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Priorities We're Fighting For

 

CUNA, state Leagues, credit unions and their members—together as one, we form the most powerful advocate for credit unions in all 50 states and Washington, D.C. Our coordinated advocacy efforts send a strong message to Capitol Hill, state legislatures and our regulators.

Our Priorities

Where We Stand

Credit unions are the original consumer protectors in the financial services sector; commonsense consumer protection regulation recognizes that our structure and mission makes us different.  

Impact on Credit Unions

One-size-fits-all does not work for Main Street - local credit unions, small banks, and the consumers and small businesses they serve.  It has created a rigged system favoring the largest institutions that can afford to comply with these new, complex regulations. 

Victories We've Won

The NCUA sent a letter to the Consumer Financial Protection Bureau of  (CFPB) outlining concerns/seeking exemptions for credit union from several CFPB rules and policies. 

CUNA participated as an amici in the PHH litigation challenging the structure and constitutionality of the CFPB.  

The resolution of disapproval for the CFPB Arbitration rule was signed into law.

The DOL Overtime Rule has not yet gone into effect.   

Where We Stand

Credit unions support a regulatory scheme that minimizes the adverse business impact of regulations on credit union operations while ensuring that credit unions operate safely and soundly while providing cooperative financial products and services. 

Impact on Credit Unions

A robust regulatory environment need not impose excessive and unnecessary burdens upon credit unions and their members. CUNA monitors regulations and works with members, regulators and other industry stakeholders to minimize the impact on credit unions from examinations, compliance and other aspects of the supervisory process. 

Victories We've Won

Following the closure of the Corporate Stabilization Fund in 2017, Share Insurance Fund dividends were distributed to credit unions in Q3 2018. 

An extended exam cycle was adopted by the NCUA and an extensive overhaul of the examination and supervision process, including technical data reporting and call report modernization, is underway. 

The NCUA has taken action to modernize Field of Membership policies and procedures.  

The NCUA adopted a Member Business Lending rule to give credit unions greater flexibility and autonomy in offering commercial loans.

 

Charter Enhancement

Strong charters at the federal and state level are essential to both federal and state chartered credit unions, because it creates incentives for NCUA and state regulators to allow broader operating authority and impose fewer unnecessary constraints on operations. 

Impact on Credit Unions

Improving both the Federal Credit Union Act and state credit charters is at the top of the agendas of CUNA and the state credit union leagues. We are seeking to reduce the regulatory burdens of credit unions and empower credit unions with increased authorities and greater flexibility to serve their members.  

Victories We've Won

  • State Credit Union Act Updates
  • Prize-Linked Savings Passed in multiple states
  • State and Federal Credit Union Act Parity provisions signed into law throughout the country

Where We Stand

Credit unions are democratically owned and controlled not-for-profit cooperative financial institutions that take pride in their “People Helping People” philosophy. Credit unions are exempt from federal income tax because of their structure as not-for-profit financial cooperatives and their mission to promote thrift and provide access to credit for provident purposes. 

Impact on Credit Unions

The credit unions' tax status does not create an unfair market advantage. The financial benefits of credit unions' participation in the marketplace amounted to around $14.2 billion in 2016 alone, benefits realized by credit union members and non-members alike. Taxing credit unions in 2016 would account for 0.05% of 2016 federal government spending, funding government operations for 5 hours.  Instead, that $14.2 billion has gone to purchase homes and cars, and into communities served by credit unions.  

Victories We've Won

CUNA, Leagues, and credit unions worked together to help pass a bipartisan amendment on the Floor of the House of Representatives keeping the NCUA out of the appropriations process 

A bipartisan group of 71 House members signed a letter urging the appropriations committee to fully fund the Community Development Financial Institutions (CDFI) Fund. 

Both the Senate and House of Representatives released tax reform legislation -- both left the credit union tax status untouched. 

