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 July 19, 2018 by CUNA Advocacy

President and CEO of Alaska Federal Credit Union, Geofferey Lundfelt wrote to Senator Sullivan of Alaska regarding the Senate's work on the National Defense Authorization Act (NDAA) FY 2019.

"Since 2006, the Department of Defense has had the discretionary authority to allow credit unions to utilize office space and/or land (including ATM placement) on military bases on a rent-free or nominal basis. Credit unions who wish to do so must meet specific statutory and regulatory requirements regarding the provision of financial services to the base population, and the decision as to whether or not to provide such space remains solely within the discretion of DoD. At this time, both Alaska USA and MAC Federal Credit Union serve service-members and their families at Joint-Base Elmendorf Richardson in Anchorage and Fort Wainwright in Fairbanks under leases of this nature."

Posted July 19, 2018 by CUNA Advocacy

The House has passed H.R. 6147 - the Financial Services and General Government (FSGG) Appropriations Act for Fiscal Year 2019 by a vote of 217 - 199.  Prior to the vote, CUNA wrote to Speaker Paul Ryan and Ranking Member Pelosi in support of the legislation.

"We thank House leadership for passing regulatory relief measures that will greatly benefit credit unions," said CUNA President/CEO Jim Nussle. "CUNA has maintained since NCUA first proposed the risk-based capital rule that it is a solution in search of a problem, so we support any legislative means to reduce the rule’s impact on credit unions."  

Posted July 18, 2018 by CUNA Advocacy

S. 488, the JOBS and Investor Confidence Act of 2018 passed the House of Representatives by a vote of 406-4.  Included in the legislation was Title XVII of a House Amendment that would delay the risk-based capital rule finalized by the NCUA. CUNA supported this measure as it reduces the impact on credit unions by pushing the effective date from January 1, 2019 to January 1, 2021.

Prior to the vote, CUNA wrote to Speaker Paul Ryan and Minority Leader Nancy Pelosi in support of this legislation. 

Posted July 17, 2018 by CUNA Advocacy

CUNA joined NAFCU, ABA, and ICBA in sending a letter to Speaker Paul Ryan and Minority Leader Nancy Pelosi urging the adoption of Representative McHenry's amendment to the Financial Services and General Government (FSGG) appropriations bill to prohibit the U.S.P.S. from providing banking services.


Posted July 17, 2018 by CUNA Advocacy

The government caretaker of Fannie Mae and Freddie Mac has been ruled unconstitutional by a federal court.  The Federal Housing Finance Agency (FHFA), created in in the wake of the 2008 financial crisis as the housing market collapsed, violates the Constitution because it does not answer to the president, a three-judge panel for the U.S. Court of Appeals for the Fifth Circuit ruled.

Posted July 17, 2018 by CUNA Advocacy

The National Credit Union Administration has announced it will issue dividends in 2018 during the week of July 23 for more than 5,700 eligible institutions.  

CUNA supported a transparent and equitable method for repaying credit unions and pushed for a temporary increase of four basis points in the fund NOL while the share insurance fund holds corporate legacy assets and continues to insist the increase that was adopted be only temporary and phased down to 1.3% by 2021 as the relative exposure of the legacy assets diminishe

Posted July 17, 2018 by CUNA Advocacy

CUNA wrote to Chairman Luetkemeyer and Ranking Member Clay prior to today’s House Subcommittee on Financial Institutions and Consumer Credit entitled, “Examining Capital Regimes for Financial Institutions.”   

In the letter CUNA suggested there are two steps Congress should consider with respect to credit unions’ capital regime:

1.    Delay the implementation of the NCUA’s recently finalized risk-based capital rule; and

2.    Enact legislation that permits all credit unions to issue supplemental capital instruments. 

Posted July 16, 2018 by CUNA Advocacy

Lance Noggle, CUNA Senior Director of Advocacy for payments and cyber-security represented credit unions in a cyber-security panel discussion that took place in Washington earlier today.  Noggle discussed why credit unions see data security as such an important issue and why the problems cannot be solved through technology alone. 

