May 26, 2017 - The Nussle Report

2017 Nussle Report header

CHOICE Act ready for House consideration:

Based on our interactions with House leadership and the House Financial Services Committee, it appears that H.R. 10, the Financial CHOICE Act, will be ready for House consideration once Congress returns in June. Unfortunately, the bill will reach the floor without language to repeal the Durbin debit interchange amendment. This is disappointing to be sure, but removal of this provision will go a long way to facilitating the passage of the broader bill, which includes substantial relief to credit union and their members. House consideration and passage of the CHOICE Act will be an important milestone for our Campaign for Common-Sense Regulation. Thanks to all who have participated in grassroots advocacy in support of the Durbin repeal and the full Campaign.

McWatters asks CFPB to soften regs on CUs:

I applaud NCUA Board Chair J. Mark McWatters for his public call for the CFPB to deliver relief to credit unions from the Home Mortgage Disclosure Act (HMDA) and the Unfair, Deceptive and Abusive Acts or Practices (UDAAP) rule, and for urging the Bureau to use its exemption authority as stated in Section 1022 of the Dodd-Frank Act. I appreciate the chairman's recognition of the problems the Bureau's one-size-fits-all policymaking has created for credit unions. With our Campaign, we continue to vigorously pursue these measures as well.

My appearance on CNBC:

For those of you budget hawks out there, I appeared on CNBC's Squawk Box this week to talk about President Trump's proposed fiscal year 2018 budget. I'll let you watch the video to dig into the policy details, but I was thrilled to again represent CUNA and the credit union industry on this national stage.

CUNA backs CFPB's proposed HMDA changes:

We submitted our comments this week to the CFPB on its proposed changes to the final HMDA rule. While we appreciate the changes proposed by the Bureau to this problematic regulation, they simply do not go far enough, and certainly do not alleviate our significant concerns. Delaying the effective date and trimming the number of data points for collection, two recommendations we made in our comments, among others, would be a serviceable first step.

DOL fiduciary rule goes live June 9:

We wanted to keep you informed that the Department of Labor's (DOL) fiduciary rule will, in fact, become effective June 9. We had strongly urged the department to delay the effective date. Encouragingly, the DOL will not enforce claims against fiduciaries working diligently and in good faith during phased implementation of its rule, which will begin June 9. More analysis and information from the DOL can be found on our helpful CompBlog. 

Recorded version of reg burden study webinar:

In case you were unable to attend, please take the opportunity to view the recorded webinar on how to participate in our new cost of regulatory burden study. The more participation we have in this study, the stronger we can demonstrate to Congress the need for relief for credit unions and their members.

Our ACUC give-back event:

We're going to be assembling away-from-home kits for parents with children at Las Vegas' Children's Miracle Network (CMN) Hospitals as part of our give-back event for this year's America's Credit Union Conference. I think this is a great way to leverage the massive number of credit union professionals who will unite in Las Vegas June 25-28 for our second signature conference of 2017. We're also excited for Marie Osmond, co-founder of CMN Hospitals, to join us to thank credit unions for supporting the organization. Looking forward to it!

Shoutout of the week:

I wanted to call out Unitus Community CU, Portland, Ore., for a program it sponsors to raise funds for Doernbecher Children's Hospital, a Children's Miracle Network (CMN) Hospital. The program received fantastic coverage in the Portland media market, bringing great awareness to credit unions and the great work they do in their communities. Thanks to all credit unions that partner with Credit Unions for Kids to support CMN Hospitals and their young patients. You're literally changing lives! 

Lastly, my wife Karen and I wanted to wish you a safe and pleasant Memorial Day, and to encourage you as you spend time with your loved ones this weekend to think about all those who have served and sacrificed for our great country. 

Thank you for your continued participation in and engagement with the CUNA/League system. If you have any issues you'd like CUNA to address, I encourage you to give me a call directly at 202-508-6745 or email me at jnussle@cuna.coop

All the best,

Jim Nussle
President and CEO