging the Federal Communications Commission’s (FCC) 2015 Omnibus Telephone Consumer Protection Act (TCPA) order was finally released on March 16, 2018.  CUNA participated in this litigation in a joint Amici brief with the ABA and ICBA. The brief outlined the following concerns with the Order to the court:
Posted March 16, 2018 by CUNA Advocacy
The CFPB is looking for 12 people to join its credit union advisory council. This is a great opportunity to influence the rulemaking process and represent the credit union movement. The Bureau states that it has a special interest
Posted March 16, 2018 by CUNA Advocacy
The House or Representatives passed H.R. 4545, the CUNA-backed Financial Institutions Examination Fairness and Reform Act by a vote of 283-133. The bill was introduced by Representative Scott Tipton who cited CUNA’s examination survey when discussing the bill during a Committee markup in December
Posted March 15, 2018 by CUNA Advocacy
The Consumer Financial Protection Bureau issued a Request for Information (RFI) on the Bureau’s adopted regulations and new rulemaking authorities.  According to the release, “The Bureau is seeking comments and information from interested parties to assist the Bureau in considering whether it should amend any rules it has issued since its creation or issue rules under new rulemaking authority provided for by the Dodd-Frank Act.”
Posted March 15, 2018 by CUNA Advocacy
CUNA attended today's NCUA Board Meeting at the agencies headquarters in Alexandria, VA.  During the meeting, the NCUA Board unanimously approved an ANPR on amending Part 701 of the FCUA relating to Bylaws, and a proposed rule on suspension and debarment procedures for agency contractors, including those charged with liquidation and conservatorship. 
Posted March 15, 2018 by CUNA Advocacy

The Senate passed S. 2155, the bipartisan regulatory relief bill, by a vote of 67 – 31.  This is an important step forward for much-needed regulatory relief.  CUNA strongly supported the bill since it was introduced, and CUNA’s aggressive grassroots support of the bill resulted in millions of social media impressions and more than 50,000 messages sent to Senate offices. 

Posted March 14, 2018 by CUNA Advocacy
The House Committee on Oversight and Government Reform held a hearing entitled, "Shining Light on the Federal Regulatory Process."  Prior to the hearing, CUNA sent a letter to Chairman Gowdy and Ranking Member Cummings explaining how one-size-fits-all regulations does not work for Main Street- the local credit unions, small banks and the consumers and small businesses they serve.
Posted March 14, 2018 by CUNA Advocacy
The House passed a CUNA-backed regulatory relief bill that would require regulators to tailor their rulemakings to the risk level of the institutions affected. H.R. 1116, the Taking Account of Institutions with Low Operation Risk (TAILOR) Act is consistent with the goals of CUNA’s bipartisan, pro-consumer Campaign for Common-Sense Regulation.
Posted March 14, 2018 by CUNA Advocacy
Senior CUNA staff attended a hearing on the motions for summary judgement in the lawsuit against NCUA’s field-of-membership (FOM) rule in the U.S. District Court for the District of Columbia. CUNA strongly supports NCUA’s FOM rule. 
Posted March 14, 2018 by CUNA Advocacy
Representatives Dennis Ross, Kyrsten Sinema, Ann Wagner and David Scott introduced a bill  to create a bipartisan, five-member commission to lead the Consumer Financial Protection Bureau (CFPB). H.R. 5266, The Financial Product Safety Commission Act of 2018 is consistent with one of the primary goals of CUNA’s bipartisan, pro-consumer Campaign for Common-Sense Regulations.
Posted March 13, 2018 by CUNA Advocacy
As credit unions continue to battle website accessibility litigation in the Federal courts, at least one plaintiffs’ firm is starting to file suits in California state court, even against credit unions located in states as far away as Virginia and Texas.  This firm is going so far as to argue that such credit unions are subject to suit in California because they may have members that live in California and are part of a network of ATMs located in California.  
Posted March 12, 2018 by CUNA Advocacy

This week, the House of Representatives will consider the “TAILOR Act of 2017” (H.R. 1116); the “Financial Examination Fairness and Reform Act” (H.R. 4545); the “Regulation At Improvement Act of 2017” (H.R. 4263); the “Stress Test Improvement Act of 2017” (H.R. 4293); and the “Financial Stability Oversight Council Improvement Act of 2017” (H.R. 4061).

The Senate will resume consideration of the “Economic Growth, Regulatory Relief, And Consumer Protection Act” (S.2155).


Posted March 08, 2018 by CUNA Advocacy

The House Subcommittee on Financial Institutions and Consumer Credit held a hearing entitled, “Legislative Proposals to Reform the Current Data Security and Breach Notification Regulatory Regime.”  Prior to the hearing, CUNA sent a letter to Chairman Luetkemeyer and Ranking Member Clay showing support for the Chairman’s draft data breach legislation. 

Posted March 08, 2018 by CUNA Advocacy
The CFPB issued a final rule to amend the Regulation Z mortgage servicing rule. A single-statement exemption is applicable for the next periodic statement or coupon book that a servicer would otherwise need to provide, regardless of when during the billing cycle a triggering event (enter/exit bankruptcy) occurs.
Posted March 08, 2018 by CUNA Advocacy

The NCUA Board posted the agenda for the March Board Meeting.  It includes:

1.      Advanced Notice of Proposed Rulemaking, Part 701, Appendix A, Federal Credit Union Bylaws.
2.      Request for Comment, Proposed Suspension and Debarment Procedures.

Posted March 07, 2018 by CUNA Advocacy

The Senate Special Committee on Aging held a hearing today entitled, “Stopping Senior Scams.”  Prior to the hearing, CUNA sent a letter in support of efforts to help protect seniors from financial exploitation and to empower seniors to make responsible decisions regarding their financial lives. 