Posted July 16, 2018 by CUNA Advocacy

The NCUA will be hosting a Facebook Live event tomorrow - July 17th - to discuss how servicemembers, veterans and their families can spot and avoid imposter scams.  The Federal Trade Commission will be on hand to share some interesting data and resources.

The Facebook live event is scheduled to begin at 2 p.m. ET. The discussion is part of the NCUA’s activities during Military Consumer Month, which runs during July. No registration is required, and there is no charge.

Posted July 16, 2018 by CUNA Advocacy

Four Members of Congress wrote to Armed Services Committee leadership in both the House and Senate urging for them to remove Section 2808 from the House version of the NDAA FY 2019 legislation.

This provision was intended to treat credit unions and banks equally with respect to the financial terms of lease, services, and utilities on military installations. Unfortunately, as currently written – due to a drafting error, this provision excludes credit unions from the definition of “insured depository institutions.”

Posted July 15, 2018 by CUNA Advocacy

The House and Senate are both in session this week.  

The House of Representatives will consider H.R. 6147, the “Interior, Environment, Financial Services, and General Government Appropriations Act, 2019.”  It will also consider H.Con.Res. 119, a resolution “Expressing the sense of Congress that a carbon tax would be detrimental to the United States economy.”  

The Senate will resume consideration of the nomination of Scott Stump to be Assistant Secretary for Career, Technical, and Adult Education, Department of Education.  Last week, Senate Majority Leader Mitch McConnell (R-KY) filed cloture on the nominations of Randal Quarles to be a Member of the Board of Governors of the Federal Reserve.  If cloture is invoked on his nomination, the Senate will begin to use up to 30 hours of post-cloture debate time prior to his confirmation vote. 

Posted July 13, 2018 by CUNA Advocacy

CUNA filed a letter with the Bureau on its request to the Office of Management and Budget (OMB) regarding the Consumer Complaint Intake System.

The Dodd-Frank Act requires the Bureau to facilitate the centralized collection of, monitoring of, and response to consumer complaints regarding consumer financial products or services. In furtherance of its statutory mandate related to consumer complaints, the Bureau utilizes a Consumer Complaint Intake System Company Portal Boarding Form (Boarding Form) to sign up companies for access to the secure, web-based Company Portal. 

Posted July 12, 2018 by CUNA Advocacy

Prior to the Senate Banking Committee’s hearing on the Fair Credit Reporting Act (FCRA) and credit bureaus, CUNA wrote to Chairman Crapo and Ranking Member Brown requesting clarity and flexibility for the implementation of regulations and guidance under the FCRA.  

Posted July 12, 2018 by CUNA Advocacy

CUNA joined other financial services trades today in sending a joint letter of support for S. 2490, the TRID Improvement Act of 2018, which would amend the Real Estate Settlement Procedures Act (RESPA) to allow for the disclosure of available discounts for lender’s title insurance policies. Under current law, the TILA-RESPA Integrated Disclosure does not allow for the disclosure of certain discounts that may be available to a borrower for selecting a specific title insurance company to underwrite title insurance when purchasing a home.

Posted July 11, 2018 by CUNA Advocacy

CUNA launched a new online community this week for its Member Activation Program (MAP), a forum where credit union industry professionals can discuss advocacy issues, communications, best practices and exchange ideas and resources to better advocate for credit unions. The MAP Community is a free community for CUNA members, and it is available to all CUNA members.

Posted July 11, 2018 by CUNA Advocacy

Director Mulvaney named Brian Johnson as Acting Deputy Director at the Bureau of Consumer Financial Protection.  Johnson currently serves as principal policy director at the bureau.

Johnson will replace departing Deputy Director Leandra English, who announced her resignation last week.

Posted July 09, 2018 by CUNA Advocacy

CUNA’s Policy Analysis group recently updated and re-posted its white paper on the credit union tax status.  The paper reveals that the tax treatment Congress conveyed on credit unions roughly 100 years ago continues to serve the purpose for which it was created and is one of the best investments that the government makes in its citizens.  

Posted July 09, 2018 by CUNA Advocacy

The House and Senate are both back in Session this week.  

