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The CFPB issued an updated advisory for financial institutions on best practices for financial institutions when suspecting elder financial exploitation.
The Bureau’s recommendations, first issued in 2016, provided six categories of “voluntary best practices” to assist financial institutions to prevent elder financial abuse. These best practices “include:
The FASB Board discussed the issue of effective dates of several different standards as they apply to each type of reporting entity
The U.S. Court of Appeals for the Seventh Circuit ruled in favor of a credit union facing a frivolous lawsuit claiming violations of the Americans with Disabilities Act. CUNA filed an amicus brief in this case along with the Illinois and Wisconsin crdit union leagues.
In its opinion, the 7th Circuit agreed with the district court that the plaintiff – who is ineligible for membership in the defendant credit union – has not suffered an injury-in-fact, as required to establish standing. Throughout its opinion, the court cites Griffin, another cased decided in favor of the defendant credit union which was issued earlier this year out of the Fourth Circuit.
CUNA and the state credit union leagues have been working with the Department of Justice to clarify this issue, and its efforts have led numerous legislators from the House and Senate to write to the DOJ calling for a solution.
Yesterday, CUNA wrote a letter to the Federal Reserve Board regarding potential modifications to the Federal Reserve Banks' National Settlement Service (NSS) and Fedwire Funds Service to support enhancements to the same-day automated clearinghouse (ACH) service, which with NACHA rules changes will add a third daily processing window.
This week, the House will consider several resolutions disapproving of recent sales of military equipment to certain foreign nations. In addition, the House will vote on H.R. 3494, the Damon Paul Nelson and Matthew Young Pollard Intelligence Authorization Act for Fiscal Year 2020 as well as H.R. 582, the Raise the Wage Act. Finally, the House will likely vote on measures to find the Attorney General and the Secretary of Commerce in contempt of Congress.
The Senate will vote on a number of federal judiciary nominations as well as legislation aimed at replenishing the fund for 911 first responders.
Prior to the House Financial Services Committee's markup, CUNA wrote in support of two of the bills marked-up.
H.R. 2852, the Homebuyer Assistance Act of 2019 If enacted this legislation would ensure the Federal Housing Administration’s appraiser requirements are identical to those currently employed by Fannie Mae and Freddie Mac concerning licensed appraisers. As a result, credit unions would be able provide members with more choices for federally-backed loans without any concerns that an appraisal will not satisfy a program’s requirements due to their differing appraiser certification standards. H.R. 2852 passed the Committee by a voice vote.
H.R. 281, the Ensuring Diverse Leadership Act of 2019The Ensuring Diverse Leadership Act of 2019 would require the Federal Reserve Banks to interview at least one candidate reflective of gender diversity and one candidate of racial or ethnic diversity when appointing presidents. Since the Federal Reserve’s inception in 1913, only seven women have served as reserve bank presidents, with Janet Yellen being the only female to serve as chair of the Federal Reserve Boar.
This week, the House of Representatives will vote on H.R. 1988, the Protect Affordable Mortgages for Veterans Act; H.R. 2162, the Housing Financial Literacy Act of 2019; H.Res. 456, a resolution “Emphasizing the importance of grassroots investor protection and the investor education missions of State and Federal securities regulators, calling on the Securities and Exchange Commission to collaborate with State securities regulators in the protection of investors”; H.R. 2919, the Improving Investment Research for Small and Emerging Issuers Act; H.R. 3050, the Expanding Investment in Small Business Act of 2019; H.R. 2409, the Expanding Access to Capital for Rural Job Creators; and H.R. 2500, the National Defense Authorization Act for Fiscal Year 2020.
The Senate will consider Daniel Aaron Bress, of California, to be United States Circuit Judge for the Ninth Circuit.
CUNA commented on the Consumer Financial Protection Bureau (CFPB)'s Overdraft Rule Review Pursuant to the Regulatory Flexibility Act. The letter urges the Bureau avoid creating unnecessary burdens or limitations on the availability of overdraft programs.
“Credit unions would not support efforts to reopen or revise the 2009 Overdraft Rule to expand the rule’s scope or add additional compliance requirements on credit unions offering this popular product to their members,” the letter reads. “When considering the issue of overdraft protection, the CFPB should keep in mind the personal choice consumers make when they opt in to these services for the comfort of knowing a transaction, especially a necessary or emergency purchase, will be honored.”The CFPB is conducting a review of its 2009 overdraft rule as required by the Regulatory Flexibility Act. The purpose of the review is to determine whether the rule under review should be “continued without change or amended or rescinded to minimize any significant economic impact of the rules upon a substantial number of such small entities, consistent with the stated objectives of applicable statutes,” per the statute.
CUNA is still seeking your input on several rulemakings that close for comment later this month
CUNA advocacy and compliance staff, including Chief Compliance Officer Jared Ihrig, Deputy Chief Advocacy Officer Elizabeth Eurgubian, and Manager of Federal Compliance Information and Research Nancy DeGrandi met with NCUA staff to discuss consumer financial protection issues at the agency’s headquarters.
“We thank NCUA staff for their time and attention as CUNA continues our engagement with policymakers on practical ways to relieve the regulatory burden on credit unions,” Eurgubian said.
NCUA celebrated the 85th anniversary of the Federal Credit Union Act Wednesday as well, and CUNA staff were in attendance.
The Senate passed its version of the National Defense Authorization Act (NDAA) for fiscal year 2020 with CUNA-opposed language expanding certain waivers for rent and other facilities costs for financial institutions on military installations currently granted to credit unions. The House version of the NDAA, which passed committee earlier this month, does not contain such language.
CUNA submitted its comment letter on the CFPB’s remittance request for information, which the CFPB issued in April following months of meetings in which CUNA raised the issue with CFPB leaders and staff. The letter states that substantive amendments to the remittance rule would create a more effective balance between consumer protection and access to services.
“We appreciate the Bureau engaging in its current effort to consider potential revisions to the remittance rule and support the current leadership in its goal to issue right-sized regulations after soliciting meaningful stakeholder feedback,” the letter reads. “While CUNA supports appropriate safeguards for consumers initiating remittance transfers, including clear and understandable disclosures, the Bureau should propose and finalize substantive amendments to the Remittance Rule to better balance necessary consumer protections with a more tailored regulation that allows consumers to access desired products and services.”
The CFPB announced that it is extending until October 15, 2019, the comment period on the Advance Notice of Proposed Rulemaking (ANPR) related to the Home Mortgage Disclosure Act (HMDA) data points. Comments were previously due on July 8, 2019.
According to its release, the Bureau’s extension is intended “to give interested parties an opportunity to review the Bureau’s annual overview of residential mortgage lending based on the HMDA data financial institutions collected in 2018.” The ANPR, issued on May 2, 2019, solicits comment on certain data points in the Bureau’s October 2015 final rule that were added to Regulation C or revised to require additional information.
The House passed the Financial Services and General Government (FSGG) Appropriations Act for Fiscal Year 2020 today. CUNA wrote in strong support of the bill earlier this week due to the appropriations amounts for several credit union funds, including the Treasury’s Community Development Financial Institutions (CDFI) Fund and NCUA’s Community Development Revolving Loan Fund (CDRLF).
“We thank the House for passing the bill, and for the attention of House appropriators to ensure appropriate levels for several important funds that credit unions are able to leverage to better serve their members and communities,” said CUNA President/CEO Jim Nussle.
The CFPB hosted the first of a planned series of symposia focused on topics in consumer financial protection. The symposium focused on defining “abusive” under Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Representatives from CUNA and the Maryland & DC Credit Union Association were in attendance.
The symposia featured remarks from Director Kathy Kraninger and Deputy Director Brian Johnson, as well as comments from legal and academic experts. In general, the conversation focused on the statutory history of “abusive”, the role of cost-benefit analysis, and whether behavioral economics can play a role in determining abusive behavior.
CUNA wrote to Chairman Lynch & Ranking Member Hill prior to the House Financial Services Task Force on Financial Technology’s hearing on “Overseeing the Fintech Revolution: Domestic and International Perspectives on Fintech Regulation.” The letter discusses how technology has improved consumer access to financial services, but certain new financial technologies, or fintech, does not have the regulatory structure in place that exists with credit unions and other financial institutions.
Prior to the House Energy and Commerce Subcommittee markup of H.R. 3375, the "Stopping Bad Robocalls Act," CUNA wrote to Chairman Doyle and Ranking Member Latta expressing concerns with the legislation but also applauding the bipartisan efforts from Congress to address robocalls and the Federal Communication Commission’s treatment of them.
“We applaud the bipartisan effort that produced H.R. 3375, and we appreciate the recognition that the FCC should move quickly to clarify the definition of an autodialer. This provision will help facilitate credit unions’ and other legitimate businesses’ compliance with the Telephone Consumer Protection Act (TCPA).”
“We continue to encourage the FCC narrowly tailor the definition of an autodialer to target illegal automated calls, rather than preventing legitimate actors from broadly using any form of automated telephonic communication with consumers. Nevertheless, we still have concerns with the legislation in its current form.”
CUNA called on Senate leadership to reject inclusion of any language in the National Defense Authorization Act (NDAA) for fiscal year 2020 that would expand the Department of Defense’s (DoD) authority to exempt financial institutions from certain costs on military installations. The current Senate version contains such language, while CUNA, leagues and the Defense Credit Union Council successfully blocked language in the House NDAA that would have broadened the exemption.
As the only member-owned, not-for-profit, democratically controlled option in financial services, credit unions' mission is to promote thrift and provide access to credit for members. It is a mission they have fulfilled for more than 70 years and it’s a mission that remains unchanged today. Credit unions are focused on ensuring the financial readiness of our service members and their families.
CUNA sent a comment letter on NCUA’s advance notice of proposed rulemaking (ANPR) regarding compensation in connection with loans and lines of credit to members.
We support the overall intent of the regulation, which is generally to appropriately limit undue risk to credit unions regarding lending. However, to remain competitive with our banking counterparts, we believe changes to the regulation allowing additional compensation to senior executives is appropriate, so long as there is an appropriate balance that incorporates sufficient risk management.
This Tuesday, the House Energy and Commerce Subcommittee on Communications and Technology will markup H.R. 3375, the Stopping Bad Robocalls Act. This legislation was initially introduced as H.R. 946 earlier this year and CUNA—along with its league and industry partners — has worked with the majority and minority to improve it. There may be opportunities to make additional technical changes if credit unions discuss their outstanding concerns with Energy and Commerce Committee members during recess.
We can positively report that, through continued engagement with the Subcommittee on a bipartisan basis, the current bill requires the Federal Communications Commission to, once and for all, resolve the dispute between the varying judicial circuits on the definition of an “autodialer” by providing that definition within six months of the enactment of the law. As many of you already know, CUNA previously petitioned the FCC—on behalf of our credit union members--regarding the circuit court’s split on definitional language and, to date, has not received any formal response. The bipartisan bill’s admonishment that the Commission must provide that definition sooner, rather than later, is a definite victory for the concerns that you have raised.
This week, the House will complete consideration of H.R. 3055, the Commerce, Justice, Science, Agriculture, Interior, Military Construction, Veterans Affairs, Transportation, and Housing and Urban Development Appropriations Act of FY 2020. In addition, the House will consider H.R. 3351, the Financial Services and General Government Appropriations Act of FY 2020 as well as H.R. 2722, the Securing America's Federal Elections Act. Finally, H.R. 3401, the Emergency Supplemental Appropriations for Humanitarian Assistance and Security at the Southern Border Act may also be voted on.
The Senate is expected to consider S. 1790, the National Defense Authorization Act of 2019. In addition, the Senate may vote on a bill to provide supplemental appropriations for the U.S. southern
Today, the Sixth Circuit Court of Appeals scheduled oral
arguments for two ADA website accessibility cases involving two Michigan credit
CFPB Ombudsman’s Office hosted a small business forum today in Chicago, IL. The Illinois Credit Union League (ICUL) attended the forum and provided recommendations on improving the Bureau’s processes.
This week, the House will continue consideration of the Defense, Labor-HHS-Educations, State and Foreign Operations, Energy and Water, and Legislative Branch funding bill. The House may also consider H.R. 3055, the Commerce, Justice, Science, and Related Agencies Appropriations Act for Fiscal Year 2020 [Commerce, Justice, Science, Agriculture, Rural Development, Food and Drug Administration, Interior, Environment, Military Construction, Veterans Affairs, Transportation, and Housing and Urban Development Appropriations Act, 2020].
The Senate may consider S. 1790, “The National Defense Authorization Act.” The Senate is also expected to consider a number of judicial nominations.
