April 21, 2017 - The Nussle Report

2017 Nussle Report header

New CHOICE bill unveiled, your analysis & Campaign plan here:

We've long believed the new Financial CHOICE Act, a bill we've been involved in crafting and that was released this week by Rep. Jeb Hensarling (R-Texas), could be a bold opening move in achieving many of the goals we've set with our Campaign for Common-Sense Regulation. Our initial detailed analysis of the proposal has found that, in many areas, it would in fact soften the blow of overregulation, untangling your operations and improving service to members. 

Still, the bill contains several flaws that must be addressed. As the legislation moves forward, including at the House Financial Services Committee hearing April 26, the eventual markup of the bill, and the floor vote, we must continue to express our priorities to Congress, not only to shape the House bill, but also ultimately to encourage the Senate to act. We should be proud of pushing financial regulatory reform to the top of the congressional agenda. But we must do more. Use our Campaign toolkit. Send out an action alert. Engage your members. Please go on Advocacy Offense with us!

CUNA updating landmark reg burden study:

Leading Advocacy Offense requires refreshing our data and analysis, which is why we have decided to update our groundbreaking regulatory burden study to be fully prepared for the forthcoming advocacy push in the U.S. Senate. The original study found that regulatory costs climbed to $7.2 billion in 2014, a roughly $3 billion increase from 2010. With a fresh look at the growing costs of compliance, we can provide an even clearer picture to Congress about the need for relief.

Congressman visits Freedom First FCU:

I was pleased to see Freedom First FCU, Roanoke, Va., take up our call and host a branch visit with Rep. Bob Goodlatte (R-Va.) this week. Thank you to all the credit unions that hosted members of Congress at their branches during recess. When Congress re-adjourns to tackle financial regulatory reform, our priorities will be fresh on their minds.

Wash. CUs earn state charter modernization victory:

Kudos to Washington credit unions and the Northwest Credit Union Association for pushing through a state credit union act modernization this week. Of the state's 91 credit unions, 55 have state charters and will benefit from this legislative win. Washington Gov. Jay Inslee signed the measure April 19. Well done to Troy Stang, NWCUA president/CEO, his staff, and the state's credit unions!

Additional state advocacy victories:

Thanks to effective League advocacy, New Hampshire and New Mexico credit unions earned significant victories this week. New Hampshire Gov. Chris Sununu signed a bill loosening credit union branching restrictions, while New Mexico Gov. Susana Martinez signed a data breach notification bill, each receiving strong support from the Cooperative Credit Union Association and Credit Union Association of New Mexico respectively. Thanks to Paul Gentile, CCUA president/CEO, and Paul Stull, CUANM president/CEO, for their leadership.

CUNA asks Fed to lead on payments:

We co-authored a letter with other financial trade groups to the Federal Reserve to encourage the agency to broaden its role as a leader in the payments field. We believe the Fed could leverage its connectivity to provide all financial institutions access to real-time payments. We also believe the Fed could serve as an operator for real-time payments, similar to the processes it conducts for checks, automated clearinghouse (ACH) payments, and wire transfers. This is a continuation of CUNA's work to find ways to ensure credit unions stay at the forefront of the payments landscape.

Shoutout of the week:

Congratulations to Coopera for its 10 years of work ensuring that the Hispanic community across the country has greater access to traditional financial services. The late Warren Morrow, who founded the organization, and Miriam de Dios, current president/CEO, should be lauded for the lengths to which they have gone to partner with credit unions to elevate the financial wellbeing of the Hispanic community. CUNA is proud to have Coopera as an exclusive alliance partner. 

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