Posted March 07, 2018 by CUNA Advocacy
The House Committee on Small Business held a hearing entitled, “Regulatory Reform and Rollback: The Effects on Small Business.”  Prior to the hearing, CUNA sent a letter to Chairman Chabot and Ranking Member Velázquez highlighting how the current regulatory environment favors the largest banks and non-bank financial services providers. 
Posted March 07, 2018 by CUNA Advocacy
The Federal Communications Commission (FCC) issued a second further notice of proposed rulemaking to address concerns about the treatment of reassigned number under the Telephone Consumer Protection Act. 
Posted March 06, 2018 by CUNA Advocacy
The House passed two CUNA-supported regulatory relief bills, both consistent with CUNA’s Campaign for Common-Sense Regulation. One would require a regulatory review from financial regulators every five years (a process NCUA participates in voluntarily every three years) and the second would grant certain loans held in portfolio Qualified Mortgage status.
Posted March 06, 2018 by CUNA Advocacy

CUNA and the Ohio Credit Union League filed an amicus brief supporting Dover-Phila Federal Credit Union, who is facing a frivolous lawsuit alleging non-compliance with website accessibility standards under the Americans with Disabilities Act (ADA). This is the latest of multiple briefs CUNA has filed in conjunction with state leagues in similar cases.

Posted March 06, 2018 by CUNA Advocacy

The Federal Reserve proposed changes to simplify Reg J (Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers through Fedwire) and to make it conform more closely with Reg CC (Availability of Funds and Collection of Checks). The proposed amendments are intended to align the rights and obligations of parties, including the Federal Reserve Banks, with the Fed’s 2017 amendments to Reg CC, which reflected the evolution of the nation’s check collection system from one that is largely paper-based to one that is virtually all electronic. 

Posted March 06, 2018 by CUNA Advocacy

This morning the Senate passed a critical procedural vote to start debate on S. 2155, the Economic Growth, Regulatory Reform and Consumer Protection Act.  Prior to this morning’s vote, CUNA sent a letter to Senate Majority Leader McConnell and Minority Leader Schumer in support of the important bipartisan legislation.  In the letter, CUNA highlighted the common-sense regulatory reforms supported by America’s credit unions.


Posted March 05, 2018 by CUNA Advocacy
This week, the House of Representatives will consider H.R. 4607, the Comprehensive Regulatory Review Act; H.R. 2226, the Portfolio Lending and Mortgage Access Act; H.R. 4725, the Community Bank Reporting Relief Act; H.R. 4768, the National Strategy for Combating the Financing of Transnational Criminal Organizations Act; H.R. 1917, the Blocking Regulatory Interference from Closing Kilns Act of 2017; and H.R. 1119, the Satisfying Energy Needs and Saving the Environment Act. 
Posted March 05, 2018 by CUNA Advocacy
The United States District Court for the District of Columbia has scheduled a hearing on the summary judgment motions in the lawsuit that the American Bankers Association (ABA) filed against the National Credit Administration (NCUA) on March 14. The ABA filed the lawsuit alleging that some parts of the most recent final field of membership (FOM) rule overstep the provision in the Federal Credit Union Act.
Posted March 02, 2018 by CUNA Advocacy
A frivolous lawsuit against Houston-based BCM Federal Credit Union was voluntarily dismissed with prejudice just eight days after CUNA and the Cornerstone Credit Union League filed a brief supporting BCM's motion to dismiss the case. Similar predatory lawsuits have detrimentally affected credit unions alleging non-compliance with the Americans with Disabilities Act. CUNA has engaged its 360-advocacy to find a solution in the legal, political and regulatory arenas.


Posted March 01, 2018 by CUNA Advocacy
Senate Majority Leader McConnell just announced that S. 2155 – the Senate’s Regulatory Relief Bill—will be brought to the Senate Floor next week.  Since its introduction, CUNA has strongly supported the bill as it contains several regulatory relief provisions for credit unions. CUNA has long advocated for this type of common-sense regulation and see this advancement as a major victory for community financial institutions. 
Posted March 01, 2018 by CUNA Advocacy
CUNA and the Illinois Credit Union League filed an amicus brief defending Aurora Policeman Credit Union which is facing a frivolous lawsuit alleging violations of the Americans with Disabilities Act (ADA). CUNA has been working closely with several league partners to file in several states, most recently a brief in Texas. 


Posted February 28, 2018 by CUNA Advocacy

CUNA joined with other financial trade associations to write to Congress to correct a number of falsehoods contained in a recent retailer communication to Congress on data breaches. Retailers are attempting to push back against strong national data security standards, despite a lack of such standards causing major data breaches that bring additional costs to credit unions.  CUNA strongly supports draft data breach legislation that would enact a strong security and notification standard and shift the costs of a data breach to the entity that caused it.


Posted February 28, 2018 by CUNA Advocacy
During his speech in front of CUNA’s Governmental Affairs Conference (GAC), Acting Director Mulvaney said several things that are good news for credit unions. He said the bureau needs to move away from one-size-fits-all rulemaking, that the bureau will cease regulating through enforcement and it will instead focus on the bad actors that cause true harm to consumers.   
Posted February 28, 2018 by CUNA Advocacy

The CUNA-supported TRID Improvement Act of 2018 passed the House of Representatives. The bill would amend the Real Estate Settlement Procedures Act to require the Consumer Financial Protection Bureau to allow the accurate disclosure of title insurance premiums and any potential available discounts to homebuyers. 


Posted February 28, 2018 by CUNA Advocacy
The House Small Business Committee held a hearing entitled, “How Red Tape Affects Community Banks and Credit Unions: A GAO Report.”  Prior to the hearing, CUNA sent a letter to Chairman Chabot and Ranking Member Velázquez to highlight the burdens of overregulation and predatory litigation on credit unions and other small businesses. 
Posted February 27, 2018 by CUNA Advocacy
CUNA President/CEO Jim Nussle and several other credit union leaders left CUNA’s Governmental Affairs Conference briefly Monday for a meeting at the White House to talk regulatory relief with President Donald Trump.
Posted February 25, 2018 by CUNA Advocacy
The House and Senate will be in session for an abbreviated week due to the death of Reverend Billy Graham.  The late Reverend will lie in honor in the Capitol Rotunda on Wednesday and Thursday.


Posted February 22, 2018 by CUNA Advocacy
CUNA President/CEO Jim Nussle wrote to the members of the Iowa State Senate urging them to reject a bill that would place additional taxes on credit unions. CUNA has been working closely with the Iowa Credit Union League as bank attacks have ramped up in the state, and will continue its advocacy on a state level to work against the bill, S.S.B. 3197.  
Posted February 22, 2018 by CUNA Advocacy

CUNA and the Cornerstone Credit Union League filed a motion for leave to file a brief supporting the BCM Federal Credit Union that is facing a frivolous lawsuit alleging website noncompliance under the ADA.  The brief supports Houston-based credit union’s motion to dismiss the lawsuit brought against it. 

