The Nussle Report - November 17, 2017

2017 Nussle Report header

Make your voices heard to win regulatory reform:

Please contact your senators now and urge them to support new, bipartisan, common-sense Senate legislation that can make a real difference in achieving regulatory relief for credit unions. Among the legislation's provisions, credit unions would have parity with banks by classifying residential loans on one-to-four nonowner-occupied units as real estate loans. It's rare these days to see a truly bipartisan group of elected officials agree on much, but a group of senators has done just that. Let's do all we can to urge the Senate to pass this legislation and fight back attempts by the opposition to derail it.

Setting up our winning game plan for 2018:

We had great turnout from across the country at the American Association of Credit Union Leagues meeting this week. The group included league presidents, board chairs, service corporation executives, CUNA's executive committee, government and political affairs professionals, and our system partners. Together with your CUNA team we planned our fierce 360° advocacy offense for the remainder of the year and well into 2018. With your essential involvement, I believe we really do have the best-in-class nationwide team fighting to advance the best interests of credit unions.

A new era at CFPB:

We'd been expecting news of CFPB Director Richard Corday's resignation for some time. He announced plans to step down by the end of the month and, by all reports, enter the race for governor of Ohio. While Corday, on many occasions, recognized the exceptional work of credit unions in protecting consumers, the actions of the bureau never really matched his public statements. We're hopeful new leadership will take into account our cooperative structure and purpose and clear the way for the regulatory relief for which we've been long advocating.

CUNA analysis of Senate tax bill:

You'll remember in last week's Nussle Report I reported no threat to the credit union tax status in the Senate's new tax reform legislation. Here's our analysis that looks at the broad set of issues we'll be monitoring as the bill is debated. The House tax reform plan, which also preserves our tax status, passed yesterday afternoon. The Senate's hands-off approach to our tax status, despite attempts by the banking lobby to change it, is a testament to the power of your voices and the stories you've told about the positive impact you make in the communities you serve. Thank you for all you do! Additional details can be found in CUNA News and on CUNA's Removing Barriers Blog.

Three steps forward for reg relief:

Your CUNA team was in the House this week to advance regulatory relief bills related to title insurance, Truth-in-Lending Act appraisal requirements, and the Real Estate Settlement Procedures Act. All three bills were approved during a House Financial Services Committee markup and are headed to the House floor for consideration. In a letter to the committee I said this type of targeted regulatory relief is much needed and will help credit unions improve the communities they serve.

Flood insurance reauthorization passes House:

Reauthorization of the National Flood Insurance Program took an important step forward this week with passage of legislation in the House. While we support these efforts, we also believe more is needed in the bill to improve the program's actuarial footing and other issues. Additional information is here.

Shout out:

Congratulations and thank you to Tom O'Shea and his team at Aspire FCU, Clark, N.J., for their commitment to grassroots engagement and use of the CUNA's Member Activation Program (MAP). Aspire has used the program several times, most recently to educate their members about our Campaign for Common-Sense Regulation. Tom sees it as an excellent way to inform and mobilize members. I couldn't agree more! 

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