The House Armed Services Committee passed the National Defense Authorization Act (NDAA) for fiscal year 2020 very early this morning. While an amendment was offered that would have extended to banks the same rent-free access to land and facilities that credit unions have been granted due to their not-for-profit, member-owned mission and structure, CUNA, the Leagues, and the Defense Credit Union Council (DCUC) were successful in working with Representatives to ensure such language was kept out of the final bill.
“We’re pleased that Chairman Smith (D-WS), Ranking Member Thornberry (R-TX), and the rest of the House Armed Services Committee recognized the inherent differences between the credit union mission and structure and the profit-driven model that banks operate under,” said CUNA President/CEO Jim Nussle. “We look forward to this bill passing the House, and we’ll continue engagement with the Senate to preserve credit unions’ ability to continue their service to American servicemembers and their families.”
Prior to the Senate Commerce Committee oversight hearing on the Federal Communications Commission (FCC), CUNA wrote to Chairman Wicker and Ranking Member Cantwell. In the letter, CUNA said it was imperative that the Committee devote some attention to the Commission’s recent efforts relating to call-blocking services of robocalls.
The Senate Commerce Committee should press the Federal Communications Commission (FCC) on what actions and rulemakings, if any, the agency will undertake to ensure legally permissible calls aren’t impacted by last week’s call-blocking ruling.
CUNA wrote in support of the Comprehensive Regulatory Review Act (H.R. 3198) Wednesday, a bill introduced by Representatives Barry Loudermilk (R-GA) and Josh Gottheimer (D-NJ).
CUNA supports the Comprehensive Regulatory Review Act, which would amend the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA) to require the Federal Financial Institutions Examination Council and federal financial regulators, including the Consumer Financial Protection Bureau and NCUA, to review all existing regulations once every seven years.
CUNA submitted comments to the Consumer Financial Protection Bureau (CFPB) on the Home Mortgage Disclosure Act (HMDA) and its mortgage reporting thresholds. The CFPB proposed increasing the HMDA reporting thresholds for closed-end mortgages to 50 or 100 loans (up from the current 25) and extending the current temporary thresholds of 500 open-end lines of credit until January 1, 2022.
While CUNA believes the proposal is “step in the right direction,” CUNA recommends the CFPB go further in its regulatory relief.
Based on CUNA’s analysis, the CFPB’s current proposal would provide HMDA relief to over 750 credit unions. The CUNA-recommended threshold of 500 closed-end mortgage loans would reduce the regulatory costs associated with HMDA compliance for over 1,500 credit unions.
CUNA wrote in support of four regulatory relief bills that were marked up by the House Financial Services Committee this week. The bills covered Bank Secrecy Act, flood insurance and financial literacy act. All four CUNA-supported pieces of legislation passed the Committee.
H.R. 2513, The Corporate Transparency Act of 2019, which would address the redundancies, unnecessary burdens, and opportunities for efficiencies within the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) statutory framework. CUNA notes that regulatory regimes like BSA should be a scalable framework to help smaller institution [Passed 43-16]
H.R. 3111, The National Flood Insurance Program (NFIP) Administration Reform Act of 2019, which would make administrative reforms to the NFIP [Passed 58-0]
H.R. 3167, The NFIP Reauthorization Act of 2019, which would extend NFIP through Sept. 30, 2024. While CUNA supports this bill and H.R. 3111, it also called for a long-term, sustainable solution to restore certainty to the market [Passed 59-0]
H.R. 2162, The House Financial Literacy Act of 2019, which would require the Secretary of the Department of Housing and Urban Development to provide a 25-basis point discount in FHA insurance premiums for first-time homebuyers that complete a financial counseling course [Passed 53-6]
Prior to the Committee’s vote, CUNA wrote in support of appropriations levels for two credit union-related funds in the Financial Services and General Government (FSGG) Act for Fiscal Year 2020. The committee passed the bill on Tuesday.
The legislation allocates $300 million for the Treasury’s Community Development Financial Institution (CDFI) Fund, a $50 million increase over last year. The fund makes capital grants, equity investments and awards for technical assistants to certified CDFIs.
As of May 1, there are 291 credit unions out of 1,083 certified CDFIs nationwide.
The CFPB announced a symposium focused on abusive acts or practices will be held in Washington, DC on June 25 at 9:00 a.m. Those interested in attending in-person can sign up here, the symposium will also be webcast on the Bureau’s website. The Dodd-Frank Act authorizes the Bureau to take enforcement, supervision, and rulemaking actions concerning unfair, deceptive, or abusive acts and practices (UDAAP). The meaning of abusiveness is less developed than the meaning of unfair or deceptive, which have been defined substantially by the Federal Trade Commission Act. The symposium will provide a public forum for the Bureau and the public to hear various perspectives on the meaning of abusiveness.
This symposium will include remarks from CFPB Director Kraninger, Deputy Director Brian Johnson, and feature two panels of legal experts and acade
Prior to the Financial Services Subcommittee on
Oversight and Investigation’s hearing on “An Examination of State Efforts to
Oversee the $1.5 Trillion Student Loan Servicing Market,” CUNA wrote to Chairman
Green and Ranking Member Barr supporting H.R. 1661.
If enacted, H.R. 1661 would provide the NCUA with
Prior to the Senate Banking Committee hearing on Data Brokers and the Impact on Financial Data Privacy, Credit, Insurance, Employment and Housing, CUNA wrote the Chairman Crapo and Ranking Member Brown continuing advocacy efforts on data security. Although the Gramm-Leach-Bliley Act has served the financial services industry well, Congress must work with the administration to finally address consumer data privacy in a meaningful way.
CUNA wrote to the House Armed Services Committee leadership urging them to reject language in FY2020 National Defense Authorization Act that would expand exemptions from costs related to leases, utilities and services on military bases for financial institutions.
"This exemption is not guaranteed for every credit union on every military base. It is a negotiation between that military installation’s base commander and that specific credit union. Furthermore, this exemption is limited in scope to credit unions if at least 95 percent of the membership to be served by the allotment of space or the facility built on the lease land is composed of individuals who are, or who were at the time of admission into the credit union, military personnel or federal employees, or members of their families."
Sheltered Harbor, a voluntary initiative designed to help protect against cyberattacks, will conduct a free informational webinar June 19. CUNA is a founding board member of Sheltered Harbor and recently joined other financial trade associations to call on all financial institution CEOs to join the initiative.Registration is currently open for the June 19 webinar, scheduled to run from 1 to 2 p.m. (ET).
This week, the House will consider H. Res. 430, authorizing the Committee on the Judiciary to initiate or intervene in judicial proceedings to enforce certain subpoenas and for other purposes; H.R. 2740, the Departments of Labor, Health and Human Services, and Education, and Related Agencies Appropriations Act, 2020 [Labor, Health and Human Services, Education, Legislative Branch, Defense, State, Foreign Operations, and Energy and Water Development Appropriations Act, 2020]; and H.R. 3151, the Taxpayer First Act.
The Senate will convene this week to consider Ryan T. Holte, of Ohio, to be a Judge of the United States Court of Federal Claims for a term of fifteen years
In the second day of a two-day meeting of the CFPB Credit Union Advisory Council (CUAC) the group discussed the recent debt collection proposal, the Bureau’s work to educate and engage consumers, and trends in the mortgage market. In today’s meetings, the CUAC was joined in a combined session by the Community Bank Advisory Council (CBAC) and Consumer Advisory Board (CAB).
The session on debt collection included a presentation on the proposal by John McNamara, Assistant Director of the Office of Consumer Lending, Reporting, and Collection Markets. The presentation included a high-level overview of the rule’s proposed requirements on Fair Debt Collection Practices Act (FDCPA) covered debt collections – also referred to as “third-party debt collectors.” The CFPB’s proposal does not directly affect credit unions collecting their own debts, but CUNA has raised concerns about the potential indirect effects on credit unions that assign out charged off loans.
The CFPB issued a final rule to delay the August 19, 2019 compliance date for the mandatory underwriting provisions of the 2017 Payday Rule. Under the final rule, compliance with these provisions is pushed back to November 19, 2020.
In addition to the delay, the Bureau is also making certain technical corrections to address errors in other provisions of the rule. The Bureau also released several resources for those interested in the compliance delay final rule, including a table of contents and an unofficial redline.
CUNA was supportive of the proposed delay in comments submitted to the Bureau in March 2019 but also called on the Bureau to delay the entire rule and offered recommendations on the Bureau’s overall approach to regulating the payday lending market.
The Federal Communications Commission (FCC) voted to approve its default call-blocking order, which includes a CUNA-supported mechanism for challenging erroneous call blocking. CUNA is concerned the order will lead to credit unions being unable to reach members with important information with members unaware the calls have been blocked.In an interview with Fox Business News, Chairman Pai indicated that the proposed draft declaratory ruling would be modified to include a mechanism for legitimate callers to challenge erroneous call-blocking. This represented a significant change in his office’s prior position.“Today’s ruling would not have been possible without the 360-degree advocacy of the CUNA/League system,” said Ryan Donovan, CUNA chief advocacy officer. “Over the last few months, CUNA, Leagues and credit unions worked directly with the FCC, Congress, the CFPB and NCUA to ensure that any approach to stem robocalls protects credit unions’ ability to contact members and protect their financial health and security. This is how we approach every issue, and it has proven successful time and time again.”
CUNA joined the American Association of Credit Union Leagues (AACUL) and state credit union associations from across the country in writing to Senate Banking Committee leadership urging them to conduct hearings and discuss safe banking options for legal cannabis-based businesses.“The lack of legal and regulatory guidance on banking for legitimate cannabis business has created a dangerous and costly environment for all involved since they now must operate on an almost all-cash basis,” the letter reads. “Not only do the employees have to transact with and transmit large amounts of cash daily, often tens of thousands of dollars at a time, but the states must also collect taxes and licensing fees in cash, which increases compliance and administrative costs for the state and the business…we urge you to move forward with hearings to explore remedies to these issues.”
As you know, the FCC recently proposed the adoption of a call-blocking order that would, among other things, allow voice-service providers to block, by default, any “unwanted” telephone call to consumers regardless of whether those calls were legal. The FCC is scheduled to vote on the proposal today, June 6th. Last week we submitted our comments and concerns directly to the FCC.
We have and continue to work closely with a coalition of industry groups to try to slow down or modify the proposed rule. As you recall, last week, we issued an action alert encouraging credit unions to raise concerns directly with the FCC. In a two day period, more than 1,000 credit union advocates contacted the FCC with original letters describe our concerns and urging changes to the proposal so that credit unions can continue to communicate and provide members with critical information.
Until today, the FCC appeared all but prepared to move forward with adopting the order as is, despite our concerns. But last night, things appear to have changed somewhat.
In an interview with Fox Business News, Chairman Pai indicated that the proposed draft declaratory ruling would be modified to include a mechanism for legitimate callers to challenge erroneous call-blocking. This represents a significant change in his office’s prior position. We are confident that his change is an acknowledgement of our grassroots effort as well as the lobbying we have done in conjunction with the industry groups.
“We will closely review the modification that Chairman Pai is proposing, but based on what he said on Fox News tonight, we view this as a positive step and a reflection of the impact that our grassroots efforts have had,” said Ryan Donovan, CUNA chief advocacy officer.
The CFPB’s Credit Union Advisory Council (CUAC) discussed faster payments, remittances, and the CFPB’s Start Small, Save Up Initiative with Bureau experts.
Gary Stein, Deputy Assistant Director for the Office of Card, Payment and Deposit Markets, gave a presentation on the potential effects of faster payments on financial services. The presentation included an overview of the Bureau’s faster payments activities and examples of faster payments systems currently in place. Stein also discussed the CFPB’s consumer protection principles for faster payments. Members of the CUAC raised the need for faster payments to be paired with appropriate security to prevent fraud and system misuse.
The House Appropriations subcommittee on financial services and general government passed its legislation for fiscal year 2020, legislation with several important credit union priorities addressed. Prior to the markup, CUNA wrote to Chairman Quigley and Ranking Member Graves urging the Committee to increase funding for the Treasury's Community Development Financial Institutions (CDFI) Fund.
The legislation passed includes funding for the CDFI at $300 million for FY2020, a $50 million increase from last year's $250 million.
LTD Financial, Debt Management Partners, and Bayview Solutions filed responses to CUNA’s Motion for Leave to File the Amicus Briefs. The companies are involved in litigation related to federal credit unions’ access to federal courts via diversity jurisdiction.
Today, the Court granted CUNA’s motions for leave to file the Amicus Briefs.
