February 17, 2017 - The Nussle Report

2017 Nussle Report header

CFPB decision reinforces need to tell our story:

Despite the court's decision this week to revisit a ruling that had found the CFPB's structure unconstitutional, our position has not changed on the need for a bipartisan commission to oversee this agency. Under a lone director, the CFPB has slammed credit unions with one-size-fits-all regulations, which have made it without question more difficult to serve members. With the CUNA Governmental Affairs Conference a week away, here's another reminder of the importance of marching up the Capitol Hill steps and telling lawmakers our story.

Meeting with Sen. Crapo on reg. burden:

I met with Sen. Mike Crapo (R-Idaho), chairman of Senate Banking Committee, to outline our priorities as part of the Campaign for Common-Sense Regulation. CUNA's advocacy team continues to lay the groundwork for credit unions to come to D.C. next week and drive home the importance of reducing regulations so that we can continue to serve our members in the sound and consumer-friendly way we always have.

Representing CUs on CNBC:

In case you missed it, I appeared on CNBC's Squawk on the Street this morning to offer my perspective, for the second time this week, on the current administration's approach to the budget. I'm glad I was able to offer insight as a former director of the White House's Office of Management and Budget and also a representative of the credit union movement.

My letter in USA TODAY:

I wrote a letter that appeared in USA TODAY to promote our position that a one-size-fits-all regulatory scheme does not work for credit unions. While the CFPB has achieved $11.8 billion in relief to consumers over six years, credit unions provide their members $10 billion in savings every year. Common-sense regulations, unlike those created by the CFPB, would protect that value to members.

CUNA applauds new TAILOR Act:

Tailoring regulations based on a financial institution's risk profile, the main thrust of a bill introduced this week by Sen. Mike Rounds (R-S.D.), is a major target for the Campaign for Common-Sense Regulation. We thank the senator for taking the lead on the TAILOR Act, which would also require a review of all regulations passed since the enactment of Dodd-Frank. We expect the House version of this bill to be introduced soon.

Perdue bill would place CFPB under appropriations:

I applaud the common-sense reform proposed by Sen. David Perdue (R-Ga.), whose legislation would put the CFPB under the appropriations process. The onslaught of new regulations by the CFPB now cost credit union members more than $71 per year, a number that only rises the smaller the institution. By creating more accountability in the agency, it would strongly improve the Bureau's regulations, particularly by ensuring they don't inadvertently harm credit unions or their members.

Our continued fight for clarifications on MLA:

In our ongoing efforts to find clarity for credit unions on the Military Lending Act, we wrote a letter to the Department of Defense seeking stronger guidance on credit card requirements, in addition to purchase-money loans, ancillary products, statutory liens, share-secured loans, definition of "vehicle;" and reasonable and bona fide credit card fees.

Leagues continue press push calling for reg. relief:

CUNA and the Leagues continue to coordinate on earned media opportunities as part of the Campaign for Common-Sense Regulation. Michigan Credit Union League President/CEO Dave Adams called for repealing the harmful Durbin Amendment, while League of Southeastern Credit Unions President/CEO Patrick La Pine argued for the need to move away from a one-size-fits-all regulatory environment. This is great CUNA/League coordination.

Rep. Bob Michel (R-IL):

My friend, former Rep. Bob Michel passed away today at the age of 93. Retiring in 1995, he was a very fine example of an ethical and citizen legislator. A veteran of WWII, he represented central Illinois in Congress for 38 years rising through the ranks of the Republican leadership to be a key player in the enactment of President Reagan and President H.W. Bush's agendas. He defined the finest aspirations for public service. We shared the love of music and song, and one of my best memories was having the opportunities to both sing to him, and sing with him.

Shoutout of the week:

Congratulations to the four "Credit Union Heroes" picked recently by the readers of Credit Union Magazine. These are leaders who relentlessly promote the credit union philosophy, dedicate themselves to credit union principles, and make a difference in their communities. Thank you for all the great work you do in service to the credit union movement.

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