Credit unions are being hit with virtually identical frivolous lawsuits from plaintiffs' firms exploiting a law designed to protect those with disabilities.  CUNA anticipates taking similar actions in several cases in the coming weeks to maximize our impact on behalf of all credit unions and to ensure we preserve our arguments for any litigation that makes it to the appellate level.  

Posted February 21, 2018 by CUNA Advocacy

CUNA and NAFCU sent a letter to Chairman Hatch in response to a letter sent by the state banking trade associations.  In the letter, CUNA and NAFCU reiterated that credit unions have been, and will continue to be, the best avenue for Americans to gain access to affordable financial services and products. 

“Banking lobbyists would like the tax status to be limited based on the products or services credit unions offer, the size of credit unions individually and as a sector of the financial services industry, their efforts to support their community and raise overall awareness, and other factors,” the letter reads. “But these factors have nothing to do with why Congress originally conveyed the tax status, nor why it continues to be extended. The fact is credit unions’ structure has not changed and they continue to fulfill their mission.” 

Posted February 21, 2018 by CUNA Advocacy

The Consumer Financial Protection Bureau (CFPB) issued a Request for Information (RFI) on the bureau’s external engagements. Specifically, the bureau is seeking comments and information from interested parties on ways to engage the public and receive feedback on the work of the agency.

Posted February 21, 2018 by CUNA Advocacy
In a recent issued report, PEW outlines ideas for expanding financial institution participation in the small dollar loan market. In its report PEW states, “many credit unions and community banks already offer some small installment loans and lines of credit. But because regulators have not yet issued guidance for how banks and credit unions should offer small-dollar installment loans, or granted specific regulatory approvals for offering a high volume of such loans, these programs have not achieved a scale to rival the 100 million or so payday loans issued annually—let alone the rest of the nonbank small-dollar loan market.” 
Posted February 16, 2018 by CUNA Advocacy
In response to a request regarding the legal authority of the agency to transfer funds from the Temporary Corporate Credit Union Stabilization Fund (TCCUSIF) to the National Credit Union Share Insurance Fund (“Share Insurance Fund”), NCUA Office of the Inspector General (OIG) released a report evaluating the NCUA Board’s rationale for setting the Normal Operating Level (NOL) of the Share Insurance Fund to 1.39 percent, having determined that it was beyond the scope to undertake a legal review of the Board’s statutory authority under the Federal Credit Union Act (FCUA).
Posted February 15, 2018 by CUNA Advocacy
The House of Representatives passed two pieces of CUNA supported legislation, the TRID Improvement Act of 2017 - H.R. 3978 and the Protecting Consumers' Access to Credit - H.R. 3299.
Posted February 15, 2018 by CUNA Advocacy
CUNA-supported legislation, H.R. 620 – the ADA Education and Reform Act, passed the House of Representatives by a vote of 225-192.  On Tuesday, CUNA sent a letter to Representative Poe in support of his legislation. 
Posted February 15, 2018 by CUNA Advocacy
The NCUA Board unanimously approved a final rule to issue equity distributions from the Share Insurance Fund. As a result of the closure, and subsequent merger, of the Temporary Corporate Credit Union Stabilization Fund, NCUA will issue the equity distribution in the form of a SIF dividend. The distribution will total $735.7 million, and is expected to be received by credit unions in Q3 2018.
Posted February 14, 2018 by CUNA Advocacy
CUNA witness, Kim Sponem – President/CEO of Summit Credit Union in Madison, WI, testified before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit – she did a great job representing America’s credit unions!  This was a long-sought hearing and is hopefully the precursor to new data security legislation being introduced by Chairman Blaine Luetkemeyer.
Posted February 14, 2018 by CUNA Advocacy
CUNA sent a letter to Representative Ted Poe in support of his efforts to address litigation abuse under the Americans with Disabilities Act with his legislation – H.R. 620, the ADA Education and Reform Act of 2017. 
Posted February 13, 2018 by CUNA Advocacy
The President sent his proposed budget to Congress.  Like last year, the President’s budget requests no new appropriations for both the Community Development Financial Institutions Fund (CDFIF) and the NCUA’s Community Development Revolving Loan Fund (CDRFL).  Last year, however, due to strong advocacy from CUNA, the Leagues, and credit unions across the country – both funds received full funding in 2017. 
Posted February 13, 2018 by CUNA Advocacy
This week the CFPB released its five-year Strategic Plan that establishes its mission, strategic goals, and strategic objectives. In describing the new plan, Acting Director Mick Mulvaney stated, “If there is one way to summarize the strategic changes occurring at the Bureau, it is this: we have committed to fulfill the Bureau’s statutory responsibilities, but go no further. By hewing to the statute, this Strategic Plan provides the Bureau a ready roadmap, a touchstone with a fixed meaning that should serve as a bulwark against the misuse of our unparalleled powers.” 
Posted February 12, 2018 by CUNA Advocacy
Last week, the Congress passed a short term “continuing resolution” to fund the government through March 23, 2018.  Included in the bill was the Bipartisan Budget Act of 2018, laying the groundwork for a larger budget deal to fund the government for the remainder of fiscal year 2018.  As part of this new law, the National Flood Insurance Program (NFIP) is reauthorized on the same track as government spending until March 23.
Posted February 09, 2018 by CUNA Advocacy
Today, CUNA filed a letter with the CFPB in response to its request for information on Consumers’ Experience with Free Access to Credit Scores. Over the last few years, many credit card issuers, financial institutions—including credit unions—and other companies have
Posted February 09, 2018 by CUNA Advocacy
CUNA is continuing its work with league partners and credit unions as lawsuits and demand letters continue in at least 15 states. Lawsuits that we are aware of have been filed in Florida, Virginia, Pennsylvania, Ohio, Michigan, New Jersey, Georgia, Maryland, Illinois, and Texas. CUNA is currently working to prepare to file in support of litigation in all of these jurisdictions and is encouraging credit unions and leagues to keep us updated if they see any new trends or legal actions in their state. 
Posted February 09, 2018 by CUNA Advocacy
A hearing was held on a Georgia bill that would make a number of enhancements to the state’s credit union act. The measure, HB 780, is the result of nearly a year’s worth of work by Georgia Credit Union and Affiliates and the state regulator to enact positive changes for the industry. 
Posted February 08, 2018 by CUNA Advocacy
The NCUA released the agenda for their February Board Meeting scheduled for February 15 at 10:00 a.m. at the agency’s headquarters in Alexandria, Virginia.
Posted February 08, 2018 by CUNA Advocacy
CUNA joined a number of financial trades in sending a letter to Acting Director Mulvaney to advise the CFPB on the significant unaddressed issues in the CFPB’s 2016 amendments to the 2013 TILA/RESPA Mortgage Servicer Rule that is scheduled to go into effect in April 2018.  The rule requires mortgage servicers to send monthly billing statements to consumers in active bankruptcy cases and certain other bankruptcy cases.
Posted February 08, 2018 by CUNA Advocacy