This week the House will consider H.R. 6, the American Dream and Promise Act of 2019. In addition, the House will likely vote on H.R. 2157, the Additional Supplemental Appropriations for Disaster Relief Act of 2019. This bill includes a provision that would extend the NFIP through the end of the fiscal year (9/30/2019).
The Senate is expected to consider S. 1332, which would set forth the congressional budget levels for Fiscal Year 2020. This bill is being offered by Senator Rand Paul (R-KY). The Senate is also expected to consider the nomination of Andrew Saul to be Commissioner of Social Security.
The House extended via unanimous consent the National Flood Insurance Program until June 14, a two-week extension of the program. President Donald Trump is expected to sign the bill, preventing the program from lapsing, which was set to occur at 11:59 p.m. (ET) May 31.
CUNA continues to push on the Federal Communication Commission's draft declaratory ruling on default block calling, this time with a letter to Secretary Marlene Dortch.
CUNA sent a comprehensive letter to NCUA detailing a number of issues the agency should address as part of its annual, one-third regulatory review.
CUNA wrote in favor of an Amendment that would ensure credit unions would be represented on the Consumer Advisory Board (CAB) at the CFPB. The Amendment was offered by Representative Haley Stevens and it passed with a 418-10 vote.
The CFPB’s CAB is an important tool in identifying and assessing consumer financial practices, trends, and products and providing recommendations. However, there is no requirement that representatives of credit unions, community banks, or small businesses be appointed to serve on the board. Currently, there is no credit union representation on the CAB.
The NCUA Board issued a proposed rule on nonmember deposits, received an update on the work of CURE, and received its quarterly briefing on the status of the Share Insurance Fund. Chairman Hood thanked members of the Northwest Credit Union Association for their attendance at today’s meeting.
CUNA wrote to Senator Tillis (R-NC) in support of his recently introduced legislation to stop and study Current Expected Credit Loss (CECL). If enacted, S. 1564, the Continued Encouragement for Consumer Lending Act would require the standard (CECL) to be delayed and studied by the Securities and Exchange Commission along with the federal financial regulators, including the NCUA.
The CFPB announced that their financial education tool called "Misadventures in Money Management" has been expanded to active-duty servicemembers. According to mimm.gov, "Misadventures in Money Management was developed in partnership with the Consumer Financial Protection Bureau’s (CFPB) Office of Servicemember Affairs (OSA) and WILL Interactive. It aims to help military service members improve their financial literacy and financial choices through an interactive graphic novel experience."
CUNA continued its push for regulatory intervention on the Federal Communications Commission’s draft declaratory ruling on default call blocking, this time to Consumer Financial Protection Bureau Director Kathy Kraninger. CUNA’s letter urges Kraninger to intervene with the FCC and ask the agency to delay and reconsider the ruling, particularly since the CFPB is a strong proponent of ensuring consumers are protected by being aware of important account information.
The order would allow voice service providers to default block robocalls, requiring consumers to opt in to receive such communications. The FCC is scheduled to vote on the order June 6.
Last week, CEOs of major financial services trade associations came together with a message to all U.S. financial institutions: Join Sheltered Harbor. Check out this deeper dive by Sheltered Harbor CEO Trey Maust into why the initiative is critical - both for individual institutions' operational resilience, and for the stability of the financial system as a whole.
CUNA's Economics and Research team recently released an updated SIF Distribution Calculator. Check it out to get your best estimate of first quarter 2019 CU SIF equity distribution.
Check it out!
The CFPB published its Spring 2019 rulemaking agenda as part of the Unified Agenda of Federal Regulatory and Deregulatory Actions, which is coordinated by the Office of Management and Budget (OMB). As an independent regulatory agency, the Bureau voluntarily participates in the Unified Agenda.
The next Credit Union Advisory Council (CUAC) meeting is scheduled to occur over two days on June 5-6
CUNA sent a letter to NCUA asking it to consider the pros and cons of replacing the existing fixed interest rate cap on FCU loans with a floating rate cap.
NCUA Chairman Hood announced that he has appointed Lenwood Brooks as the Assistant to the Chairman and Director of External Affairs. Mr. Brooks joins the NCUA from the Securities Industry and Financial Markets Association, where he served as Vice President of Communications and led the trade association’s external affairs activities. His position reports directly to the Chairman and he will manage the agency’s Office of Public and Congressional Affairs as well as intergovernmental and stakeholder relations.
Comments were submitted to the Department of Labor (DOL) in response to the current proposed overtime regulation under the Fair Labor Standards Act (FLSA). While the proposal is an improvement over the 2016 overtime rule, CUNA urges DOL to avoid creating excessive costs and compliance burdens on credit unions.
The proposal attempts to strike a balance between ensuring the salary level test is consistent with present day practice while also avoiding a sudden jolt to the resources of small employers.
CUNA sent its serious concerns about the Federal Communications Commission’s (FCC) scheduled June 6 vote on default call blocking to the attention of NCUA Chairman Rodney Hood, and requested he intervene and ask that FCC delay and reconsider the ruling.
Last week, FCC Chairman Ajit Pai said that the FCC will vote on an order that would allow voice service providers to default block robocalls, only lifting the block once a consumer has specifically opted in to receive communications.
CUNA wrote to Chairman Crapo and Ranking Member Brown prior to the Senate Banking Committee’s hearing entitled, “Combating Illicit Financing by Anonymous Shell Companies Through the Collection of Beneficial Ownership Information.”
The letter wrote of CUNA and credit union support for reasonable protections, including those under the Bank Secrecy Act (BSA), aimed at reducing financial crimes.
“Credit unions take BSA/AML compliance seriously and dedicate significant resources to it. However, when credit unions are spending their limited resources disproportionately on compliance, this means they are spending fewer resources on innovating and providing safe and affordable products and services.”
CUNA submitted a brief in support of Navy Federal Credit Union to the U.S. Court of Appeals for the Fourth District, in response to a decision by the U.S. District Court for the Eastern District of Virginia that found Section 1332 of the U.S. Code is the sole source of diversity jurisdiction and that Section 1332 does not apply to federally chartered corporations. CUNA supports federal credit unions’ access to federal courts via diversity jurisdiction, one of the two methods for a federal court to have jurisdiction. CUNA’s brief, filed in Navy FCU v. LTD Financial Services et al, says that by foreclosing the ability for federal credit unions to invoke diversity jurisdiction, the court has failed to give effect to Congressional intent to treat federal and state credit unions alike in all material respects.
A reminder that NCUA is seeking comments on its 2019 annual regulatory review until June 1. NCUA reviews all of its existing regulations every three years. NCUA’s Office of General Counsel maintains a rolling review schedule that identifies one-third of the NCUA’s existing regulations for review each year.
MarketWatch published an article interviewing Rachel Pross the Chief Risk Officer at Maps Credit Union in Oregon and myself about cannabis banking. Our interviews focused on the cannabis banking movement in Congress and highlights the work we’ve both been doing to create a safe and efficient ways for cannabis businesses have access to financial services. We both agree, cannabis banking can be conducted safely and efficiently – we just need common-sense federal laws and regulations.
CUNA wrote to NCUA Chairman Hood congratulating him on his appointment as Chair of the National Credit Union Administration and to provide additional information not included in a March letter that was sent during the confirmation process. CUNA and our members look forward to working with with the Chairman and are eager to stand as a resource.
The House of Representatives will consider H.R. 1500, the Consumers First Act as well as H.R. 1994, the Setting Every Community Up for Retirement Enhancement Act of 2019.
The Senate will convene on Monday and resume consideration of Daniel P. Collins to be a United States Circuit Judge for the Ninth Circuit.
The House Oversight Committee held a hearing entitled, “CFPB’s Role in Empowering Predatory Lenders: Examining the Proposed Repeal of the Payday Lending Rule." Prior to the hearing, CUNA wrote to Chairman Cummings and Ranking Member Jordan explaining how credit unions provide consumers with access to small dollar credit on safe and affordable terms. CUNA also included a comment letter on the CFPB's Payday Rule that was submitted to the CFPB this week.
CUNA wrote to Chairman Nadler and Ranking Member Collins prior to the Judiciary Committee’s hearing on “Justice Denied: Forced Arbitration and the Erosion of Our Legal System.”
The letter highlighted the credit union difference and the many consumer protections associated with the credit union mission.
"As one of the only consumer-owned cooperatives in the financial marketplace, credit unions have a long tradition of protecting their members’ interests. Among the many consumer protections associated with the mission of credit unions is the high-quality service they provide to their members, which has prompted a successful system for quickly and amicably resolving disputes in the limited instances where they arise. Credit unions have achieved this great success as consumer protectors without the intervention of unscrupulous plaintiff’s attorneys, who often do not know the credit union’s members nearly as well as the credit union does. Arbitration can be an efficient means to resolve legal disputes between parties and the choice to use arbitration is highly dependent on each credit union’s internal policies, priorities, and resources."
CUNA wrote to Chairman Doyle and Ranking Member Latta prior to the House Energy and Commerce Subcommittee's hearing on “Accountability and Oversight of the Federal Communications Commission.”
It is imperative that Congress encourage the FCC to modernize its implementing regulations for the Telephone Consumer Protection Act (“TCPA”). Credit unions are tax-exempt nonprofit democratically operated financial cooperatives that have a unique relationship with their members, who are also owners of the enterprise. This special relationship spawns a variety of communications between the credit union and its member-owners, ranging from timely and critical financial information to messages regarding governance issues and financial education. Members welcome and expect this information
The House Financial Services Committee held a hearing with the financial regulators similar to this week's Senate Banking Committee hearing. During the hearing, Members of the Committee cited CUNA data on the current expected credit loss (CECL) standard. CUNA wrote to Chairwoman Waters and Ranking Member McHenry prior to the hearing raising the CECL concerns, as well as praising NCUA for its modernization efforts and listing several improvements NCUA could make -- this letter was similar to the letter sent to Chairman Crapo and Ranking Member Brown in the Senate Banking Committee.
issues an Accounting
Standards Update (ASU) intended to ease transition to the CECL credit
losses standard by providing the option to measure certain types of assets at
CUNA submitted comments to the Consumer Financial Protection Bureau (CFPB) in response to their proposal to rescind the mandatory underwriting provisions within the payday rule. CUNA wrote that the short-term, small-dollar (payday) rule would have a detrimental impact on access to consumer-friendly credit union products if implemented unchanged.
CUNA believes the rule fails to strike an appropriate balance between enhancing consumer protection and ensuring credit unions are able to continue serving their members.
“CUNA strongly urges the Bureau to amend the rule to avoid causing any negative effects on credit unions’ small dollar loan programs and, instead, refocus the rule on appropriately reining in unregulated and underregulated non-depository online, payday, and title lenders, particularly entities with a history of bad behavior,” the letter reads. “To achieve this goal, CUNA recommends the Bureau use its broad exemption authority under Section 1022(b)(3)(A) of the Dodd-Frank Act to exempt all small dollar loans offered by credit unions from the 2017 Payday Rule, as credit unions have set themselves apart from other actors in this market.”
CUNA wrote to Chairman Kennedy and Ranking Member Coons prior to the Appropriations Committee's
hearing to “Review the FY2020 Budget Request for the U.S. Department of Treasury.” In the letter, CUNA urged the Committee to increase federal funding for the Community Development Financial Institutions (CDFI)
The Senate Banking held a hearing entitled “Oversight of Financial Regulators." NCUA Chairman Hood was on the witness panel. Prior to the hearing, CUNA wrote to Chairman Crapo and Ranking Member Brown with steps the NCUA should take toward enhancements to the credit union charter, while improving cybersecurity efforts and reducing regulatory burden.
The hearing brought together leading officials from the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board of Governors (“Fed”), Federal Deposit Insurance Corporation (FDIC), and the NCUA. Collectively, the primary topics of discussion included conversation on the state of the financial regulatory system, the Community Reinvestment Act, and updates on ongoing and past regulatory actions.
CUNA wrote to the Senate Banking Committee, House Financial Services Committee, and to Committee members and their staff prior to NCUA Chairman Rodney Hood’s testimony before both Committees this week. Chairman Hood will appear before the Committees as part of a panel of federal financial regulators.
In the letters, CUNA wrote that the NCUA should take steps toward enhancements to the credit union charter, while improving cybersecurity efforts and reducing regulatory burden.
The credit union industry has focused its advocacy efforts on enhancements to the credit union charter. Therefore, we urge the agency to take steps toward this objective, which may include collaborating with parties outside NCUA. Concern over cyber and data security is likely the single biggest issue currently facing most industries, including financial services.
The CFPB published a notice announcing plans to periodically review regulations under the Regulatory Flexibility Act (RFA). As part of its RFA Review, the Bureau has issued a notice requesting public comment on the 2009 Overdraft Rule.
