Removing Barriers Blog

Keeping member credit unions and leagues current on what and why we are doing for advocacy efforts including legislative, regulatory and state governmental affairs.
Posted May 23, 2019 by CUNA Advocacy

The NCUA Board issued a proposed rule on nonmember deposits, received an update on the work of CURE, and received its quarterly briefing on the status of the Share Insurance Fund. Chairman Hood thanked members of the Northwest Credit Union Association for their attendance at today’s meeting.

Posted May 23, 2019 by CUNA Advocacy

CUNA wrote to Senator Tillis (R-NC) in support of his recently introduced legislation to stop and study Current Expected Credit Loss (CECL).  If enacted, S. 1564, the Continued Encouragement for Consumer Lending Act would require the standard (CECL) to be delayed and studied by the Securities and Exchange Commission along with the federal financial regulators, including the NCUA.

Posted May 23, 2019 by CUNA Advocacy

The CFPB announced that their financial education tool called "Misadventures in Money Management" has been expanded to active-duty servicemembers. According to mimm.gov, "Misadventures in Money Management was developed in partnership with the Consumer Financial Protection Bureau’s (CFPB) Office of Servicemember Affairs (OSA) and WILL Interactive. It aims to help military service members improve their financial literacy and financial choices through an interactive graphic novel experience."

Posted May 23, 2019 by CUNA Advocacy

Last week, CEOs of major financial services trade associations came together with a message to all U.S. financial institutions: Join Sheltered Harbor. Check out this deeper dive by Sheltered Harbor CEO Trey Maust into why the initiative is critical - both for individual institutions' operational resilience, and for the stability of the financial system as a whole.

Posted May 23, 2019 by CUNA Advocacy

CUNA's Economics and Research team recently released an updated SIF Distribution Calculator.  Check it out to get your best estimate of first quarter 2019 CU SIF equity distribution.

Check it out!

Posted May 23, 2019 by CUNA Advocacy

The CFPB published its Spring 2019 rulemaking agenda as part of the Unified Agenda of Federal Regulatory and Deregulatory Actions, which is coordinated by the Office of Management and Budget (OMB).  As an independent regulatory agency, the Bureau voluntarily participates in the Unified Agenda.

Posted May 22, 2019 by CUNA Advocacy

The next Credit Union Advisory Council (CUAC) meeting is scheduled to occur over two days on June 5-6

Posted May 22, 2019 by CUNA Advocacy

CUNA sent a letter to NCUA asking it to consider the pros and cons of replacing the existing fixed interest rate cap on FCU loans with a floating rate cap.

Posted May 22, 2019 by CUNA Advocacy

NCUA Chairman Hood announced that he has appointed Lenwood Brooks as the Assistant to the Chairman and Director of External Affairs.  Mr. Brooks joins the NCUA from the Securities Industry and Financial Markets Association, where he served as Vice President of Communications and led the trade association’s external affairs activities. His position reports directly to the Chairman and he will manage the agency’s Office of Public and Congressional Affairs as well as intergovernmental and stakeholder relations.


Posted May 22, 2019 by CUNA Advocacy

CUNA sent its serious concerns about the Federal Communications Commission’s (FCC) scheduled June 6 vote on default call blocking to the attention of NCUA Chairman Rodney Hood, and requested he intervene and ask that FCC delay and reconsider the ruling.

Last week, FCC Chairman Ajit Pai said that the FCC will vote on an order that would allow voice service providers to default block robocalls, only lifting the block once a consumer has specifically opted in to receive communications.

Posted May 21, 2019 by CUNA Advocacy

CUNA wrote to Chairman Crapo and Ranking Member Brown prior to the Senate Banking Committee’s hearing entitled, “Combating Illicit Financing by Anonymous Shell Companies Through the Collection of Beneficial Ownership Information.” 

The letter wrote of CUNA and credit union support for reasonable protections, including those under the Bank Secrecy Act (BSA), aimed at reducing financial crimes.

“Credit unions take BSA/AML compliance seriously and dedicate significant resources to it. However, when credit unions are spending their limited resources disproportionately on compliance, this means they are spending fewer resources on innovating and providing safe and affordable products and services.”

Posted May 21, 2019 by CUNA Advocacy

CUNA submitted a brief in support of Navy Federal Credit Union to the U.S. Court of Appeals for the Fourth District, in response to a decision by the U.S. District Court for the Eastern District of Virginia that found Section 1332 of the U.S. Code is the sole source of diversity jurisdiction and that Section 1332 does not apply to federally chartered corporations.  CUNA supports federal credit unions’ access to federal courts via diversity jurisdiction, one of the two methods for a federal court to have jurisdiction. 

CUNA’s brief, filed in Navy FCU v. LTD Financial Services et al, says that by foreclosing the ability for federal credit unions to invoke diversity jurisdiction, the court has failed to give effect to Congressional intent to treat federal and state credit unions alike in all material respects.