The Consumer Financial Protection Bureau (CFPB) announced it will issue a Request for Information (RFI) on the Bureau's enforcement processes.

Posted February 07, 2018 by CUNA Advocacy

CUNA sent a letter to Senate Finance Chairman Orrin Hatch (R-UT) in response to the letter he wrote to the NCUA asking a number of questions about credit unions and whether they are evolving beyond their original purpose. 

In the letter, CUNA reiterated that credit unions are Americans’ best option for financial services, and the credit union tax status represents one of the best investment that the government makes in its citizens.

Posted February 07, 2018 by CUNA Advocacy
CUNA joined a number of trade associations in sending a letter to Congress urging them to vote in favor of H.R. 1153 – the Mortgage Choice Act.
Posted February 07, 2018 by CUNA Advocacy

As previously reported, the CFPB listened to CUNA and others and decided to delay the effective date of the prepaid accounts rule to allow additional implementation time. The CFPB recently released a final rule that amends the prepaid accounts rule, including by extending the effective date until April 1, 2019.

Posted February 07, 2018 by CUNA Advocacy

A Vermont House member presented an anti-credit union bill at a committee hearing. Representative Fred Baser spoke in support of HB 737, which would apply the sales and use tax to state credit unions. The bill would also subject state chartered credit unions to Community Reinvestment Act like requirements. If enacted, credit unions would be required to file an annual report concerning their efforts to serve the needs of low and moderate income Vermonters. 

Posted February 06, 2018 by CUNA Advocacy
The Federal Reserve Bank of Kansas City gave conditional approval to a Colorado credit union to serve marijuana-related businesses. However, to obtain the Fed’s approval, Fourth Corner Credit Union will not serve state-licensed dispensaries, but will focus on individuals and companies that support legalized marijuana, including those who partner with vendors, such as accountants, lawyers and landlords. 
Posted February 05, 2018 by CUNA Advocacy
This week, both the House and Senate are in session.  Starting Wednesday, House Democrats will hold their winter retreat.  The House is expected to consider the “Mortgage Choice Act of 2017” (H.R. 1153); the “Common Sense Nutrition Disclosure Act of 2017” (H.R. 772); and a “Continuing Resolution” to fund the government. 
Posted February 02, 2018 by CUNA Advocacy

CUNA and the Defense Credit Union Council sent a formal petition to the DoD seeking immediate removal of language in recently released guidance that is causing confusion and making it difficult to offer certain products under the Military Lending Act regulation.

Posted February 02, 2018 by CUNA Advocacy

Earlier this week, Senate Finance Chairman Orrin Hatch (R-UT) wrote to the NCUA asking a number of questions about credit unions and whether they are evolving beyond their original purpose. 

CUNA respects the oversight role of the Senate Finance Committee but disagrees with the Senator’s position and will continue to promote the credit union difference on Capitol Hill. 

Posted February 01, 2018 by CUNA Advocacy

In a decision last week in the U.S. District Court for the Eastern District of Virginia, Northwest Federal Credit Union prevailed in a Motion for Summary Judgment. The decision had two important rulings. One that the plaintiff lacked standing because they could not be a member of the credit union, and the other that a website should not be considered a public accommodation.

Posted February 01, 2018 by CUNA Advocacy

In a decision stemming from an en banc review of the PHH Corporation v. CFPB in the U.S. Court of Appeals in D.C., the CFPB’s single director structure was upheld. CUNA participated as an Amici in the en banc review, with a brief focused not on the constitutional issues. The decision was 7-4. 

Posted January 31, 2018 by CUNA Advocacy
Earlier this week, the House Subcommittee on Financial Institutions and Consumer Credit met for a hearing entitled, “Examining Opportunities and Challenges in the Financial Technology (“Fintech”) Marketplace.” Prior to the hearing, CUNA sent a
Posted January 31, 2018 by CUNA Advocacy
The House of Representatives passed H.R. 1457, the Making Online Banking Initiation Legal and Easy Act (the MOBILE Act). This CUNA-backed legislation passed by a vote of 397-8.
Posted January 31, 2018 by CUNA Advocacy

NCUA issued a notice of proposed rulemaking to clarify the procedures applicable to the administration of claims against an insolvent credit union subject to involuntary liquidation by the agency. 

Posted January 31, 2018 by CUNA Advocacy
As part of NCUA’s Call Report Modernization initiative, which has been ongoing since May of 2016, the agency issued a Request for Information on January 31, 2018, to solicit comments on comprehensive Call Report modifications.
Posted January 30, 2018 by CUNA Advocacy
Credit union advocates from CUNA, the Ohio Credit Union League, and credit union representatives met with Department of Justice (DOJ) Assistant Attorney General John Gore and DOJ staff to discuss the drastic increase in litigation being brought and threatened against credit unions. 
Posted January 29, 2018 by CUNA Advocacy

CUNA joined the ICBA, ABA, and NAFCU in sending a letter to Majority Leader McConnell and Minority Leader Schumer urging the Senate to act on S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act.  The cosigners of the letter reiterated support for this important legislation that includes commonsense improvements to the nation's financial rules that will allow community banks and credit unions to better serve their customers and communities.   