Section 610 of the RFA requires agencies to review certain rules within 10 years of their publication, and consider the rules’ effect on small businesses. The purpose of the review is to minimize any significant economic impact of the rules upon a substantial number of small entities. At the conclusion of each review, the Bureau will determine whether the rule should be continued without change, or should be amended or rescinded.
CFPB Director Kathy Kraninger announced that Brian Johnson will serve as the Deputy Director. Mr. Johnson first joined the Bureau in December 2017 as Senior Advisor to the Director and was named Principal Policy Director in April 2018. He has served as Acting Deputy Director since July 2018.
CUNA filed a comment letter with the Federal Reserve Board in connection with an advance notice of proposed rulemaking (ANPR) on Regulation D regarding reserve requirements of depository institutions. Specifically, the Board is considering whether to propose amendments to Regulation D to lower the rate of interest paid on excess balances (IOER) maintained at Federal Reserve Banks by eligible institutions that hold a very large proportion of their assets in the form of balances at Reserve Banks. While the specifics of the Board’s ANPR would not impact credit unions, we decided to use the opportunity to urge the Board to consider amending Regulation D to increase the current regulatory limit of six transfers per month from a savings account.
This week, the House will consider H.R. 2578, the National Flood Insurance Program Extension Act of 2019. This legislation would extend the authority of the flood insurance program from May 31 to September 30. The House will also consider H.R. 5, the Equality Act and H.R. 987, the Marketing and Outreach Restoration to Empower Health Education Act of 2019.
The Senate will consider a number of judicial nominations beginning with Michael J. Truncale, of Texas, to be United States District Judge for the Eastern District of Texas.
CUNA wrote to Chairman Clay and Ranking Member Duffy prior to the Subcommittee’s hearing entitled, “A Review of the State of and Barriers to Minority Homeownership.”
In the letter, CUNA explained how the nation’s 5,500 credit unions are unique, member-owned, democratically-controlled, not-for-profit financial cooperatives that currently serve over 115 million members and highlighted that Many of those members are people of color who rely upon their credit union to meet their housing finance needs.
CUNA wrote in support of S. 149, the Stop Senior Scams Act a bill introduced by Senators Bob Casey (D-PA) and Jerry Moran (R-KS). If enacted, this legislation would create a federal advisory council dedicated to combating senior scams.
Financial exploitation is one of the most common forms of elder abuse. CUNA strongly supports the goal of this legislation to help seniors avoid financial exploitation and to encourage responsible decisions regarding financial management.
Attorneys General from 38 states and territories wrote to Congressional Leadership in both chambers supporting the CUNA-backed Secure and Fair Enforcement (SAFE) Banking Act. If enacted, this legislation would allow financial services to cannabis-based businesses in states where it is legal. CUNA, leagues and the American Bankers Association worked with the AG offices across to the country to coordinate the letter.“We request that Congress advance the SAFE Banking Act or similar legislation that would provide a safe harbor for depository institutions that provide a financial product or service to a covered business in a state that has implemented laws and regulations that ensure accountability in the marijuana industry,” the letter reads. “An effective safe harbor would bring billions of dollars into the banking sector, enabling law enforcement; federal, state and local tax agencies; and cannabis regulators in 33 states and several territories to more effectively monitor cannabis businesses and their transactions.
CUNA responded to Senator Bernie Sanders and Representative Alexandria Ocasio-Cortez’s recent proposal to cap the interest rates consumers pay for credit card and other loans that also called for the U.S. Postal Service to start providing more affordable financial services products to consumers.
In the letter CUNA refuted the need for such legislation, detailing why credit unions are the best option for consumers and already provide safe, affordable and quality financial services to local communities.
Membership through a credit union provides a consumer with all the protections that Sanders and Ocasio-Cortez are seeking, including:
The House Financial Services Committee passed H.R. 2514, the “Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform (COUNTER) Act of 2019,” which includes Bank Secrecy Act/Anti-Money Laundering (BSA/AML) relief for credit unions.
Representative Cleaver (D-MO) and Committee Chairwoman Maxine Waters (D-Calif.) worked with Representative Barry Loudermilk (R-Ga.) to add an amendment to H.R. 2514 to index the Currency Transaction Report thresholds for inflation and further study the impact of Suspicious Activity Reports (SARs).
CUNA and state credit union leagues attended a CFPB Town Hall in Philadelphia, Pennsylvania to discuss the CFPB’s recently-issued proposal on debt collection practices under the Fair Dept Collection Practices Act (FDCPA). The panel was moderated by David Silberman, CFPB Associate Director for Research, Markets, and Regulation, and included representatives from debt collection associations, consumer advocates, and public interest attorneys.
In her remarks prior to the panel, Director Kathy Kraninger said the Bureau’s rule is intended to provide “clear rules of the road where consumers know their rights and debt collectors know their limitations.” The Director noted the challenges collectors face when dealing with a statute (FDCPA) that is more than 40 years old. The proposed rule is intended to create standards for the FDCPA’s application to modern technology and provide clarity in areas where clarity was lacking.
Prior to the Committee’s hearing entitled, "Review of the FY 2020 USAID Budget Request," CUNA wrote to Chairman Risch and Ranking Member Menendez in support of funding for the Cooperative Development Program.
Since 1971, WOCCU has offered nearly 300 technical assistance programs around the globe – all while serving the mission of improving lives through credit unions and other cooperative financial institutions. WOCCU’s programs provide education and international networking for the exchange of information and ideas.
CUNA wrote to Chairman McGovern and Ranking Member Cole prior to the Committee’s hearing on H.R. 2157, the Supplemental Appropriations Act of 2019. The Chairwoman of the House Appropriations Committee, Representative Nita Lowey (D-NY), is expected to offer a “Manager’s Amendment” to the bill to extend the expiration of the authority of the National Flood Insurance Program from May 31 to September 30, 2019. CUNA urges the Committee to accept this amendment.
Credit unions play an increasingly important role in the housing finance market and, as a result, have a vested interest in the ongoing stability of the National Flood Insurance Program (NFIP). Many credit union members, throughout the United States, live in communities designated as Special Flood Hazard Areas subject to mandatory flood insurance requirements and many of those same members rely upon the coverage offered under the program to insure against the risk of a natural disaster occurring.
CUNA wrote to Committee leadership urging the Committee and Congress as a whole to address data security in order to provide consumers with data privacy. The best approach on data security and privacy for consumers and business is for Congress to develop a strong privacy law that applies to all businesses and entities that collect, house or otherwise possess information.
CUNA wrote to Chairman Kennedy and Ranking Member Coons prior to the Appropriations Subcommittee’s hearing entitled, “Hearing to review the Fiscal Year 2020 budget requests for the U.S. Federal Communications Commission and the U.S. Federal Trade Commission.” As the Committee considers the FCC’s fiscal budget for the upcoming year, CUNA urges Congress to encourage the FCC to modernize its implementing regulations for the Telephone Consumer Protection Act (TCPA).
CUNA’s letter notes that the rules for contacting consumers are completely different for landlines and mobile phones, and that this distinction is “antiquated and unfair and fails to reflect how the vast majority of consumers communicate today.”
The CFPB issued a proposed rule on debt collection practices under the Fair Debt Collection Practices Act (FDCPA). As expected, the proposed rule appears to only cover FDCPA-covered debt collectors.
According to the Bureau’s release, the proposal would “set clear, bright-line limits on the number of calls debt collectors may place to reach consumers on a weekly basis; clarify how collectors may communicate lawfully using newer technologies, such as voicemails, emails and text messages, that have developed since the FDCPA’s passage in 1977; and require collectors to provide additional information to consumers to help them identify debts and respond to collection attempts.”
In addition to the proposal, the CFPB also released supplemental materials intended to assist entities to understand the proposal, including a Fact Sheet and Flowchart. Comments on the proposed rule will be due 90 days after its publication in the Federal Register.
The proposed rule was released ahead of a CFPB Town Hall on debt collection scheduled to take place tomorrow in Philadelphia, PA. CUNA, the Pennsylvania League, and several local credit unions will be present at the town hall.
The House is expected to consider H.R. 2157, the Supplemental Appropriations Act of 2019 and H.R. 986, the Protecting Americans with Preexisting Conditions Act of 2019. The Chairwoman of the House Appropriations Committee is expected to offer a “manager’s amendment” to the supplemental appropriations bill to extend the expiration of the authority of the National Flood Insurance Program from May 31 to September 30, 2019.
The Senate will resume consideration of Joseph F. Bianco, of New York, to be United States Circuit Judge for the Second Circuit.
Credit union leaders from California and Nevada met with CFPB Director Kathy Kraninger in Los Angeles, CA.
Specific issues discussed include the need for strong Property Assessed Clean Energy (PACE) loan regulations, reconsideration of the CFPB’s Remittance rule coverage and safe harbor threshold, payday lending exemptions and the need for the CFPB to define “abusive” under Unfair, Deceptive or Abusive Acts or Practices (UDAAP).
CUNA submitted comments to the Consumer Financial Protection Bureau in response to their request for input on several aspects of the consumer credit card market, the fourth such review as required by the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009.“As the CFPB conducts its review of the credit card market, we urge it to be cognizant that excessive regulatory requirements have the potential to divert credit unions’ resources and attention from meeting their members’ needs,” the letter reads. “The credit unions that offer credit card programs do so as a service to their members.”
CFPB Proposes Higher HMDA Thresholds after Strong CUNA Push
Prior to the Subcommittee on Consumer Protection and Financial Institutions hearing on “Ending Debt Traps in the Payday and Small Dollar Credit Industry,” CUNA wrote to Chairman Meeks and Ranking Member Luetkemeyer regarding the CFPB’s Payday Rule.
In the letter, CUNA wrote about the work credit unions did during the recent Government Shutdown. Credit unions provide the safest and most affordable options for consumers in need of short-term and emergency credit. As a recent example, an estimated 800,000 families across the country faced financial insecurity during the recent federal government shutdown. America's credit unions embodied their structure and mission by ensuring that all impacted members had access to low- or no-interest loans with generous repayment terms.
CUNA joined a number of trade associations in writing to Chairman Doyle and Ranking Member Latta prior to the Subcommittee’s hearing on the problem of illegal automated calls.
The signers of the letter strongly support and share the goal of thwarting unlawful actors that seek to defraud or commit other unlawful acts against consumers. Appropriately tailored efforts are critical to protect consumers from deception and other harm. The also urged the Committee to support the Federal Communications Commission’s unprecedented work to bring enforcement actions against illegal actors, while facilitating the ability of legitimate businesses to place valued and important calls to their customers using modern communications technologies.
CUNA wrote to Chairman Crapo and Ranking Member Brown prior to the Senate Banking Committee hearing entitled, “Guidance, Supervisory Expectations, and the Rule of Law: How do the Banking Agencies Regulate and Supervise Institutions?”
The letter included the recent letter CUNA sent the Consumer Financial Protection Bureau Director Kraninger regarding the Bureau’s supervision of the nation’s not-for-profit credit unions.
CUNA wrote to Chairwoman Beatty and Ranking Member Wagner prior to the House Financial Services Subcommittee on Diversity and Inclusion’s hearing on “Good for the Bottom Line: The Business Case for Diversity and Inclusion.”
In the letter, CUNA highlighted what credit unions do to support and promote diversity and inclusion.
CUNA wrote to Chairman Wicker and Ranking Member Cantwell urging Congress to act to set a federal data privacy standard.
CUNA applauds the committee for taking up the critical issue of data privacy and pledged to work with them to create a strong, national data privacy standard. It should go without saying that any serious data privacy statute should include robust data security requirements that all who hold consumer data must follow. Unfortunately, as we have watched the debate over a federal data privacy standard develop, discussion of security requirements has been virtually nonexistent.
Nevertheless, we do not see any way for a data privacy law to achieve its objectives without a strong security standard that is preemptive of state law and applies to all entities that hold or use consumer data. Simply put: Congress cannot provide consumers with data privacy without addressing data security
CUNA wrote to Chairman Graham and Ranking Member Leahy prior to the hearing to “review the Fiscal Year 2020 funding request and budget justification for the U.S. Agency for International Development.”
In the letter, CUNA wrote that there are over 89,000 credit unions in 117 countries with $2.1 trillion dollars in total assets serving 260 million members. The Credit Union National Association is also a member of the World Council of Credit Unions (WOCCU), which is the leading trade association and development organization for the international credit union movem
CUNA wrote to Chairwoman Waters and Ranking Member McHenry prior to the House Financial Services Committee hearing entitled, “Housing in America: Assessing the Infrastructure Needs of America’s Housing Stock.”