The House of Representatives will consider the “Crooked River Ranch Fire Protection Act” (H.R. 2075); the “ Matthew Young Pollard Intelligence Authorization Act for Fiscal Years 2018 and 2019” (H.R. 6237); the “Unfunded Mandates Information and Transparency Act of 2017” (H.R. 50); the “Strengthening Fishing Communities and Increasing Flexibility in Fisheries Management Act” (H.R. 200); and the “Reclamation Title Transfer and Non-Federal Infrastructure Incentivization Act” (H.R. 3281). 

The Senate will resume consideration of the nomination of Mark Jeremy Bennett to be United States Circuit Judge for the Ninth Circuit and an Act to amend the” White Mountain Apache Tribe Water Rights Quantification Act of 2010” (S.140). 

Posted July 08, 2018 by CUNA Advocacy

Comment call by HUD available for comment. 

Posted June 27, 2018 by CUNA Advocacy
CUNA sent a letter to Bureau Acting Director Mulvaney urging him to focus the agency’s efforts on making the regulatory changes required under the recently enacted Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155). We point out that while S. 2155 includes several provisions directly intended to enhance the ability of credit unions to continue serving their members, none of that relief will be realized until those provisions are implemented by the Bureau. Thus, we urge the Bureau to allocate the resources necessary to ensure the regulatory changes under S. 2155 are quickly promulgated.
Posted June 27, 2018 by CUNA Advocacy

The NCUA Board unanimously approved the final rule on voluntary mergers, amending Parts 701 and 708b of NCUA’s regulations. Dubbed the “Merger Transparency Rule,” the rule seeks to remedy the practice whereby members of merging credit unions may lack access to timely communications regarding mergers. 

Posted June 27, 2018 by CUNA Advocacy

The NCUA Board unanimously approved a final rule to amend field of membership rules to permit a field of membership application to be submitted under a narrative approach to serve a well-defined local community exceeding a 2.5 million population.

Posted June 27, 2018 by CUNA Advocacy

CUNA wrote to Senators McCain, Reed, Inhofe and Representative Thornberry, and Smith to oppose a provision in the House version of H.R. 5515, the National Defense Authorization Act.  The provision would exclude credit unions from the current resources furnished to them on military bases. If passed, this provision would be a detriment to military credit unions while granting banks access to the same bases.

Posted June 26, 2018 by CUNA Advocacy

The House of Representatives passed legislation that contained a CUNA-backed provision to delay the implementation date of the NCUA's risk-based capital (RBC) rule.

Specifically, it would push the bill’s effective date back to Jan. 1, 2021, from the currently scheduled Jan. 1, 2019 date.

“CUNA and credit unions have well-founded concerns about NCUA’s risk-based capital rule, primarily whether or not NCUA even has the legal authority to issue such a rule,” said CUNA President/CEO Jim Nussle. “We continue to maintain that the risk-based capital rule is a solution in search of a problem, and support Congressional efforts to delay the rule.”

Posted June 26, 2018 by CUNA Advocacy

The Senate Banking Committee held a hearing entitled, "Legislative Proposals on Access to Capital.”  Prior to the hearing, CUNA wrote to Chairman Crapo and Ranking Member Brown urging the Committee to consider two proposals pertinent to credit unions.

Posted June 21, 2018 by CUNA Advocacy

The House Budget Committee passed a concurrent resolution, laying the outline for a ten year budget plan for the federal government.  It outlines revenue targets and federal spending, both mandatory and discretionary.  It also includes some policy measures. 

Specifically, the budget resolution balances the federal budget in nine years and calls for deep spending cuts. 

Posted June 25, 2018 by CUNA Advocacy

District court judges in Alabama and Ohio properly found that plaintiffs in frivolous ADA website accessibility lawsuits failed to state a claim for relief. In both cases, plaintiffs were ineligible for membership in the credit union. In both cases, plaintiffs inaccurately claimed that the credit union’s participation in the Co-op Shared Branching network of ATMs provided a legal nexus to confer standing. In both cases, plaintiffs were held to lack standing, and therefore, no harm could be claimed.