Posted January 29, 2018 by CUNA Advocacy

The House and Senate are both in session this week.  However, the House will not be in session Thursday or Friday to accommodate the House Republican retreat.  The House Democratic retreat will occur next Thursday and Friday. 

On Tuesday, the President will give his annual State of the Union address.  As a reminder, federal spending authority ends on February 8th so Congressional leadership will be working on an agreement to fund the federal government for the remainder of fiscal year 2018. 


Posted January 26, 2018 by CUNA Advocacy

The Heartland Credit Union Association (HCUA) launched efforts to strengthen credit unions in Kansas and to protect credit unions in Missouri.

In Kansas, HCUA introduced a bill in the Senate that would update the state law regarding the member expulsion policy for credit unions. The bill comes at the request of HCUA members who recognized the need to modernize the law in order to continually protect the safety and soundness of credit union members and their assets.

Posted January 26, 2018 by CUNA Advocacy
The NCUA announced today that low income credit unions affected by 2017 Hurricanes Harvey, Irma, and Maria are eligible to seek certification as a Community Development Financial Institution (CDFI) through the agency.
Posted January 26, 2018 by CUNA Advocacy
CUNA’s Senior Director of Advocacy and Counsel – Leah Dempsey was interviewed by CUbroadcast’s Mike Lawson on his talk show.  Ms. Dempsey joined the program to discuss the threats and compliance challenges credit unions face surrounding website accessibility under the ADA.
Posted January 26, 2018 by CUNA Advocacy

CUNA filed a comment letter with NACHA addressing the association’s same day ACH questions.

Posted January 25, 2018 by CUNA Advocacy
Federal Communications Commission Chairman Pai recently responded to a letter sent by more than a dozen bipartisan Members of Congress in December supporting CUNA’s Telephone Consumer Protection Act Petition.  
Posted January 25, 2018 by CUNA Advocacy

The NCUA Board met to address four agenda items: the required annual Civil Monetary Penalty (CMP) inflation adjustment, a proposed rule to address severance payouts from insolvent credit unions under liquidation, adoption of the agency’s 2018-2022 Strategic Plan, and a briefing on Call Report Modernization. 

Posted January 24, 2018 by CUNA Advocacy

Following a two-page letter sent to staff outlining a new vision for the Consumer Financial Protection Bureau, Interim Director Mick Mulvaney detailed the mission in a Wall Street Journal Op-ed. In his piece, he made the following statements, 

“It’s fair to say that the bureau’s previous governing philosophy was to “push the envelope” aggressively, under the assumption that we were the good guys and the financial-service industry was the bad guys.” 

Posted January 24, 2018 by CUNA Advocacy
CUNA is seeking feedback from credit unions about the CFPB's Office of Financial Education Request for Information to learn more about the experience consumers are having with access to free credit scores and the experience of companies, and nonprofits, offering their customers and the general public free access to their credit scores.
Posted January 22, 2018 by CUNA Advocacy
As you likely know, Congress failed to come to an agreement to fund the government by January 19th.  The House was originally scheduled to be out of session this week, but stayed through the weekend until the Senate passed a short term funding bill earlier
Posted January 19, 2018 by CUNA Advocacy
The U.S. District Court for the District of Columbia ruled in favor of CUNA’s position Wednesday that President Donald Trump has the authority to appoint a director of the Consumer Financial Protection Bureau (CFPB). The case, English v. Trump, centered on whether Leandra English, picked
Posted January 19, 2018 by CUNA Advocacy

CUNA staff held a member webinar to discuss the threats and compliance challenges credit unions face surrounding website accessibility under the Americans with Disabilities Act (ADA).  The webinar had nearly 1000 registrants – if you missed it – you can register to watch the recorded version via this link!  

Posted January 19, 2018 by CUNA Advocacy

The Consumer Financial Protection Bureau (CFPB) announced its intention to engage in a rulemaking process to reconsider its short-term, small-dollar loan rule. CUNA and credit unions saw a major victory when the rule was finalized last year, as many provisions that would have negatively impacted consumers’ ability to access short-term, small-dollar credit were not finalized. 

Posted January 19, 2018 by CUNA Advocacy

The Consumer Financial Protection Bureau’s Acting Director Mulvaney announced the CFPB would be issuing a call for evidence to ensure the CFPB is fulfilling its proper functions to protect consumers.  

Posted January 19, 2018 by CUNA Advocacy
The NCUA board will vote on its 2018 2022 strategic plan at its Jan. 25 board meeting, according to the agenda released Thursday.
Posted January 19, 2018 by CUNA Advocacy

The House of Representatives passed H.R. 2954, the Home Mortgage Disclosure Adjustment Act by a vote of 243-184. 

Posted January 18, 2018 by CUNA Advocacy
Earlier this morning, the House Financial Services Committee completed a markup that began yesterday.  Prior to the start of the markup, CUNA sent a letter supporting four pieces of regulatory relief legislation – all four bills passed through Committee. 
Posted January 17, 2018 by CUNA Advocacy
The House of Representatives is scheduled to vote on H.R. 2954, the Home Mortgage Disclosure Adjustment Act this week.  Prior to the vote, CUNA sent a letter to Speaker Paul Ryan and Minority Leader Nancy Pelosi to reiterate support for the legislation. 
Posted January 17, 2018 by CUNA Advocacy
This week, CUNA filed a letter with the CFPB on an OMB request to conduct an online survey of consumers regarding ATM POS overdraft disclosure.
Posted January 16, 2018 by CUNA Advocacy
In response to the Department of Justice (DOJ) rescinding of an Obama-era policy that permitted legalized cannabis to expand in states across the country, Reps. Denny Heck (D-Wash.) and Ed Perlmutter (D-Colo.) circulated a Dear Colleague letter requesting that the Financial Crimes Enforcement Network (FinCEN) maintain its policy permitting financial institutions to engage with marijuana-related businesses.
Posted January 16, 2018 by CUNA Advocacy
This week, the House of Representatives will consider H.R. 2954, the Home Mortgage Disclosure Adjustment Act H.R. 3326, the World Bank Accountability Act of 2017  and H.R. 4712, the Born Alive Abortion Survivors Protection Act.
Posted January 16, 2018 by CUNA Advocacy
In the states, data breach legislation was front and center again last week. Only two states, Alabama and South Dakota, are without a data breach notification law.
Posted January 12, 2018 by CUNA Advocacy

NACHA has issued a Request for Comment regarding three proposed operating rule changes. These changes primarily relate to Same Day ACH; however, they carry implications for ACH processing at all institutions.