In the letter, CUNA wrote that Credit unions play an increasingly important role in the housing finance market and, as a result, have a vested interest in ensuring an adequate supply of housing stock. Many credit union members, throughout the United States, live in communities where the nation’s housing stock has become more limited and unaffordable.
CUNA wrote to Chairman Inhofe, Chairman Smith, Ranking Member Reed, and Ranking Member Thornberry about concerns regarding the inclusion of any language in the National Defense Authorization Act (NDAA) for fiscal year 2020 that would allow banks rent-free access to military installations. Currently, there is no such language in the FY2020 NDAA. Last year, CUNA and the Defense Credit Union Council successfully fought for similar language to be removed from last year’s NDAA.
CFPB recently announced two opportunities for credit unions to engage with CFPB leadership and staff.
This week, the House will consider H.R. 9, the Climate Action Now Act. The House will also consider several bills under “suspension of the rules.” Included are: H.Res. 327, a bill “Encouraging greater public-private sector collaboration to promote financial literacy for students and young adults” as well as H.Res. 328, legislation “Supporting the protection of elders through financial literacy.”
The Senate will vote on several executive branch nominations.
The Consumer Financial Protection Bureau (CFPB) has issued a Request for Information on its remittance rule, a rule which CUNA has called on the Bureau to revise. CUNA raised this issue on several occasions with new CFPB Director Kathy Kraninger since she took over as agency director, including in a letter when she was first confirmed and in multiple face-to-face meetings.“CUNA has asked the CFPB for years to finalize substantive amendments to the remittance rule in order to balance necessary consumer protections with a more tailored regulation that allows consumers access to these services,” said CUNA President/CEO Jim Nussle. “We’re thankful to the CFPB for starting this process, and we thank our league and credit union partners who stressed the importance of this issue in meetings with Director Kraninger, CFPB staff and other policymakers.”
CUNA President/CEO Jim Nussle, Chief Advocacy Officer Ryan Donovan, Deputy Chief Advocacy Officer Elizabeth Eurgubian and Senior Director of Advocacy and Counsel Mitria Wilson met with new NCUA board member Todd Harper to welcome him to the board and discuss credit union priorities. Harper was nominated by President Donald Trump in January and was confirmed in March, along with NCUA Chairman Rodney Hood.
“We thank board member Harper for his time and attention during our discussion about issues that are important to credit unions, most notably reducing the regulatory burden to increase member services,” Nussle said. “CUNA is pleased with the direction the agency has taken over the past few years, and we believe with a full board in place NCUA can continue its work and build on this positive momentum.”
The Wisconsin Supreme Court issued a ruling that affirmed the appeal court’s decision, concluding that “a creditor's failure to provide such notice does not constitute a sufficient basis for relief under ch. 427.”
In December 2018, CUNA and the Wisconsin Credit Union League (WCUL) filed an amicus brief in the Wisconsin Supreme Court in support of the defendant creditor as to “whether a debtor who has been sued on a consumer credit transaction without first receiving a notice of right to cure default under ch. 425 may sue the creditor for damages under ch. 427, the Wisconsin Consumer Act ("WCA").” The court of appeals concluded the debtor could not maintain such an action, and the debtor appealed. The amicus from CUNA and WCUL urged the Court to uphold the appeal court’s ruling.
CUNA filed a letter in support of NCUA’s proposed rule on supervisory committee audits (Part 715), as we believe the proposed changes would make compliance with these requirements less burdensome. Specifically, the proposal would amend NCUA’s regulations governing the responsibilities of a federally insured credit union to obtain an annual supervisory committee audit of the credit union.
The CFPB issued a release announcing changes its policies related to Civil Investigative Demands (CIDs). The amended policy is designed to ensure more information is provided by the CFPB at the onset about the potentially wrongful conduct under investigation.
The updated policy for CIDs “will provide more information about the potentially applicable provisions of law that may have been violated.” In addition, CIDs will also specify the business activities subject to the Bureau’s authority.
CFPB Director Kathy Kraninger announced the launch of a new symposium series that will be focused on issues affecting the consumer financial services marketplace. The events are intended to “stimulating a proactive and transparent dialogue to assist the Bureau in its policy development process, including possible future rulemakings.”
During each symposium, the Bureau will host a discussion panel of experts with a variety of viewpoints on the issue. The first topic for the symposia series – details of which are forthcoming – will be centered on “clarifying the meaning of abusive acts or practices under Section 1031 of the Dodd-Frank Act.”
Future symposia are planned to address other regulatory hot topics, including abusive acts or practices, behavioral law and economics, small business loan data collection, disparate impact and the Equal Credit Opportunity Act, cost-benefit analysis, and consumer authorized financial data sharing.
America’s credit unions were represented at this week’s Opportunity Zone Conference at the White House, an event featuring cabinet and other officials, along with state, local, tribal and community leaders. The Opportunity Zone program, created by the Tax Cuts and Jobs Act of 2017, encourages individuals and businesses to invest in 8,760 low-income communities designated “Opportunity Zones.”
President Donald Trump spoke at the event, calling Opportunity Zones a “crucial part of new tax law to invest and create jobs in the nation’s most underserved communities.”
Several administration officials also spoke, including Secretary of Housing and Urban Development Ben Carson and Treasury Secretary Steven Mnuchin.
The Treasury also released new Opportunity Zone guidance designed to provide flexibility for investors and funds that invest in the zones, as well as certainty for stakeholders.
CUNA represented America’s credit unions at the Bipartisan Policy Center for CFPB Director Kathy Kraninger’s first policy speech. In her speech, the Director said the Bureau will focus on “prevention of harm to consumers.” Additionally, the Bureau will work to level the playing field for financial services providers while holding bad actors accountable, and it will work to develop clear rules of the road for regulated financial entities.
“We are encouraged by the approach that Director Kraninger laid out today as well as her engagement with credit unions in the first few months of her term,” said CUNA Chief Advocacy Officer Ryan Donovan. “We look forward to engaging her more in an effort to reduce regulatory burden and put an end to one-size-fits-all regulation.”
In his opening remarks, new NCUA Chairman Hood commented on several areas he intends to focus on, including enhancing the credit union charter, enhancing cybersecurity efforts, and reducing regulatory burden
CUNA attended oral arguments before a three-judge panel of the D.C. Circuit Court of the in American Bankers Association’s ongoing legal challenge to the National Credit Union Administration’s field of membership (FOM) rule.
During the hearing, the judges considered NCUA’s appeal of District Judge Dabney Friedrich’s ruling overturning the provisions of the agency’s rule related to combined statistical areas and rural districts. Meanwhile, the Court also considered ABA’s cross-appeal on those portions of Friedrich’s opinion upholding the provision of the rule permitting credit unions to serve core-based statistical areas without serving the urban core that defines the area.
CUNA wrote to Senators Merkely and Gardner in support of the Secure and Fair Enforcement (SAFE) Banking Act of 2019. If enacted, this legislation would permit credit unions in states where marijuana is legal to safely serve their members' related needs.
As stated in the letter, CUNA takes no position on the morality or wisdom of legalizing or decriminalizing medicinal or recreational cannabis at either the state or federal level. However, credit unions operating in states where it is legal have members and member businesses involved in the cannabis market who need access to traditional depository and lending services, the absence of which creates a significant public safety issue.
CUNA wrote to Chairwoman Waters and Ranking Member McHenry prior to the House Financial Services Committee hearing with executives from seven megabanks. In the letter, CUNA highlighted the credit union difference and that even as Megabanks continue to grow as credit unions work to provide access to affordable financial services to 115 million Americans.
The letter noted that S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act has alleviated some of those burdens, but that additional legislation that may be forthcoming should not be one-size-fits-all and recognizes the regulatory challenges and financial burden faced by smaller, less complex financial institutions.
CUNA wrote to Representatives Vicente Gonzalez (D-TX), Tulsi Gabbard (D-HI), Paul Cook (R-CA) and Don Young (R-AK) in support of their bipartisan bill that would exempt loans made to veterans from counting against a credit union’s member business lending cap.
This bipartisan legislation will make it easier for America’s veterans to access capital and invest in themselves and their communities. Credit unions proudly serve tens of millions of active duty and veteran members and fully support veteran entrepreneurs and their families.
CUNA wrote to Representative Joyce Beatty (D-OH) in the House and Senator Jack Reed (D-RI) and Tim Scott (R-SC) in the Senate to in support of their resolutions to recognize Financial Literacy Month.
The resolutions recognize the need for financial literacy as a way to empower individuals and increase economic activity and growth while calling on consumers and organizations to “observe Financial Literacy Month with appropriate programs and activities.”
CUNA staff attended a roundtable hosted by the Small Business Administration (SBA), Office of Advocacy to discuss the Department of Labor’s (DOL) proposed Overtime Rule under the Fair Labor Standards Act (FLSA). During the meeting, CUNA raised concerns about the raised threshold and the impact increased compliance costs could have on credit unions’ ability to serve their members.
The DOL’s proposal would increase the minimum salary for the “white collar” overtime exemption from $23,660 annually to $35,308 annually. The proposed threshold is lower than the threshold of $47,476 finalized in a 2016 rulemaking. The 2016 rulemaking never became effective due to federal court challenges of the rule’s legality.
Given that more than 90% of mergers in 2018 occurred at credit unions under $100 million in assets, the CUNA Small Credit Union Committee wrote to Larry Fazio, NCUA director of the office of examination and insurance, to ask whether the agency has any concerns over the continued loss of small credit unions nationwide.
Following its in-person meeting with Fazio during CUNA’s Governmental Affairs Conference, the group, which tracks issues facing small credit unions and advises the CUNA Board, wrote a letter reiterating the concerns it shared with Fazio in Washington, D.C.
CUNA wrote to Chairman Meeks and Ranking Member Leutkemeyer prior to the House Financial Services Subcommittee hearing on “The Community Reinvestment Act: Assessing the Law’s Impact on Discrimination and Redlining.
As Congress ponders ways to improve the Community Reinvestment Act’s (CRA) impact on redlining and discrimination CUNA urged the Committee to consider ways to strengthen partnerships between banks and credit unions.“Credit unions have a track record of fairly meeting the needs of all members-regardless of their race, gender, or socio-economic background,” the letter reads. “Thus, facilitating the partnerships between banks and credit unions can serve as an important mechanism for ensuring that the goals of the Community Reinvestment Act are reached.
Prior to hearings in the House Appropriations Committee, CUNA wrote to Subcommittee leadership raising credit union issues as the subcommittees began hearings on federal agency budget requests from the DOJ, IRS and Treasury for fiscal year 2020.
Todd Harper and Rodney Hood were officially sworn in as the newest members of the NCUA board. President Trump designated Hood as the new board chair.
The House will consider H.R. 1644, the “Save the Internet Act of 2019”; H.R. 2021, the “Investing for the People Act of 2019” (setting budget levels for the next two fiscal years); and H.R. 1957, the “Taxpayers First Act.”
The Senate is expected to consider the nomination of Daniel Domenico, of Colorado, to be United States District Judge for the District of Colorado.
CUNA wrote to both the House and Senate in support of Strengthening the Tenth Amendment Through Entrusting States (STATES) Act of 2019. If enacted, this legislation would clarify the federal treatment of marijuana where it is legal and permit credit unions in those states to serve members’ related needs. The STATES Act of 2019 was introduced by Senators Elizabeth Warren (D-MA) and Cory Gardner (R-CO) in the Senate and Representatives Earl Blumenauer (D-OR) and Dave Joyce (R-OH).
CUNA’s Chief Advocacy Officer – Ryan Donovan, wrote to Congressional offices highlighting the numerous public benefits that come with the credit union tax status. The credit union tax status is one of the best investments the government makes in its citizens.The email dispels numerous myths about the credit union tax status and points out that the status is based on credit unions’ mission and structure, which remains unchanged from the earliest days of not-for-profit financial cooperatives in America.
CUNA wrote to the House Appropriations subcommittee on Financial Services and General Government prior to its hearing on the FCC’s budget for the upcoming year. As Congress considers the budget for the Federal Communications Commission, it is imperative Congress encourage the agency to modernize implementing regulations for the Telephone Consumer Protection Act (TCPA).
Together with the bank regulators, the NCUA issued FAQs on FASB’s CECL (current expected credit loss) accounting standard. The FAQs expand on (and incorporate) previously issued FAQs.
The Financial Accounting Standards Board voted unanimously against formally issuing changes to the CECL accounting standard that would have affected how credit losses are recorded. The changes were the subject of a January roundtable at FASB’s headquarters in Norwalk, CT.