Posted June 25, 2018 by CUNA Advocacy

This week, the House of Representatives will consider several bills under suspension of the rules, including: 

  • H.R. 435, the Credit Access and Inclusion Act of 2017, a bill to amend the Fair Credit Reporting Act to clarify Federal law with respect to reporting certain positive consumer credit information to consumer reporting agencies, and for other purposes; 
  • H.R. 5783, the Cooperate with Law Enforcement Agencies and Watch Act of 2018, a bill to provide a safe harbor for financial institutions that maintain a customer account at the request of a Federal or State law enforcement agency; and, 
  • H.R. 5841, the Foreign Investment Risk Review Modernization Act of 2018, a bill that contains a provision to delay a rule from the National Credit Union Administration titled ‘‘Risk-Based Capital.’’  The rule’s implementation date will change to January 1, 2021. 

The House will also consider H.R. 6157, the Department of Defense Appropriations Act for FY 2019 and complete consideration of H.R. 6136, the Border Security and Immigration Reform Act. 

The Senate is expected to consider H.R.5895, the Energy and Water, Legislative Branch, and Military Construction and Veterans Affairs Appropriations Act for FY 2019.  It may also consider H.R. 2, the Agriculture and Nutrition Act of 2018. 

Posted June 22, 2018 by CUNA Advocacy

CUNA submitted its comprehensive white paper to the bureau in response to its request for information (RFI) on inherited regulations and inherited rulemaking authorities.  In the letter, CUNA urges the Bureau to conduct an extensive review of the regulations under its jurisdiction. 

Posted June 22, 2018 by CUNA Advocacy

In its latest legal advocacy efforts to defend credit unions facing threats due to uncertainty regarding how the Americans with Disabilities Act (ADA) applies to websites, CUNA filed an amicus brief with the U.S. Court of Appeals for the Fourth Circuit in Griffin v. DOL FCU.  A judge in the Eastern District of Virginia dismissed the lawsuit in February, and now that it has reached the appellate level, a decision will provide binding precedent for the Fourth Circuit.  

Posted June 21, 2018 by CUNA Advocacy

A letter was delivered to Attorney General Sessions seeking guidance and clarity on how best comply with website standards for the Americans with Disabilities Act (ADA).  The letter was signed by over 100 Members of the House of Representatives.

America's credit unions continue to be targets of predatory litigation alleging ADA violations, specifically as it applies to websites. CUNA supported the letter and has made finding a solution a top advocacy priority. 

Posted June 21, 2018 by CUNA Advocacy

The Senate Appropriations Committee passed the Financial Services and General Government Appropriations Act for Fiscal Year 2019.

This legislation includes CUNA-supported funding of $250 million for the Community Development Financial Institutions (CDFI) Fund.  CUNA also strongly supports the bill's appropriation of $2 million for the Community Development Revolving Loan Fund.  Both of these accounts are fully funded at Fiscal Year 2018 levels, an achievement in this austere fiscal climate.

The bill also funds other accounts of importance to credit unions, including:

  • $30 billion loan volume cap for the Small Business Administration’s (SBA) 7(a) program, which allows the government to guarantee up to 85% of loans, with the guaranteed portion not counting against credit unions’ cap on member business lending.  The loan cap in this bill is $1 billion more than Fiscal Year 2018’s enacted level of $29 billion.
  • $7.5 billion loan cap for the SBA’s 504 loan program, which is used for long-term, fixed-rate financing on major fixed assets, such as equipment and real estate.  Credit unions also participate in this loan program.

Posted June 21, 2018 by CUNA Advocacy

The National Credit Union Administration (NCUA) voted on several revisions at its monthly meeting, namely a final rule on Field of Membership (FOM). The rule will permit credit unions to submit a field of membership application to serve a well-defined local community exceeding 2.5 million people.  CUNA strongly supports the NCUA's efforts to modernize field of membership and has been actively engaged in this issue since sending NCUA a detailed letter outlining changes NCUA could make to modernize field of membership rules.