Rather than the usual call for comment letters, NACHA has posted an online survey in an effort gather specific feedback while also including freeform fields for general input.

Posted January 10, 2018 by CUNA Advocacy
The House Financial Services Committee held a hearing entitled, “Legislative Proposals for a More Efficient Federal Financial Regulatory Regime Part III.”  Prior to the hearing, CUNA sent a letter in support of two of the regulatory relief bills discussed.
Posted January 09, 2018 by CUNA Advocacy

CUNA and the state credit union leagues, representing all 50 states and the District of Columbia, wrote to Majority Leader McConnell and Minority Leader Schumer to encourage debate on the bipartisan S. 2155 – the Economic Growth, Regulatory Relief, and Consumer Protection Act.  

Posted January 09, 2018 by CUNA Advocacy
The Senate Banking, Housing, and Urban Affairs Committee held a hearing to discuss money laundering and other forms of illicit finance along with ways to reform and strengthen Bank Secrecy Act (BSA) enforcement.  Prior to hearing, CUNA sent a letter to Chairman Crapo and Ranking Member Brown that was entered into the record by the Chairman.
Posted January 02, 2018 by CUNA Advocacy

While Congress and the administration get back to work, I wanted to take some time to outline the credit union advocacy agenda for 2018. This isn't an agenda that has been cooked up here in Washington. It's an agenda that has been developed with the input, feedback and guidance of credit union leaders from across the country.

The foundation for our 2018 agenda is a new, bold advocacy goal: to revolutionize the operating environment for credit unions.

We seek to achieve this goal by:

Reducing regulatory burden so that credit union members have access to more efficient and affordable financial services from credit unions.

Expanding and protecting credit union powers so consumers and small businesses can more easily access the credit union services they need and demand.

Enhancing payment security to reduce the impact that merchant data breaches have on credit unions and their members.

Preserving the credit union tax status so that credit union members continue to enjoy not-for-profit cooperative financial services.


Posted January 08, 2018 by CUNA Advocacy
This week, both the House and Senate are in session but with relatively light legislative schedules.  Both bodies will resume negotiations on the omnibus appropriations bill.  Current government funding expires on January 19th so the clock is ticking.  In addition, the
Posted January 05, 2018 by CUNA Advocacy
Chairman Hensarling announced that the Committee’s staff director, Kristen Sutton Mork, will be leaving the Committee to take over as Chief of Staff at the Consumer Financial Protection Bureau.
Posted January 05, 2018 by CUNA Advocacy
CUNA, along with trade associations from a broad spectrum of stakeholders, sent a letter to Chairman Walden and Chairman Latta in support of federal legislation to protect personal information and, in the in the event of a data breach that could result in identity theft or other financial harm, ensure consumers are notified in a timely manner. 
Posted January 05, 2018 by CUNA Advocacy

CUNA joined other financial trade associations in sending a letter to Representatives Pearce and Luetkemeyer in support of their draft legislation the Counter Terrorism and Illicit Finance Act. 

Posted January 04, 2018 by CUNA Advocacy
The Department of Justice (DOJ) is rescinding the Obama era policy that permitted legalized cannabis to expand in states across the country.
Posted January 02, 2018 by CUNA Advocacy

The National Credit Union Administration (NCUA) is hosting a free (registration required) webinar at 2:00 PM Eastern on Wednesday, January 10, entitled “Welcome to CURE.” The webinar will feature Office of Credit Union Resources and Expansion (CURE) Director Martha Ninichuk and Deputy Director Jean Marie Komyathy discussing the agency’s realignment of offices and responsibilities.

Posted January 02, 2018 by CUNA Advocacy
2017 was a notable year in Washington and a fantastic year for credit union advocacy. Working together, CUNA, Leagues and credit unions accomplished so much in all areas of government.
Posted December 28, 2017 by CUNA Advocacy

The Department of Justice (DOJ) announced that it has rescinded two Advanced Notices of Proposed Rulemaking (ANPRM) related to website accessibility under Title II of the Americans with Disabilities Act (ADA) applicable to state and local governments and under Title III applicable to private businesses open to the public. 

Posted December 27, 2017 by CUNA Advocacy

CUNA submitted a letter to NCUA in response to the proposed rule on capital planning and supervisory stress testing. CUNA maintained that credit unions should remain exempt from stress testing requirements, as Congress intended. Further, any stress testing supervisory requirements should continue to provide exemptions for small institutions, as measured on a scale other than fixed asset thresholds. 

Posted December 27, 2017 by CUNA Advocacy

Judge Timothy Kelly heard arguments on Friday, Dec. 22 for a preliminary injunction request from Leandra English challenging President Trump's appointment of Mick Mulvaney to serve as interim director of the Consumer Financial Protection Bureau (CFPB). 

Posted December 22, 2017 by CUNA Advocacy
The CFPB announced CUNA’s request for a delay in the effective date of the prepaid accounts rule has been granted to allow additional implementation time.
Posted December 21, 2017 by CUNA Advocacy
As credit unions continue to receive demand letters threatening class action litigation concerning website accessibility requirements under the Americans with Disabilities Act, CUNA remains engaged with Congress and the Department of Justice (DoJ) to seek relief on this issue.
Posted December 21, 2017 by CUNA Advocacy
The CFPB issued a statement to clarify Home Mortgage Disclosure Act (HMDA) compliance responsibilities taking effect on January 1, 2018.  The agency announced it does not intend to require resubmission of pre 2019 data for non material issues. CFPB shall
Posted December 21, 2017 by CUNA Advocacy

On December 20, 2017, the Congress passed the House-Senate tax reform conference committee of the compromise “Tax Cuts and Jobs Act” (TCJA), which would cut taxes by roughly $1.5 trillion over ten years and would make significant changes to and simplify our nation’s tax laws.  The President is expected to sign the bill into law the first week of January 2018.