 

Where We Stand

Credit union mortgage lending is a vital path to homeownership for millions of American families, and credit unions need commonsense regulation of consumer-friendly credit union mortgage products and fair and equitable access to a robust secondary market to fulfill their role in our nation's housing market.

Impact on Credit Unions

Mortgage lending by credit unions is robust and growing, but heavy-handed regulation and a secondary market structure dominated by just a few of the largest banks stifle credit unions' ability to serve their members' mortgage needs.

Victories We've Won

Bureau of Consumer Financial Protection (BCFP) raised its threshold for HMDA reporting requirements for Home Equity Lines of Credit (HELOCs), offering relief through 2019 for more than 400 credit unions.  

CUNA staff participated on Senate Banking Committee Small Lender Panel to highlight credit union mortgage lending, raise concerns about future of housing finance system from credit union perspective 

CUNA witness testified before full Senate Banking Committee on robust small lender access to secondary mortgage market.  

Introduction in House and Senate of bipartisan legislation to achieve bank-credit union parity in non-owner-occupied 1-4 unit residential loans (H.R. 389/S. 836).  

Secured FHLB Membership Access for Privately Insured Credit Unions.  

PACE Lending programs have been defeated in Arkansas and Oklahoma; federal legislation introduced to protect consumers from unscrupulous PACE lending practices. 

Where We Stand

Congress should pass legislation that modernizes the Consumer Financial Protection Bureau (CFPB) and incentives common-sense regulation.

Impact on Credit Unions

For many Americans, credit unions are their opportunity for affordable financial services, but regulatory burden continues to provide challenges to credit unions and their members. Unfortunately, credit union members end up paying the price for regulatory burden. 

Victories We've Won

The Administration issued an Executive Order focused on the financial system that calls for “efficient, effective and appropriately tailored” regulations mirroring CUNA's call for tailored regulations. 

CUNA has had multiple witnesses testify before Congress in 2017 on common-sense regulations and regulatory relief. 

The DoL Fiduciary rule has been delayed 18 months to become effective in July of 2019. 

S. 2155 - the  Economic Growth, Regulatory Relief and Consumer Protection Act was signed into law.

CUNA released a White Paper entitled, " CUNA's Common-Sense Reforms to  Bureau of Consumer Financial Protection Rules & Procedures - Summer 2018 

 

Where We Stand

The rationale for expanded credit union powers is quite simple: credit union powers are based on their not-for-profit, member-owned, and community-based structure. Because credit union members own their financial institutions, the decisions credit unions make reflect the needs and interests of their memberships. This member-control is the basis for providing credit unions with wide authority to serve their members.

Impact on Credit Unions

Limiting the powers of credit unions does not adversely impact a board of directors or a group of stockholders, but instead the member-owners who want their credit union to serve all of their financial needs.

Victories We've Won

The Court granted NCUA's Motion to Dismiss in the case ICBA challenged the MBL Rule.

ANPR on Supplemental Capital is proceeding at the NCUA 

State Credit Union Act Modernizations were enacted in AL, FL, GA, IA, MN, ME, NE, NH, NC, OR, TN and WA. 

Prize-link Savings bills were enacted in AL, DE, MT and TX. A bill is pending in PA. 

Where We Stand

Credit unions should have access to the latest technology to provide members the products and services that they expect in today's digital economy.   

Impact on Credit Unions

Credit unions need to have access to the latest technology to ensure their ability to provide important services to members. Regulations and other requirements need to be appropriate for the size and sophistication of a credit unions operations. 

Victories We've Won

A data breach notification bill was enacted in New Mexico. 

The Maine Credit Union League defeated a bill repealing Maine's surcharge ban.  

CUNA prevailed in an interchange surcharging case in U.S. District Court in Texas. 

State patent infringement legislation was enacted in Arizona, Florida, Minnesota, Rhode Island, South Carolina, and Wyoming. 

Credit unions won a favorable ruling affirming CUNA's standing in its lawsuit against Home Depot.