Posted June 21, 2018 by CUNA Advocacy

The NCUA held its June Board Meeting.  A briefing was provided to update the Board on the agency’s enterprise data modernization program, including the scope, requirements, and software infrastructure that will replace CU online, FOMIA, and Genesis programs. 

Posted June 20, 2018 by CUNA Advocacy

The Senate Foreign Relations Committee held a hearing entitled, “USAID Resources and Redesign."  Prior to the hearing, CUNA wrote to Chairman Corker and Ranking Member Menendez encouraging procurement reforms that would level the playing field in international development.

Posted June 20, 2018 by CUNA Advocacy

The Senate voted down a procedural vote on H.R. 3, the Spending Cuts to Expired and Unnecessary Programs Act (48-50).  If passed, this bill would have rescinded $141 million from the Treasury’s Community Development Financial Institutions (CDFI) Fund. Prior to today's vote, CUNA wrote to Senate leadership in opposition to the bill.  CUNA opposed rescissions from funds that have already been authorized, particularly funds that credit unions are able to leverage for much-needed affordable housing solutions in the communities they serve.

Posted June 18, 2018 by CUNA Advocacy

President Donald Trump will nominate former NCUA board member Rodney Hood to fill the board seat currently held by board member Rick Metsger. The appointment of Hood, who previously served as vice chair of the NCUA board under President George W. Bush, would still leave a vacant seat on the board, as former board Chair Debbie Matz’s seat has not been filled.

Posted June 17, 2018 by CUNA Advocacy

This week, the House of Representatives is scheduled to consider H.R. 5797; the Individuals in Medicaid Deserve Care that is Appropriate and Responsible in its Delivery Act; H.R. 6082, the Overdose Prevention and Patient Safety Act; and H.R. 6, the Substance Use-Disorder Prevention that Promotes Opioid Recovery and Treatment for Patients and Communities Act.  It has also been reported that the House may reconsider the farm bill reauthorization as well as immigration legislation this week. 

The Senate will resume consideration of H.R.5515, the National Defense Authorization Act.  It has also been reported that the full Senate may consider appropriations legislation this week. 

Posted June 15, 2018 by CUNA Advocacy

CUNA filed its white paper entitled, the Common-Sense Reforms to Bureau of Consumer Financial Protection Rules and Procedures, with the Bureau of Consumer Financial Protection in response to its Request for Information (RFI) on its adopted regulations and new rulemaking authorities. The comment letter deadline for this RFI is Tuesday, June

Posted June 15, 2018 by CUNA Advocacy
The NCUA announced the June Board Meeting Agenda, which includes a briefing on the final MBL rule, as amended under S. 2155, which was signed into law, as well as an update on the agency’s enterprise modernization data solution program
Posted June 14, 2018 by CUNA Advocacy

CUNA and the Ohio Credit Union League filed an amicus brief in an ADA website accessibility lawsuit: Mitchell v. BMI FCU (Southern District of Ohio, Eastern Division). The brief supports the defendant credit union’s motion to dismiss and contends that a website is not a place of public accommodation, the plaintiff lacks standing, and lack of Justice Department implementing regulations render the application of the law impermissibly vague. Further, the court should refer the issue to the Justice Department under the doctrine of primary jurisdiction. 

Posted June 14, 2018 by CUNA Advocacy

CUNA submitted comments to the Federal Communications Commission in response to their Public Notice regarding TCPA implementation in light of the U.S. District Court’s ruling, vacating the agency’s 2015 guidance. CUNA’s comments call on the agency to adopt the definition of ATDS as requested in CUNA’s joint petition, filed in conjunction with the U.S. Chamber of Commerce and 17 other business and trade association signatories. That petition highlights that to qualify as an ATDS, such system must use store and dial random or sequential numbers without human intervention and TCPA liability would only be attached to such ATDS definition. 

Posted June 14, 2018 by CUNA Advocacy

The House Appropriations Committee passed its Financial Services and General Government (FSGG) Appropriations Act for Fiscal Year 2019.  This legislation included a number of CUNA-supported regulatory relief provisions. Prior to yesterday's markup and vote, CUNA wrote a letter of support to Appropriations Committee leadership.