Posted December 21, 2017 by CUNA Advocacy
Earlier this week, CUNA and other financial trade association joined together to highlight what data breach legislation should look like to leadership of the House Energy and Commerce Committee in response to the Committee’s request for comments on such legislation.
Posted December 21, 2017 by CUNA Advocacy

CUNA sent a letter this week in response to the Consumer Financial Protection Bureau’s (CFPB) proposal to renew the Office of Management and Budget (OMB) approval for an existing information collection titled, “Generic Information Collection Plan for Consumer Complaint and Information Collection System.”

Posted December 21, 2017 by CUNA Advocacy
CUNA sent a letter to Representative Tom Emmer in support of his recently introduced legislation, H.R. 4648 – the Home Mortgage Reporting Relief Act of 2017.
Posted December 21, 2017 by CUNA Advocacy

CUNA submitted a comment letter in response to NCUA’s Request for Information regarding Electronic Data Collection Modernization.

Posted December 18, 2017 by CUNA Advocacy
As reported last week, the DoD released long awaited guidance on the Military Lending Act that amends three comments included in last year’s DoD guidance and adds one additional comment.
Posted December 18, 2017 by CUNA Advocacy
On Friday evening, December 15, 2017, the House Senate tax reform conference committee reported its compromise “Tax Cuts and Jobs Act” (TCJA), which would cut taxes by roughly $1.5 trillion over ten years and would make significant changes to and simplify our nation’s tax laws.
Posted December 18, 2017 by CUNA Advocacy
ON THE FLOOR Both the House and Senate will consider the Conference Report for H.R. 1, the Tax Cuts and Jobs Act.  In addition, both chambers will consider another continuing resolution to continue government funding past its December 22nd deadline.  The
Posted December 15, 2017 by CUNA Advocacy
This week saw a special election that garnered attention from across the country and a Governor announcing the replacement for a resigning Senator.
Posted December 14, 2017 by CUNA Advocacy
This morning CUNA was in attendance at the Treasury’s Financial Literacy and Education Commission (the Commission) public meeting. The Secretary of the Treasury, Steven Mnuchin, and the newly appointed Interim Director of the CFPB, Mick Mulvaney, were both on
Posted December 14, 2017 by CUNA Advocacy

This week credit unions saw wins on the House floor as well as in the House Financial Services Committee. On the floor, the House passed three pieces of CUNA-backed legislation that if enacted will reduce the regulatory burdens faced by America’s credit unions.

Posted December 14, 2017 by CUNA Advocacy

CUNA staff attended the NCUA's final board meeting for 2017 at agency headquarters in Alexandria, Virginia. As anticipated, the Board unanimously approved to finalize the proposed rule, without modification, on emergency mergers—amending the definition of “in danger of insolvency” and creating a fourth category of existing net worth categories—giving the agency earlier authority to preserve asset values for an undercapitalized, failing credit union. 


Posted December 13, 2017 by CUNA Advocacy

The House Financial Services Committee passed three CUNA-backed regulatory relief bills.  Today was the second and final day of the 15-bill markup.  Prior to the start of the markup, CUNA sent a letter supporting three bills and reiterated the importance of regulatory relief for credit unions and their 110 million members.

Posted December 13, 2017 by CUNA Advocacy

The DoD has released long-awaited guidance on the Military Lending Act that will be published in tomorrow’s Federal Register. The guidance amends three comments included in last year’s DoD guidance and adds one additional comment.

Posted December 13, 2017 by CUNA Advocacy

Credit Union National Association, on behalf of America’s credit unions and their 110 million members, filed an amicus brief in the case, English v. Trump.  We filed this brief because credit unions have a strong interest in the operation and the leadership of the Consumer Financial Protection Bureau. And, credit unions’ structure, mission and history gives us a unique perspective on these matters.  

Posted December 12, 2017 by CUNA Advocacy
CUNA filed an amicus brief supporting the president’s authority to appoint an interim director under the Vacancies Reform Act. Leandra English a CFPB employee, who was appointed as Deputy Director by former Director Richard Cordray on his last day in the position, is challenging this presidential appointment authority and instead is seeking to create precedent enabling an outgoing CFPB director to select anyone they choose for this position in the U.S. District Court for the District of Columbia case English v. Trump. 
Posted December 12, 2017 by CUNA Advocacy
CUNA CEO Jim Nussle along with CUNA staff and staff from the Independent Community Bankers of American and the National Association of Federal Credit Unions met with Federal Reserve Bank of Kansas City President and CEO Esther George and key staff from the Federal Reserve banks to discuss the Federal’s Reserve’s roll in the payments system.
Posted December 11, 2017 by CUNA Advocacy
Last week, Congress passed and the President signed into law H.J. Res. 123, a continuing resolution to fund government operations through December 22, 2017.  This puts additional pressure on Congress to pass an omnibus spending bill for the rest of fiscal year 2018 at the same time as it is trying to enact the most comprehensive tax overhaul in thirty years. 
Posted December 08, 2017 by CUNA Advocacy
This week the Government Accountability Office issued a legal opinion that the CFPB’s Indirect Lending Guidance is a is a rule for purposes of the Congressional Review Act (CRA).
Posted December 07, 2017 by CUNA Advocacy

The Federal Housing Administration (FHA) announced it will no longer insure new mortgages on properties that include Property Assessed Clean Energy (PACE) assessments. 

Posted December 07, 2017 by CUNA Advocacy
On Thursday, December 14, the National Credit Union Administration (NCUA) Board will meet in open session to finalize their proposed rules on mergers, both voluntary and involuntary emergency, and agency reorganization.
Posted December 07, 2017 by CUNA Advocacy

CUNA sent a letter to Chairman Hensarling and Ranking Member Waters to express support for three regulatory relief measures that will be discussed before the Committee today. 

Posted December 06, 2017 by CUNA Advocacy

More than a dozen bipartisan Members of Congress sent a letter to the Federal Communications Commission (FCC) Chairman Pai in support of CUNA’s Telephone Consumer Protection Petition that was filed this fall. 