The House Ways and Means Committee passed bipartisan legislation that will have a significant impact on credit unions should it pass the Senate and be enacted into law. Among the bills passed was H.R. 1957, the “Taxpayer First Act of 2019.”
The House will consider H.R. 1585, the Violence Against Women Reauthorization Act of 2019; S.J. Res. 7, “To direct the removal of United States Armed Forces from hostilities in the Republic of Yemen that have not been authorized by Congress”; and H.Res. 271, “Condemning the Trump Administration's Legal Campaign to Take Away Americans' Health Care.”
The Senate is expected to consider H.R. 268, the Disaster Supplemental Appropriations Act. The Senate may also consider S.Res. 50, a resolution “improving procedures for the consideration of nominations in the Senate.”
The Basel Committee on Banking Supervision is the primary global standard setter for regulation of internationally active banks. So, naturally, what this group does doesn’t affect credit unions, right? Wrong. Well, maybe it affects credit unions in other countries, but surely the work of the Basel Committee doesn’t impact U.S. credit unions, right? Wrong again.
Notwithstanding the mandate of internationally active banks, the Basel Committee has an impact on credit unions here in the United States and around the world. Look no further than NCUA’s risk-based capital rule, which adopts a Basel approach for U.S. credit unions.
Even the Basel Committee acknowledges its standards are not meant for small, non complex institutions, like credit unions. From Basel I through the current standards, Basel III, the Committee focused on the capital adequacy of “international banks” only, with no expectation that the rules would apply to other banks.
CUNA Chief Advocacy Officer Ryan Donovan wrote to all 535 Congressional offices – telling them that credit unions are among the businesses that risk legal action when contacting members due to the Telephone Consumer Protection Act (TCPA). Regulations governing how businesses can interact with consumers are not keeping up with technology, leaving both consumers and businesses at risk.
The CFPB published the Home Mortgage Disclosure Act (HMDA) Modified Loan Application Registers (LARs) data for approximately 5,400 financial institutions. This release is the first to include the additional data reported by certain institutions under the 2015 HMDA rule.
The House Financial Services Committee passed the CUNA-supported H.R. 1595, the Secure and Fair Enforcement (SAFE) Banking Act by a bipartisan vote of 45-15. If enacted, this legislation would provide a safe harbor for financial institutions serving legal cannabis-related businesses.
Prior to the Committee’s mark-up, CUNA joined with the American Bankers Association (ABA) to send a letter in support of the bill as both entities are committed to serving the financial needs of their communities.
CUNA wrote to Chairwoman Waters and Ranking Member McHenry prior to the House Financial Services Committee mark-up of H.R. 1500, the Consumers First Act. In the letter CUNA expressed concern over provisions in the legislation – including the dilution of the Credit Union Advisory Council.
CUNA’s letter reiterated support for a bipartisan, multimember commission to lead the CFPB.
"Congress has a responsibility to ensure the CFPB is suitably designed to be an effective agent of consumer protection. The current structure—with a single, powerful director—gives too much authority to one person and does not provide meaningful oversight and accountability,” the letter reads. “H.R. 1500 would be a more effective instrument of sustainable change if the bill was grounded in improving the Bureau’s leadership structure through the adoption of a multimember, bipartisan commission.”
CUNA wrote to Chairman Crapo and Ranking Member Brown highlighting CUNA’s commitment to working with the Committee to create a strong foundation for housing reform. CUNA believes that the Chairman’s early blueprint for housing finance reform is a solid start to beginning the work of rebuilding the secondary mortgage market.
“As important as it is to act to reform the secondary mortgage market, it is even more important to get it right,” the letter reads. “CUNA and our members continue to believe that for credit unions and our members, getting it right should mean one thing: Community lenders must be at the core of the future secondary mortgage market.”
CUNA wrote to Chairman Moran and Ranking Member Blumenthal and Chairman Krishnamoorthi and Ranking Member Cloud prior to Subcommittee hearings on data privacy and security.
The House Oversight and Reform Subcommittee on Economic and Consumer Policy conducted its hearing on improving data security at consumer reporting agencies, while the hearing conducted by the Senate Commerce Subcommittee on Manufacturing, trade and consumer protection covered small business perspectives on data privacy.
CUNA wrote to Chairman Neal and Ranking Member Brady prior to the Ways and Means Committee hearing entitled, “The 2017 Tax Law and Who It Left Behind.” In the letter CUNA wrote about the importance of having not-for-profit credit unions as vibrant and viable alternatives in the financial services marketplace and reminded the Committee of the significant financial benefits credit unions provide to their members.While the Tax Cuts and Jobs Act of 2017 (TCJA) did not make any alterations to credit unions’ tax status it imposes several taxes on not-for-profit entities.
Recent NCUA releases cover several current issues that may be of interest.
The House will consider H.R. 7, the Paycheck Fairness Act and H. Res. 124, “Expressing opposition to banning service in the Armed Forces by openly transgender individuals.”
The Senate is expected to consider Bridget S. Bade, to be United States Circuit Judge for the Ninth Circuit. The Senate may also vote on S.J.Res.8, a joint resolution “recognizing the duty of the Federal Government to create a Green New Deal,” as well as H.R. 268, a bill to make supplemental appropriations.
The Department of Labor (DOL) published its proposed overtime rule Friday. Under the proposal, employees with a salary level of $35,308 per year (up from the current $23,660 per year) must be paid overtime if they work more than 40 hours per week.
The DOL previously finalized an overtime rule in 2016, but a federal judge blocked its implementation in November 2016. That rule would have raised the threshold to $47,476 annually.
CUNA had expressed concerns about this previous DOL rule, warning that the threshold change would magnify regulatory burdens faced by credit unions and could negatively impact credit union members by potentially forcing changes in employment situations.
CUNA wrote to the Senate Banking Committee leadership in response to an invitation for stakeholder feedback on collection, use and protection of personal information by financial regulators and private companies.
“Congress should not expect any data privacy law it may enact to succeed in providing the desired level of privacy if such legislation does not also require all businesses and originations that collect, use and house personally identifiable information (PII) to protect that data consistent with strong, federal security requirements,” the letter reads. “A federal data security standard is essential to provide Americans with the comfort and confidence that the information that they share with businesses and organizations will remain private and secure.”
As the Senate Banking Committee has jurisdiction over financial institutions, CUNA urges it to “work with other committees and the administration to address consumer data privacy and data security so that all Americans can feel confident that their personal information is protected from breach and will not be misused by any company that possesses it.”
CUNA filed its comments with the Federal Housing Finance Agency on its proposed parameters for the Enterprises Validation and Approval of Credit Score Models. The proposal is in direct response to language in S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, designed to increase credit score competition in the mortgage market. CUNA’s comment noted that increased market competition in the credit-score industry could be beneficial to both consumers and lenders because it can improve efficiency, decrease pricing, and potentially expand the market of consumers for mortgage products. The comment also acknowledged, however, that the frequent modification of the GSEs credit-scoring models or a requirement that they use multiple models at the same time could discourage competition in the lending market by increasing costs for smaller lenders less capable of quickly and cost-effectively absorbing those changes into their own underwriting systems or paying the resulting increased prices to access the systems of the third-party vendors they rely upon. Ultimately,
CUNA acknowledged the FHFA’s recognition of the need for cost-benefit analysis as a core component of its proposed validation and approval process. But the comment expressed concern about the adequacy of the proposed cost-benefit analysis because it only vaguely, if at all, referenced lender implementation costs as a factor for consideration. Going forward, CUNA urged the FHFA to adopt a proposal that directly required lender implementation costs to serve as a consideration in the analysis.
The President delivered the remainder of his Fiscal Year 2020 budget to Congress. The Administration’s budget is an explanation of its spending priorities and does not have the force of law.
The president’s budget always has a section, as required by law, in which Treasury rescores all tax expenditures, including the ten-year cumulative “cost” of the credit union “tax expenditure.” Basic scoring off the tax expenditure is the credit union movement’s retained earnings multiplied by the corporate income tax rate. In the 2017 tax reform law, the corporate rate was lowered from 35% to 21%. That likely accounts for the drop in the “cost” of the credit union tax expenditure … $1.8 billion in 2019.
The budget sent to Congress recommends the elimination of the Community Development Financial Institutions (CDFI) Fund in FY 2020. This was the same recommendation for FY 2017 and 2018. In FY2019, the President recommended spending $14 million to service then current obligations. His budget again requests $14 million to administer the Fund’s outstanding loan and grant obligations.
The CFPB announced several amendments to its advisory committee charters, including for the Credit Union Advisory Council (CUAC). The CFPB’s other advisory committees are the Consumer Advisory Board (CAB), Community Bank Advisory Council (CBAC), and Academic Research Council (ARC).
According to the CFPB’s release, the councils will “expand their focus to broad policy matters and increase the frequency of in-person meetings from two times a year to three times a year.” In addition, the membership terms will be extended from a one-year term to two-year terms, and the terms will be staggered. For existing CUAC members, their one-year term will expire in September 2019. However, a one-year term extension will be provided to half of the current members “in order to achieve the staggered terms and ensure continuity.”
The changes are the result of CFPB Director Kathy Kraninger’s solicitation of feedback from current and former advisory committee members during a three-month listening tour. CUNA advocated for the CFPB to preserve the CUAC as a valuable resources and called on the Bureau to extend the members terms in order to provide stability to the council and ensure the members have the opportunity to gain experience in the Council’s process.
In its release, the CFPB also announced that it will begin accepting applications for new council members. The Bureau will accept applications for 45 days, beginning with a notice to be published in the Federal Register.
If you are interested in being nominated by CUNA for a seat on the CUAC, please reach out to Alexander Monterrubio, Senior Director of Advocacy & Counsel at email@example.com.
The CFPB is hosting an webinar on April 9, 2019, highlighting the findings from its new report: Suspicious Activity Reports on Elder Financial Exploitation: Issues and Trends.
The webinar will provide key facts, trends, and patterns revealed in Suspicious Activity Reports (SARs) filed by banks, credit unions, money transmitters, and other financial services providers. The presenters will discuss the implications of these findings and next steps.
According to the Bureau, key audiences for this webinar include financial institutions, law enforcement, prosecution, adult protective services, the aging network, and others working to enhance protections for older adults.
The Small Business Administration (SBA) announced several regional roundtables to discuss the Department of Labor’s (DOL) proposed Overtime Rule, which would increase the minimum salary for the “white collar” overtime exemption from $23,660 annually to $35,308 annually. In effect, under the proposal, workers earning under $35,308 annually would be eligible for overtime pay if they work more than 40 hours per week.
The SBA Roundtables will be an opportunity for the SBA to hear directly from credit unions about the potential impact of the proposed rule. Comments on the rule are due 60 days after its publication in the Federal Register (TBD
In another litigation victory for credit unions, the U.S. District Court for the Southern District of Ohio dismissed a lawsuit filed against a federally-chartered credit union based in Dublin, Ohio. The lawsuit alleged the credit union’s website violated the Americans with Disabilities Act (ADA).
CUNA and the Ohio Credit Union League filed an amicus brief in support of the credit union’s motion to dismiss.
Recently, a lot of questions have been raised in the press about whether Senator Elizabeth Warren’s new American Housing Economic Mobility Act of 2019 would increase credit unions’ regulatory burdens—despite removing them from an obligation to comply with the Community Reinvestment Act. Another trade association has specifically claimed that the bill adds new reporting, comment, and hearing requirements that do not presently exist and that they, presumably, oppose.
In response to those questions and claims, CUNA is committed to doing what we have always done: Providing fact-based, accurate, and thoroughly researched insights and analysis that our members can confidently depend upon when reaching their own conclusions.
Accordingly, please see this link to CUNA's comparison chart for Senator Warren’s bill. With it, you’ll be able to compare the bill’s language to the existing regulatory requirements for credit unions and the Financial Services for the Underserved Act of 2017—legislation that the National Association of Federally-Insured Credit Unions, NAFCU, successfully sought to have introduced in the 115th Congress. We believe that once you have an opportunity to view the facts for yourself, you will see why CUNA believes that Senator Warren’s bill is a victory for credit unions---one that eliminates the threat of CRA, codifies existing regulatory requirements, and even lessens the regulatory burdens attached with the expansion of credit unions’ abilities to reach underserved communities.
CUNA's Chief Advocacy Officer - Ryan Donovan sent an email to all 535 Congressional offices reminding them of our message during CUNA GAC: credit unions are different from other financial institutions.
The Senate voted to confirm Rodney Hood and Todd Harper to serve on the NCUA board, giving NCUA a full three-person board for the first time since April 2016.