“We support the many regulatory relief provisions included in the Subcommittee draft that would benefit credit unions. It includes a two-year delay to the effective date of the NCUA’s risk-based capital rule, from January 1, 2019 to January 1, 2021,” wrote CUNA President/CEO Jim Nussle. “The bill also includes the Mortgage Choice Act, the Privacy Notification Technical Clarification Act, the Financial Institutions Examination Fairness and Reform Act, the TRID Improvement Act, and the Bureau of Consumer Financial Protection–Inspector General Reform Act.”

Posted June 13, 2018 by CUNA Advocacy

CUNA wrote to Representatives Pearce and Leutkemeyer in support of their legislation - H.R. 6068, the Counter Terrorism and Illicit Finance Act.

If enacted, H.R. 6068, the Counter Terrorism and Illicit Finance Act, would:

  • Raise the Currency Transaction Report (CTR) to $30,000 (up from the current $10,000) and the Suspicious Activity Report (SAR) threshold to $10,000 (up from the current $5,000);
  • Require a formal review of BSA reporting requirements with an eye toward reducing regulatory burdens and ensure the information collected has a “high degree of usefulness” to law enforcement;
  • Recognize the growing role of artificial intelligence in BSA compliance;
  • Empower the Treasury Department to actively coordinate AML policy and examinations; and
  • Solidify processes regarding Treasury’s Financial Crimes Enforcement Network’s No-Action Letters.

Posted June 12, 2018 by CUNA Advocacy
Last week, the Small Business Administration submitted comments to the Bureau in response to their Request for Information (RFI) regarding the Bureau’s Rulemaking Processes.  In their letter, the SBA highlighted a number of areas
Posted June 12, 2018 by CUNA Advocacy

Credit unions from Kansas and Missouri were invited to a first-of-its-kind round table.  Nearly 50 credit union leaders from Kansas and Missouri met with Mick Mulvaney, Director of the Bureau of Consumer Financial Protection in the Kansas City region on June 7.

Posted June 12, 2018 by CUNA Advocacy

CUNA sent three letters to Capitol Hill in support of legislation that would clarify the ability of financial institutions to serve legal cannabis-based businesses in states where cannabis is legal. CUNA does not have a position on legalizing or decriminalizing marijuana, it supports the ability of credit unions to serve member businesses when legal.

CUNA supports credit unions’ ability to serve their members.  In states where cannabis is legal for medicinal and recreational purposes, credit union members are engaged in this market but have difficulty accessing traditional banking services.  It is also possible that credit unions in states where cannabis is not legal are, without their knowledge, serving members engaged in this market. 

Posted June 11, 2018 by CUNA Advocacy

USAA filed suit against Well Fargo last week in U.S. District Court for the Eastern District of Texas for intellectual property infringement stemming from Well’s remote deposit capture (RDC) products.  USAA has been seeking licensing fees from credit unions and banks that use remote deposit capture technology. The complaint filed Thursday in U.S. District Court for the Eastern District of Texas.

Posted June 11, 2018 by CUNA Advocacy

This week, the House of Representatives will consider a number of bills aimed at combatting the opioid epidemic.  These bills include H.R. 5735, the Transitional Housing for Recovery in Viable Environments Demonstration Program Act; H.R. 2851, the Stop the Importation and Trafficking of Synthetic Analogues Act of 2017; and H.R. 5788, the Securing the International Mail Against Opioids Act of 2018. 

The Senate will consider H.R. 5515, the National Defense Authorization for Fiscal Year 2019. 

Posted June 08, 2018 by CUNA Advocacy

The House of Representatives passed H.R. 3, the Spending Cuts to Expired and Unnecessary Programs Act.  The bill would cut $15 billion in unspent funds from various government agencies and programs from fiscal years (FY) prior to FY 2018. 

Included in the bill was a $141 million rescission from the Capital Magnet Fund (CMF) in the Community Development Financial Institutions (CDFI) Fund.  The Administration had requested a rescission of $151 million in budget authority for the Capital Magnet Fund, a program administered through the CDFI Fund in the U.S. Department of the Treasury.  CDFI credit unions apply for and use awarded grants from the Capital Magnet Fund to finance affordable housing solutions and community revitalization efforts that benefit low-income individuals and communities nationwide.