Posted December 06, 2017 by CUNA Advocacy
Last week CUNA sent Interim CFPB Director Mick Mulvaney a letter outlining changes credit unions would like to see at the CFPB moving forward. As the CFPB leadership litigation disputes continue, CUNA believes that it is important for credit unions to have certainty in the financial services marketplace.
Posted April 14, 2017 by CUNA Advocacy
This morning, CUNA and the Leagues sent a letter to Chairman Crapo (R ID) and Ranking Member Brown (D OH) of the Senate Committee on Banking, Housing and Urban Affairs.  The letter is in response to the Committee’s hearing on fostering economic growth, held at
Posted December 06, 2017 by CUNA Advocacy
The Senate Banking Committee voted 16 7 to pass the CUNA backed, bipartisan S. 2155 Economic Growth, Regulatory Relief and Consumer Protection Act.  CUNA strongly supports the bill, which contains several regulatory relief provisions for credit unions.
Posted December 06, 2017 by CUNA Advocacy
December 1, 2017 - the Senate passed the “Tax Cuts and Jobs Act”, which would cut taxes by roughly $1.5 trillion over ten years and would make significant changes to and simplify our nation’s tax laws.
Posted December 06, 2017 by dyi

Beginning next year, lenders will need to report a number of additional data points to the CFPB under HMDA. Some of that data will then be made available to the public by the CFPB and other regulators.

Posted December 04, 2017 by CUNA Advocacy

The Wisconsin Credit Union League successfully advocated for the passage of bills permitting prize-linked savings raffles and requiring financial literacy standards in schools. The bills passed both chambers unanimously and were signed by Governor Walker.

Posted December 02, 2017 by CUNA Advocacy
Early Saturday morning, December 2, 2017, the Senate passed the “Tax Cuts and Jobs Act”, which would cut taxes by roughly $1.5 trillion over ten years and would make significant changes to and simplify our nation’s tax laws.
Posted December 03, 2017 by CUNA Advocacy
This week, the House is expected to vote on H.R. 477, the Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017; H.R. 3971, the Community Institution Mortgage Relief Act of 2017 and H.R. 38, the Concealed Carry Reciprocity Act of 2017. 
Posted December 01, 2017 by CUNA Advocacy
CUNA’s CEO Jim Nussle along with the President/CEO of the Consumer Bankers Association, Richard Hunt and Camden Fine the President/CEO of the Independent Community Bankers of America published an opinion piece in the Morning Consult on why a Commission is the best option to run the Consumer Financial Protection Bureau (CFPB) in a post-Cordray world.


Posted December 01, 2017 by CUNA Advocacy
CUNA submitted a comment letter in response to NCUA’s proposed Accuracy in Advertising rule.


Posted December 01, 2017 by CUNA Advocacy

CUNA wrote a letter to support ongoing supervisory modernization and regulatory relief under NCUA’s Strategic Plan 2018-2022.

Posted November 28, 2017 by CUNA Advocacy

CUNA sent a letter to Representative Bill Posey in support of his recently introduced legislation to repeal the NCUA’s risk-based capital rule – The Common Sense Credit Union Capital Relief Act of 2017.  

Posted November 28, 2017 by CUNA Advocacy

This afternoon, a U.S. District Court Judge threw out a request for a restraining order that would have blocked OMB Director Mulvaney from assuming the leadership position at the CFPB. 

Posted November 27, 2017 by CUNA Advocacy
Acting Consumer Financial Protection Bureau (CFPB) Director Mick Mulvaney announced a freeze of rulemaking actions at the bureau Monday, several hours after CUNA sent a letter requesting a freeze on new rules and requirements.
Posted November 27, 2017 by CUNA Advocacy

On the Friday after Thanksgiving, the CFPB Director Cordray officially resigned and subsequently named Leandra English as deputy director before resigning, indicating English would become acting director upon his resignation. Meanwhile, President Donald Trump named Office of Management and Budget Director Mick Mulvaney as interim director of the bureau. 

Posted November 27, 2017 by CUNA Advocacy

The Department of Labor officially announced that the Fiduciary rule will be delayed for 18 months. This means the applicability date will now be July 1, 2019.

Posted November 22, 2017 by CUNA Advocacy

In support of CUNA’s Petition with the Federal Communications Commission (FCC) seeking declaratory relief from credit unions subject to the Telephone Consumer Protection Act (TCPA), credit unions, other trade associations, and service organizations have filed comments corroborating the need for the common-sense Telephone Consumer Protection Act (“TCPA”) reforms set forth in the Petition. CUNA highlighted this support in Reply Comments filed on November 21.


Posted November 21, 2017 by CUNA Advocacy

This afternoon, the Senate Appropriations Committee released its draft spending package to fund agencies and government functions under the jurisdiction of the Senate Appropriations Subcommittee on Financial Services and General Government through the end of Fiscal Year 2018.  This bill includes many significant wins for credit unions! 

Posted November 20, 2017 by CUNA Advocacy

CUNA submitted a comment letter to NCUA regarding its comprehensive Regulatory Reform Agenda, issued by a Task Force charged with culling all relevant regulations, with recommendations to streamline and eliminate ineffective, outdated, and excessively burdensome regulations.  The agenda parses regulatory recommendations into multi-year efforts, and temporarily supersedes the agency’s standard one-third annual regulatory review, which is slated to re-commence in 2020.

Posted November 17, 2017 by Janel Buckley

 CUNA sent a letter to Chairman Orrin Hatch and Ranking Member Ron Wyden of the Senate Finance Committee in response to the Chairman’s mark of the Tax Cuts and Jobs Act.  In the letter, CUNA highlights the importance of credit unions and that they are American’s best option for financial services. 

Posted November 16, 2017 by CUNA Advocacy

The House passed legislation to reauthorize the National Flood Insurance Program, including changes that could limit future coverage and discounts for high-risk properties, modify premiums and surcharges paid by policyholders and expand opportunities for private insurers to sell policies. 

Posted November 16, 2017 by CUNA Advocacy

The NCUA held their November 2017 Open Board meeting.  The Board approved a final corporate credit union rule, the 2018-2019 operating fund budget, and the overhead transfer rate methodology.  The Board also received the final briefing on the Corporate Stabilization Fund before it was merged into the National Credit Union Share Insurance Fund.