September 15, 2017 - The Nussle Report

2017 Nussle Report header

A huge CU win, but more to come:

Following this incredible win of saving credit unions added costs by keeping the NCUA out of the appropriations process-in addition to a host of additional regulatory relief measures packaged into a bill passed by the House this week-we could rest on our laurels. But we can't stop now. We can be proud-and I am very proud of how CUNA, Leagues, and credit unions came together to achieve this victory-but we can also stay hungry. We have the blueprint now, and we have the tools. When tax and regulatory reform surface, remember how our combined grassroots advocacy reverberated across Capitol Hill this week. With that same supercharged effort, we can keep doing big things. Keep it rolling, folks.

Thank you Iowa credit unions!

I was pleased to join the Iowa Credit Union League and Iowa credit unions this week for the League's annual convention. The group was fully fired up for our recent string of advocacy wins. I also had the opportunity to sit down for an interview with Radio Iowa to promote the credit union difference. All in all, a very successful trip to my home state! 

CUNA earns HELOC relief for nearly 500 CUs:

What a week. Prior to the victory in the House, we learned the CFPB agreed with our position to exempt credit unions that underwrite less than 500 HELOCs per year from Home Mortgage Disclosure Act requirements-providing nearly 500 additional credit unions relief for the next two years. Working in tandem with our League partners, CUNA pushed hard for the CFPB to exercise its authority to exempt credit unions from these requirements on our members' behalf. 

We're pressing Equifax for transparency:

As our member credit unions grapple with the aftermath of the massive data breach to hit Equifax, we're leaning heavily on that organization to provide the public as many details as they can on the depth and scope of this event. I challenged Equifax to push them to ensure that all consumers have been contacted, and that they fully understand the implication of the breach to their credit file and the risks of identity theft. To further support our members on this issue, we're partnering with the Financial Services Information Sharing and Analysis Center on a webinar that will provide background on the breach, fraud monitor and detection recommendations, and identity theft recommendations.

CUNA, Foundation, Leagues still facilitating relief:

CUNA continues to focus considerable time and effort on ensuring that the credit union industry is aligned as we work to deliver relief to those affected by Hurricanes Harvey and Irma. We remain in close contact with both the Cornerstone Credit Union League and the League of Southeastern Credit Unions, and also with the Georgia Credit Union Affiliates and Carolinas Credit Union League. Thanks to the generosity of our movement, CUAid and the Leagues have raised more than $1.3 million to support credit union employees and directors affected by these terrible storms. Watch this video I recorded to talk about the ongoing need. 

Disaster hotline, Community:

Additionally, CUNA, CO-OP Financial Services, and PSCU announced a system-wide collaboration of special toll-free numbers dedicated to helping credit union members with access and branch information as their credit unions work to come back online. As a step further, in collaboration with the Cornerstone League, CUNA launched an online Community through which organizations nationwide can post available services and resources, which will then be matched to needs identified by affected credit unions. We believe this resource will make life a lot easier for those credit unions in need of support immediately moving forward. 

Pressing hard for relief from MLA:

We continue to work hard to carve out relief from the problematic Military Lending Act. CUNA Chief Compliance Officer Jared Ihrig joined with the Defense Credit Union Council for a meeting with the Department of Defense (DoD) to reiterate our concerns and urge for more clarification for our member credit unions. Also this week, with our strong support, a bipartisan group of lawmakers sent a letter to the DoD urging for MLA relief. In the letter, the lawmakers noted specifically their concerns with how credit unions have been forced to cut back on product and service offerings as a result of the changes. 

Our push to repeal CFPB arbitration rule:

CUNA and a coalition of financial services trade organizations wrote to Senate leadership this week in support of a repeal of the CFPB's arbitration rule, after the House passed similar legislation in July. In our opinion, stripping arbitration from community financial institutions would fuel industry consolidation and ultimately reduce consumer choice. This cannot be what the CFPB is after. We will continue fighting this issue on our members' behalf.  

Shoutout of the week:

I wanted to commend the Northwest Credit Union Association for upping its commitment to the future leaders of our movement with the its new Northwest Young Professionals Network. As an industry, we need to continue empowering these young, engaged credit union professionals to ensure our future leaders are fully prepared to guide the credit union movement into the future. Thanks to Troy Stang, NWCUA president/CEO, and his organization for their leadership.  

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