Posted June 07, 2018 by CUNA Advocacy

It has been reported that the Bureau of Consumer Financial Protection will dismiss its case against PHH.  PHH, a mortgage service provider that the Bureau targeted for an enforcement action in 2015, challenged the single-director leadership structure in court and initially won a ruling in its favor, but that ruling was overturned in January.

Posted June 07, 2018 by CUNA Advocacy

CUNA filed a comment letter to the FCC regarding its proposal to create a Reassigned Numbers Database for purposes of compliance with the Telephone Consumer Protection Act (TCPA). Our comments state that the Commission should establish a comprehensive, easy-to-use and affordable reassigned numbers database and provide a safe harbor from TCPA liability for calling a reassigned number where the caller utilized the database, along the lines of the Do Not Call registry provisions. 

Posted June 07, 2018 by CUNA Advocacy

CUNA strongly urged the Bureau of Consumer Financial Protection to employ a greater use of advance notice of proposed rulemakings (ANPRs). CUNA sent a copy of its comprehensive white paper to the bureau in response to its request for information on the bureau’s rulemaking process.

Posted June 06, 2018 by CUNA Advocacy

The Bureau of Consumer Financial Protection announced the restructuring of their advisory boards - including the Credit Union Advisory Council (CUAC).  Reports indicate the bureau has dismissed all members of the Consumer Advisory Board (CAB), though the bureau noted it would continue to fulfill CAB statutory obligations.

Posted June 06, 2018 by CUNA Advocacy

The House Financial Services Subcommittee on Financial Institutions and Consumer Credit held a hearing entitled, “Improving Transparency and Accountability at the Bureau of Consumer Financial Protection.” Prior to the hearing, CUNA sent a letter to Chairman Luetkemeyer and Ranking Member Clay highlighting a number of ways that credit unions want change at the Bureau of Consumer Financial Protection (BCFP).

Posted June 06, 2018 by CUNA Advocacy

CUNA launched a grassroots effort to urge credit union stakeholders to share stories of the impacts of regulatory burden with the Bureau of Consumer Financial Protection. CUNA has launched a web page with resources and other information for individuals interested in commenting.  Feedback must be submitted by June 19.

Posted June 06, 2018 by CUNA Advocacy

NCUA released Q1 2018 credit union performance data today comprising quarterly summaries and financial performance reports for the quarter ending March 31, 2018. Total CU assets rose by $79B (a 5.9% increase) during the quarter, with the delinquency rate down slightly 66 bps. Net income totaled #12.6B, an increase of 35.4% over the same period last year. 

Posted June 05, 2018 by CUNA Advocacy

The American Bankers Association filed a cross-appeal in response to NCUA’s appeal of the U.S. District Court ruling regarding NCUA’s field-of-membership (FOM) rule. CUNA strongly supports NCUA’s appeal and further believes the court erred in its finding that the agency overstepped its statutory authority with regard to the combined statistical area approach and the definition of rural district.

Posted June 04, 2018 by Chandler Schuette

CUNA urged the Bureau of Consumer Financial Protection to revisit its complaint intake system’s processes in response to the Bureau's request for information on its public reporting practices of consumer complaint information. CUNA submitted its comprehensive white paper to the Bureau along with a cover-letter, which covers this topic, among others.

Posted June 04, 2018 by CUNA Advocacy
Today, CUNA filed a comment letter with the Federal Housing Finance Agency in response to its 2018 Regulatory Review Plan. As part of its review, which occurs every five years, the FHFA is seeking comments on how its regulations may
Posted June 04, 2018 by CUNA Advocacy

The House & Senate are both in session this week.  

The House of Representatives will consider H.R. 5895, the Energy and Water Development and Related Agencies Appropriations Act, the Military Construction and Veterans Affairs Appropriations Act, and the Legislative Branch Appropriations Act.  The House may also consider H.R. 8, the Water Resources Development Act of 2018.  In addition, the House may consider the Senate Amendment to H.R. 3249, the Project Safe Neighborhoods Grant Program Authorization Act of 2018. 