“CUNA, leagues and credit unions congratulate Rodney Hood and Todd Harper for their confirmation as NCUA board members. We look forward to working with a full, three-person NCUA board on the issues most important to credit unions and their members,” said CUNA President/CEO Jim Nussle. “Both have impressive experience when it comes to working with not-for-profit financial cooperatives, and we’re hopeful the new board will continue NCUA’s modernization efforts to ensure it remains an efficient, effective regulator.”
The Credit Union Advisory Council (CUAC) met in Washington, D.C. on Thursday to advise the CFPB on several issues of importance to credit unions, including HMDA, credit reporting, PACE, and financial literacy. CUNA attended the session.
The members of the CUAC, all of which are CUNA-member credit unions, provided feedback, including calling for the Bureau to consider increasing HMDA reporting thresholds and reducing the data set after its substantial expansion in the 2015 HMDA Rule. In its discussion of credit reporting, the members expressed concern with so-called “credit repair” businesses which often file frivolous disputes of legitimate debts in the hopes of straining a credit union’s resources available to respond.
Today, the NCUA Board received its quarterly briefing on the status of the Share Insurance Fund and adopted a final rule regarding loans to members.
CUNA wrote letters to Senator Warren and to Representatives Richmond, Moore, Cummings and Lee in support of the American Housing and Economic Mobility Act of 2019. This legislation is an updated version of the Senator’s housing legislation, a version of the bill that reflects significant engagement between CUNA, leagues, credit unions and Warren. Unlike the previous version, the American Housing and Economic Mobility Act of 2019 would not require credit unions to comply with the Community Reinvestment Act (CRA).
As stated in the letter, the American Housing and Economic Mobility Act of 2019 is an important effort to improve access to the housing market for members of all communities and, in the process, properly recognizes the distinctions that exist between credit unions and banks when meeting community needs. The legislation rejects a one-size-fits all approach by explicitly excluding credit unions from the Community Reinvestment Act and instead codifying the already existing community outreach, input, and oversight policies that credit unions have been abiding by for more than 20 years under National Credit Union Administration regulations.
“This bill is a shining example of 360-degree advocacy in action. When Senator Warren initially planned to expand CRA and place onerous and duplicative regulations on credit unions, we collaborated with League partners and the Senator to show the many ways that credit unions have been fulfilling requirements to support underserved communities for well over two decades. Recognizing the power that credit unions bring these communities, Senator Warren pivoted to instead codify into law the regulations that have been dictating our actions for many years. We look forward to working with the Senator and other likeminded lawmakers to ensure that credit unions are able to continue serving these communities for the foreseeable future.” – Jim Nussle, CUNA’s President & CEO
CUNA participated in a joint trade meeting with Assistant Attorney General (AAG) Eric Dreiband, head of the Department of Justice’s (DOJ) Civil Rights Division, and Rebecca Bond, Chief of the Disability Rights Section, to discuss the need for formal ADA website accessibility standards. The meeting included several trades from other industries, including restaurants, retail businesses, and banks. CUNA was the only trade representing credit unions to participate in the coalition.
CUNA wrote to Chairwoman Waters and Ranking Member McHenry prior to the Financial Services Committee hearing entitled, “Preparing for the Storm: Reauthorization of the National Flood Insurance Program.”
As stated in the letter, credit unions play an increasingly important role in the housing finance market and, as a result, have a vested interest in the ongoing stability of the National Flood Insurance Program.
CUNA wrote to Chairwoman Waters and Ranking Member McHenry prior to the Committee’s hearing, “Holding Megabanks Accountable: An Examination of Wells Fargo's Pattern of Consumer Abuses.” In the letter, CUNA ensured that the Committee is aware of the credit union difference.
“The importance of having not-for-profit credit unions as vibrant and viable alternatives in the financial services marketplace is as significant today as it has ever been. The fact that this hearing is happening at all provides ample evidence of the need for this alternative in the marketplace. Credit unions provide accessible and affordable basic financial services to people of all means and encourage the equitable distribution of capital across all individuals, families, communities and small businesses.”
CUNA wrote to Chairman Crapo and Ranking Member Brown prior to the Senate Banking Committee’s hearing, “The Consumer Financial Protection Bureau's Semi-Annual Report to Congress.”
Similar to last week’s hearing in the House Financial Services Committee, Director Kraninger faced questions including the payday lending rule, Military Lending Act authority and oversight of the student lending industry.
CUNA wrote to Representatives Zeldin and Gonzales in support of their recently introduced legislation – H.R. 1661, a bill that would amend the Federal Credit Union Act to provide the NCUA with the flexibility to increase loan maturity limits for federal credit unions.
The House will consider H. Con. Res. 24, “Expressing the sense of Congress that the report of Special Counsel Mueller should be made available to the public and to Congress.”
The Senate is expected to consider Paul Matey to be a United States Circuit Judge for the Third Circuit.
The President is expected to partially release his fiscal year 2020 budget outline this week.
CUNA wrote to Representatives Perlmutter, Heck, Stivers, and Davidson in support of their recently introduced legislation - the Secure and Fair Enforcement (SAFE) Banking Act of 2019, which would permit credit unions in states where marijuana is legal to safely serve their members’ related needs.
CUNA's Chief Advocacy Officer, Ryan Donovan, sent an email to all 535 Congressional offices prior to the start of the 2019 Governmental Affairs Conference that kicks off this weekend! In the email, he highlighted a few keys things:
The NCUA board approved a $160.1 million equity distribution from the National Credit Union Share Insurance Fund (NCUSIF) that will be paid to eligible credit unions in the second quarter of 2019. This is the second such distribution from the NCUA. The first, in the amount of $735.7 million, went to credit unions starting in July 2018.
CUNA was the only national credit union trade association to support NCUA closing the Temporary Corporate Credit Union Stabilization Fund in 2017, which led to last year’s distributions.
“We commend NCUA for its prudent stewardship of credit union funds and for recognizing that this money could be best put to use serving credit union members around the country,” said CUNA President/CEO Jim Nussle. “CUNA was the only national credit union trade association advocating for distributions because we know credit unions will put these funds to work for their members.”
CUNA wrote to Chairwoman Waters and Ranking Member McHenry prior to the House Financial Services Committee hearing, “Putting Consumers First? A Semi-Annual Review of the Consumer Financial Protection Bureau.” This is Director Kraninger’s first time before the Committee since her Confirmation in December.
Earlier in the week, CUNA President/CEO Jim Nussle, Deputy Chief Advocacy Officer Elizabeth Eurgubian and Senior Director of Advocacy and Counsel Alexander Monterrubio met with Director Kathy Kraninger.
In the letter to the Committee, CUNA wrote that the CFPB should examine and modify where necessary its approach to rulemaking.
CUNA wrote to Chairman Portman and Ranking Member Carper prior to the Senate Homeland Security’s Permanent Subcommittee on Investigations hearing entitled, “Examining Private Sector Data Breaches.”
In the letter CUNA wrote that the cornerstone of any new data privacy requirements should be robust data security requirements for entities that collect consumers’ personal information.
“Credit unions have met with members of this committee to detail damage to credit unions and their members from data breaches. The current gaps in data protection and privacy laws hurt consumers and businesses as information is misused by criminals and other actors with malicious intent. Financial institutions are at the vanguard for misuse of stolen data.”
CUNA President/CEO Jim Nussle, Deputy Chief Advocacy Officer Elizabeth Eurgubian and Senior Director of Advocacy and Counsel Alexander Monterrubio met with Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger Today. Kraninger was confirmed as CFPB director in December, and has previously met with CUNA, leagues and credit unions.
“We thank Director Kraninger for her time and attention today as we discussed the unique nature of credit unions, and the bureau can use its exemption authority to move away from one-size-fits-all style rulemaking to benefit 115 million credit union members,” Nussle said. “We anticipate future engagement with the bureau and CUNA, leagues and credit unions going forward as we all share the goal of ensuring consumers have access to safe and affordable financial products and services.”
Kraninger is scheduled to make her first appearance as director before the House Financial Services Committee Thursday, and before the Senate Banking Committee next week.
In addition to the letter CUNA sent to the Financial Accounting Standards Board (FASB) yesterday, CUNA also joined other trades in writing to the U.S. Security and Exchange Commission (SEC) and FASB urging a delay implementation of its current expected credit loss (CECL) standard to ensure there are no unintended consequences.
“We believe it is important to delay implementation of CECL in order to allow for time to conduct a quantitative impact analysis and to consider potential alternatives, while allowing for post-issuance field testing,” the letter reads. “Time for further assessment will also allow regulators to better understand and address the key consequences of any proposal for capital and other regulatory purposes.”
The CFPB issued an Advance Notice of Proposed Rulemaking (ANPR) requesting public comment on Property Assessed Clean Energy (PACE) financing. Last year’s Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) included provisions directing the Bureau to extend certain consumer protections to PACE financing.
According to the ANPR, the “information solicited will enable the Bureau to better understand the market and unique nature of PACE financing. This will help the Bureau formulate proposed regulations that not only would achieve statutory objectives but also would reflect a careful consideration of costs and benefits.”
CUNA filed a comment
letter with the Financial
Accounting Standards Board (FASB) regarding its Targeted Transition Relief proposal
that is intended to ease transition to the credit losses standard (CECL) by
providing the option to measure certain types of assets at fair value.
The House will consider H.R. 1, the For the People Act of 2019.
The Senate is expected to consider Allison Jones Rushing, of North Carolina, to be United States Circuit Judge for the Fourth Circuit.
CUNA and the World Council of Credit Unions (WOCCU) wrote to Chairwoman Nita Lowey and Ranking Member Hal Rogers prior to the Appropriations Subcommittee’s hearing entitled, “Oversight of U.S. Agency for International Development (USAID) Programs and Policies.”
In the letter, CUNA and WOCCU called for a level playing field for smaller contractors, such as credit unions, when it comes to the U.S. Agency for International Development (USAID) prioritizing procurement reforms.
The U.S. District Court for the Western District of Pennsylvania granted preliminary approval of a proposed settlement in the First Choice Federal Credit Union v. The Wendy’s Company, a data breach lawsuit brought by Credit Union National Association (CUNA), Leagues, and credit unions affected by the data breach, on February 26, 2019.
The FHFA released its final rule on the Uniform Mortgage-Backed Security—regulations meant to align Fannie Mae and Freddie Mac Practices to address concerns about the ability of the single security initiative to launch this summer and its impact on the TBA market.
CUNA Chief Advocacy Officer Ryan Donovan wrote to 535 Congressional offices Thursday continuing CUNA’s call for data privacy and security legislation.
The Senate Commerce Committee held a hearing entitled “Policy Principles for a Federal Data Privacy Framework in the United States.”
The Senate Banking Committee voted Tuesday to advance the nominations of Rodney Hood and Todd Harper to serve on the NCUA board, and for Mark Calabria to serve as director of the Federal Housing Finance Agency (FHFA).
The FTC and CFPB reauthorized a memorandum of understanding between the agencies.
The Credit Union Advisory Council (CUAC) will have a meeting on March 14, 2019, at the CFPB’s headquarters in Washington, D.C.
CUNA wrote to the Committee Chairwoman and Ranking Member prior to the hearing in the House Financial Services Committee entitled, “Who’s Keeping Score? Holding Credit Bureaus Accountable and Repairing a Broken System,”
Credit reporting agencies (CRAs) play a critical role in the financial lives of Americans as the credit scores and reports they generate are influential metrics for many lending decisions. CUNA raised several concerns among their members in regards to CRAs
CUNA wrote to Chairman Quigley and Ranking Member Graves prior to today’s House Appropriations Subcommittee on Financial Services and General Government hearing entitled, “Leveraging Private Capital for Underserved Communities and Individuals: A Look into Community Development Financial Institutions (CDFIs).”
The Senate Banking Committee advanced nominees for the NCUA Board and the Federal Housing Finance Agency out of the Committee.
Senate Banking Committee is expected to vote on NCUA, FHFA nominations.
The House will consider H.R. 8, the Bipartisan Background Checks Act of 2019; H.R. 1112, the Enhanced Background Checks Act of 2019; and H.J. Res. 46, relating to a national emergency declared by the President on February 15, 2019. The Senate is expected to vote on S. 311, the Born-Alive Abortion Survivors Protection Act. In addition, the Senate may consider the nomination of Eric D. Miller, of Washington, to be United States Circuit Judge for the Ninth Circuit.
CUNA representatives will meet with staff from FCC Chairman Pai’s office to discuss the need to clarify the definition of an autodialer and modernize the TCPA.