The Senate will consider Robert Earl Wier to be United States District Judge for the Eastern District of Kentucky.  In addition, the Senate may consider the National Defense Authorization Act (NDAA) and the Water Resources Development Act (WRDA). 

Posted May 31, 2018 by CUNA Advocacy

CUNA continues active engagement on advocacy efforts at the Federal Communications Commission, urging the Commission to modernize the 1991-enacted Telephone Consumer Protection Act (TCPA). As the agency has issued public notice for comments on definitions used within TCPA, including what constitutes an automatic telephone dialing system (ATDS), who is a called party, and how a party may revoke prior express consent under TCPA,

Posted May 31, 2018 by CUNA Advocacy

CUNA hosted a webinar with the World Council of Credit Unions (WOCCU) to discuss the European Union's (EU) General Data Protection Regulation (GDPR) - which became effective on May 25th.

Posted May 31, 2018 by CUNA Advocacy

CUNA continues to stand with credit unions in the wake of frivolous litigation targeting credit unions under the guise of ADA website accessibility. In the last two weeks, CUNA has worked with state credit union league partners to file amici briefs in several circuits: with the Ohio Credit Union League in Mitchell v. BMI FCU in the Southern District of Ohio, and Thurston v. KBR Heritage FCU in the Southern District of Texas.

Posted May 31, 2018 by CUNA Advocacy

Last week’s passage of S. 2155 was a huge victory for credit unions!  This landmark regulatory relief bill benefits credit unions in a variety of ways, from increasing the MBL cap by removing 1-to-4 family non-owner occupied residential property from the cap, to rolling back the onerous HMDA data points imposed by Dodd-Frank.   

Posted May 30, 2018 by CUNA Advocacy

The NCUA Board issued a final rule to amend part 709 to update and clarify the procedures that apply to claims administration for federally insured credit unions that enter involuntary liquidation. The rule permits employees of an insolvent credit union subject to involuntary liquidation by NCUA to receive compensation earned in accordance with their contractual employment agreements. Compensation would include accrued but unpaid sick and vacation leave, as well as any severance to which the employee was entitled, provided such terms were documented and objectively-applied. Under prior law, employee claims regarding compensation for work performed and accrued while in liquidation were assigned secondary priority, subordinate among unsecured creditor claims. 

Posted May 30, 2018 by Chandler Schuette

CUNA submitted a comprehensive white paper to the Bureau of Consumer Financial Protection to further ensure regulations are tailored and streamlined. CUNA's "Common-Sense Reforms to Bureau of Consumer Financial Protection Rules and Procedures,” is a part of the our continued advocacy efforts following last week's victory with the passage and signing of S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act into law.  

Posted May 24, 2018 by Chandler Schuette

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 Chandler Schuette

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 Chandler Schuette

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 Chandler Schuette

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 Chandler Schuette

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 Chandler Schuette

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 Chandler Schuette

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 Chandler Schuette

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 Chandler Schuette

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 Chandler Schuette

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 Chandler Schuette

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 Chandler Schuette

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 Chandler Schuette

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 Chandler Schuette

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 Chandler Schuette

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 Chandler Schuette

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 Chandler Schuette

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 Chandler Schuette

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 Chandler Schuette

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 Chandler Schuette

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 Chandler Schuette

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 Chandler Schuette

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 Chandler Schuette

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 Chandler Schuette

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 Chandler Schuette

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 Chandler Schuette

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 Chandler Schuette

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 Chandler Schuette

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 Chandler Schuette

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 Chandler Schuette

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 Chandler Schuette
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 Chandler Schuette
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 Chandler Schuette
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 Chandler Schuette
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 Chandler Schuette
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 Chandler Schuette

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 Chandler Schuette
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 Chandler Schuette
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 Chandler Schuette

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 Chandler Schuette

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 Chandler Schuette

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 Chandler Schuette

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 Chandler Schuette
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 Chandler Schuette

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 Chandler Schuette
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.