CUNA and WOCCU jointly urged the Internal Revenue Service (IRS) to reduce regulatory burden for credit unions in connection with the Foreign Account Tax Compliance Act (FATCA).
CUNA wrote to newly confirmed Attorney General William Barr Tuesday to call attention to the legal threats facing credit unions due to uncertainty with how the Americans With Disabilities Act (ADA) applies to websites.
Rachel Pross, Chief Risk Officer at MAPS CU, Salem, Ore., testified before the House Financial Services Subcommittee on Consumer Protection and Financial Institutions for a hearing entitled "Challenges and Solutions: Access to Banking Services for Cannabis-Related Businesses."
This week, the House of Representatives and the Senate are considering a budget deal to avoid another government shutdown, as well as fund the federal government through the end of fiscal year 2019 (September 30, 2018).
The U.S. Senate voted 54-45 to confirm William P. Barr to be the 85th Attorney General of the United States.
On Thursday, February 14th, the Senate Committee on Banking, Housing and Urban Development conducted a hearing on the nominations of: Mr. Bimal Patel, of Georgia, to be an Assistant Secretary of the Treasury; Mr. Todd M. Harper, of Virginia, to be a Member of the National Credit Union Administration Board; The Honorable Rodney Hood, of North Carolina, to be a Member of the National Credit Union Administration Board; and Dr. Mark Anthony Calabria, of Virginia, to be Director of the Federal Housing Finance Agency.
The NCUA Board issued proposals on flood insurance and supervisory audit committees.
The CFPB recently published its Semi-Annual Report to Congress for the period beginning April 1, 2018 and ending September 30, 2018. The report was issued by Director Kathy Kraninger but covers actions taken during Acting Director Mick Mulvaney tenure as the head of the Bureau.
CUNA submitted a letter Monday in response to the Consumer Financial Protection Bureau’s (CFPB) proposal to amend its No-Action Letter (NAL) Policy and create a “Product Sandbox” to facilitate innovation, urging the Bureau avoid creating an uneven playing field.
The Committee on Banking, Housing, and Urban Affairs will meet in open session to conduct a hearing on several nominations including Mr. Todd M. Harper, of Virginia, to be a Member of the National Credit Union Administration Board; The Honorable Rodney Hood, of North Carolina, to be a Member of the National Credit Union Administration Board; and Dr. Mark Anthony Calabria, of Virginia, to be Director of the Federal Housing Finance Agency.
CUNA submitted a letter in response to a joint proposal issued by the Federal Reserve and Consumer Financial Protection Bureau that would make amendments to Regulation CC (which implements the Expedited Funds Availability (EFA) Act) Friday.
Both the House and Senate are in session this week. President Trump and Congressional leaders are continuing negotiations on an agreement to fund the federal government through September 30th, the end of fiscal year 2019. The current Continuing Resolution funds the federal government through February 15th.
Rachel Pross, Chief Risk Officer at MAPS Credit Union in Salem, Oregon will testify on behalf of Credit Union National Association (CUNA) at a hearing on cannabis banking in the House Financial Services Committee (HFSC), Subcommittee on Consumer Protection and Financial Institutions.
CUNA sent a letter to NCUA Chairman McWatters regarding the agency’s efforts to prepare credit unions for compliance with the Financial Accounting Standards Board’s (FASB) updated accounting standard on credit losses (referred to as CECL (current expected credit losses)).
On February 6th, the CFPB issued two proposed rules to amend provisions of its 2017 final rule on “Payday, Vehicle Title, and Certain High-Cost Installment Loans” (Payday Rule).
Credit Union National Association (CUNA) calls on policymakers to create a national data security framework.
President Donald Trump nominated Todd Harper to serve as an NCUA board member Friday, February 1st.
On January 31, 2019, the NCUA Board voted unanimously to approve final rules permitting federally insured credit unions, to accept private flood insurance policies under certain conditions.
Sen. Mike Crapo (R-ID), chair of the Senate Banking Committee, released an outline of his proposal for housing finance reform legislation on Friday.
This week the CFPB issued policy guidance describing modifications that the Bureau intends to apply to the loan-level data that financial institutions report under the Home Mortgage Disclosure Act (HMDA) and Regulation C before the data is disclosed to the public.
CUNA wrote in support of a bill Thursday that would update thresholds for certain reporting thresholds contained in the Bank Secrecy Act (BSA). The bill, H.R. 388, was introduced by Rep. Barry Loudermilk (R-Ga.), and would raise reporting thresholds for institutions filing Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs).
CUNA attended a FASB roundtable on implementation issues associated with the new CECL accounting standard. FASB staff and several Board members facilitated the discussion that focused on a proposal submitted by a group of banks to consider an alternative to the income statement impact of the CECL model.
The U.S. District Court for the Southern District of Texas dismissed a lawsuit filed against a Houston-based state-chartered credit union. The lawsuit alleged the credit union’s website violated the Americans with Disabilities Act (ADA).
In a press release Friday evening, the Consumer Financial Protection Bureau Director Kathleen Kraninger announced leadership changes within the Bureau. These changes announced were: Policy Associate Director for External Affairs; West Regional Director; Acting Chief Communications Officer; Deputy Associate Director for External Affairs; and the Director for the Office of Minority and Women Inclusion.
Both the House and Senate are in session this week. President Trump and Congressional leaders agreed Friday to a deal to reopen the federal government through February 15th. However, the Congress will have to commit to further negotiations with the president on an agreement to fund the federal government through September 30th, the end of fiscal year 2019.
President Donald Trump signed a bill Friday evening funding the government through Feb. 15, ending the partial government shutdown. CUNA President/CEO Jim Nussle thanked America’s credit unions for their efforts serving members who were furloughed.
Credit unions around the country started rolling out offerings to help affected members as soon as the shutdown began, and continued rolling out additional services, such as fee-free payment skip, 0% APR loans and other financial solutions.
CUNA Chief Advocacy Officer Ryan Donovan and Deputy Chief Advocacy Officer Elizabeth Eurgubian participated in a financial services industry roundtable discussion Thursday with Consumer Financial Protection Bureau Director Kathy Kraninger. Kraninger was confirmed as CFPB director in December.
Without having been asked by the government, credit unions are doing the right thing and assisting the federal workers furloughed by the federal government shutdown, CUNA wrote to Rep. Maxine Waters (D-Calif.) Wednesday. Waters, chair of the House Financial Services Committee, reached out to CUNA for information on how credit unions are assisting those affected by the federal government shutdown.
CUNA and the Michigan Credit Union League (MCUL) filed amicus briefs late Tuesday defending two credit unions hit with frivolous lawsuits alleging violations of the Americans with Disabilities Act (ADA). The briefs were filed in the Sixth Circuit Court of Appeals in support of Belle River Community CU, Casco, Mich., and Aeroquip CU, Jackson, Mich., both of which are being sued by the same plaintiff.
On January 22nd, CUNA filed a comment letter with NCUA on fidelity bonds. In the letter, CUNA raises concerns with aspects of NCUA’s proposed regulation.
Both the House and Senate are in session this week. The federal government today enters its 32th day of the partial shutdown. The Congress continues to negotiate with the president on an agreement to fund the federal government through the end of fiscal year 2019.
Director Kraninger wrote to the House and Senate requesting that the CFPB be granted the authority to conduct examinations for compliance with the MLA.
The Ninth Circuit Court of Appeals issued an opinion in Guillermo Robles v. Dominos Pizza LLC, a case involving the ADA as it relates to website accessibility.
The NCUA Board held its first meeting of the year. The Board approved the agency’s 2019 Annual Performance Plan, adopted a final rule on the Civil Money Penalty Statutory Inflation Adjustment, approved a change to the Illinois Member Business Lending Rule, and received a briefing on the agency’s redesigned website.
Senate Republicans and Democrats announced and ratified their committee assignments for the 116th Congress.
On Wednesday, January 16th, the White House re-nominated Rodney Hood to be a member of the NCUA for a term expiring August 2, 2023.
CUNA sent a letter to the Senate Special Committee on Aging ahead of today's hearing entitled, "Fighting Elder Fraud: Progress Made, Work to be Done.”
The Supreme Court of the United States (SCOTUS) declined to accept and hear a case challenging the constitutionality of the CFPB.
CUNA filed a comment letter with NCUA, opposing and supporting various aspects of its FCU bylaws proposal.
Both the House and Senate are in session this week. The federal government today enters its 24th day of the partial shutdown. The Congress continues to negotiate with the president on an agreement to fund the federal government through the end of fiscal year 2019. The House will also consider H.R. 268, the Supplemental Appropriations Act, legislation to fund disaster relief operations. In addition, the Senate will resume consideration of S. 1, the Strengthening America’s Security in the Middle East Act.
America’s credit unions are embodying their structure and mission to ensure their members affected by the government shutdown have access to low- or no-interest loans with generous repayment terms.
The U.S. Court of Appeals for the 9th Circuit held that Fannie Mae is not a “consumer reporting agency” under the FCRA and therefore is not liable under the law.
The CFPB released the assessment reports required by Section 1022(d) of the Dodd-Frank Act for two of its 2013 mortgage rules: the TILA Ability-to-Repay and Qualified Mortgage (ATR/QM) Rule and the RESPA Mortgage Servicing Rule.
NCUA joined with four other federal financial regulators and the Conference of State Bank Supervisors to urge financial institutions to consider efforts to assist workers affected by the federal government shutdown.
In a letter addressed to Chief Executive Officers and Boards of Directors for credit unions, the National Credit Union Administration has outlined it supervisory priority areas for 2019.
CUNA wrote to leadership of the House and Senate Appropriations Committees Monday to include House report language in any final appropriations legislation for fiscal year 2019.
CUNA sent the first in a series of letters to the newly sworn-in 116th Congress.
Both the House and Senate are in session this week. The Congress continues to negotiate with the president on an agreement to fund the federal government through the end of fiscal year 2019.
In addition, the Senate will resume consideration of S. 1, to make improvements to certain defense and security assistance provisions and to authorize the appropriation of funds to Israel, to reauthorize the United States-Jordan Defense Cooperation Act of 2015.
2018 was a watershed year for CUNA/league/credit union
advocacy. Our accomplishments last year during a turbulent political time stand
out over any of the last 20 years of credit union advocacy, making it a story
that deserves to be told. And as we consider all of our 2018 wins, we are ready
more than ever before to take on a new year and new Congress.
The Fourth Circuit of Appeals has ruled in favor of Department of Labor Federal Credit Union (DOL FCU) related to a frivolous lawsuit alleging website noncompliance with the Americans with Disabilities Act (ADA).
In updated guidance issued FEMA announced that “all NFIP insurers have been directed to resume normal operations immediately,” and advised “that the program will be considered operational since December 21, 2018.”
CUNA and the state CU leagues of Wisconsin and Illinois filed an amicus on Thursday, December 20, in the U.S. Court of Appeals for the 7th Circuit. The brief was submitted in support of a credit union facing a lawsuit related to ADA website accessibility.
At midnight on Friday, December 21, 2018, certain federal government agencies and functions shut down as Congressional lawmakers and the president could not come to an agreement over funding for border security.
CFPB Director Kathy Kraninger, in her first official act as director, has cancelled a plan to rebrand the agency as the “Bureau of Consumer Financial Protection” or “BCFP.”
During today’s FASB meeting, Board Chairman Russ Golden announced that FASB will host a public roundtable discussion on implementation issues related to the credit losses standard.
CUNA filed a letter today in response to the Small Business Administration’s proposal to amend the regulations pertaining to Express Loans and Affiliation Standards.
Both the House and Senate are in session this week. The Senate returns today and the House on Wednesday. The Congress passed a two-week continuing resolution that funds the federal government, and authorized the National Flood Insurance Program, for two weeks – until midnight on December 21st. The House and Senate are expected to try to reach an agreement this week on a bill to fund government operations for all or part of the remainder of fiscal year 2018. They may also vote on H.R. 88, the Retirement, Savings, and Other Tax Relief Act of 2018. Or, all or part of H.R. 88 may be included in year-end government funding legislation. The Senate is also scheduled to consider the “First Step Act.”
CUNA filed a comment letter with the Board of Governors of the Federal Reserve System (Fed) on their request for comment regarding potential Fed actions to support interbank settlement of faster payments.
Sen. Mike Rounds (R-S.D) introduced a Senate version of a CUNA-backed bill to delay implementation of NCUA’s risk-based capital (RBC) rule by two years, to January 2021.
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Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.
© 2019 Credit Union National Association
ADA Compliance Notice & Legal
© 2019 Credit Union National Association
ADA Compliance Notice & Legal