Posted May 20, 2019 by CUNA Advocacy

A reminder that NCUA is seeking comments on its 2019 annual regulatory review until June 1. NCUA reviews all of its existing regulations every three years. NCUA’s Office of General Counsel maintains a rolling review schedule that identifies one-third of the NCUA’s existing regulations for review each year.

Posted May 20, 2019 by CUNA Advocacy

MarketWatch published an article interviewing Rachel Pross the Chief Risk Officer at Maps Credit Union in Oregon and myself about cannabis banking.  Our interviews focused on the cannabis banking movement in Congress and highlights the work we’ve both been doing to create a safe and efficient ways for cannabis businesses have access to financial services. We both agree, cannabis banking can be conducted safely and efficiently – we just need common-sense federal laws and regulations.  

Posted May 20, 2019 by CUNA Advocacy

CUNA wrote to NCUA Chairman Hood congratulating him on his appointment as Chair of the National Credit Union Administration and to provide additional information not included in a March letter that was sent during the confirmation process.  CUNA and our members look forward to working with with the Chairman and are eager to stand as a resource.

Posted May 19, 2019 by CUNA Advocacy

The House of Representatives will consider H.R. 1500, the Consumers First Act as well as H.R. 1994, the Setting Every Community Up for Retirement Enhancement Act of 2019. 

The Senate will convene on Monday and resume consideration of Daniel P. Collins to be a United States Circuit Judge for the Ninth Circuit. 

Posted May 17, 2019 by CUNA Advocacy

The House Oversight Committee held a hearing entitled, “CFPB’s Role in Empowering Predatory Lenders: Examining the Proposed Repeal of the Payday Lending Rule." Prior to the hearing, CUNA wrote to Chairman Cummings and Ranking Member Jordan explaining how credit unions provide consumers with access to small dollar credit on safe and affordable terms.  CUNA also included a comment letter on the CFPB's Payday Rule that was submitted to the CFPB this week.

Posted May 16, 2019 by CUNA Advocacy

CUNA wrote to Chairman Nadler and Ranking Member Collins prior to the Judiciary Committee’s hearing on “Justice Denied: Forced Arbitration and the Erosion of Our Legal System.”

The letter highlighted the credit union difference and the many consumer protections associated with the credit union mission. 

"As one of the only consumer-owned cooperatives in the financial marketplace, credit unions have a long tradition of protecting their members’ interests. Among the many consumer protections associated with the mission of credit unions is the high-quality service they provide to their members, which has prompted a successful system for quickly and amicably resolving disputes in the limited instances where they arise. Credit unions have achieved this great success as consumer protectors without the intervention of unscrupulous plaintiff’s attorneys, who often do not know the credit union’s members nearly as well as the credit union does. Arbitration can be an efficient means to resolve legal disputes between parties and the choice to use arbitration is highly dependent on each credit union’s internal policies, priorities, and resources."

Posted May 16, 2019 by CUNA Advocacy

CUNA wrote to Chairman Doyle and Ranking Member Latta prior to the House Energy and Commerce Subcommittee's hearing on “Accountability and Oversight of the Federal Communications Commission.” 

It is imperative that Congress encourage the FCC to modernize its implementing regulations for the Telephone Consumer Protection Act (“TCPA”). Credit unions are tax-exempt nonprofit democratically operated financial cooperatives that have a unique relationship with their members, who are also owners of the enterprise. This special relationship spawns a variety of communications between the credit union and its member-owners, ranging from timely and critical financial information to messages regarding governance issues and financial education. Members welcome and expect this information

Posted May 16, 2019 by CUNA Advocacy

The House Financial Services Committee held a hearing with the financial regulators similar to this week's Senate Banking Committee hearing.  During the hearing, Members of the Committee cited CUNA data on the current expected credit loss (CECL) standard. CUNA wrote to Chairwoman Waters and Ranking Member McHenry prior to the hearing raising the CECL concerns, as well as praising NCUA for its modernization efforts and listing several improvements NCUA could make -- this letter was similar to the letter sent to Chairman Crapo and Ranking Member Brown in the Senate Banking Committee.

Posted May 16, 2019 by CUNA Advocacy

FASB issues an Accounting Standards Update (ASU) intended to ease transition to the CECL credit losses standard by providing the option to measure certain types of assets at fair value.

Posted May 16, 2019 by CUNA Advocacy

CUNA submitted comments to the Consumer Financial Protection Bureau (CFPB) in response to their proposal to rescind the mandatory underwriting provisions within the payday rule.  CUNA wrote that the short-term, small-dollar (payday) rule would have a detrimental impact on access to consumer-friendly credit union products if implemented unchanged.

CUNA believes the rule fails to strike an appropriate balance between enhancing consumer protection and ensuring credit unions are able to continue serving their members.

“CUNA strongly urges the Bureau to amend the rule to avoid causing any negative effects on credit unions’ small dollar loan programs and, instead, refocus the rule on appropriately reining in unregulated and underregulated non-depository online, payday, and title lenders, particularly entities with a history of bad behavior,” the letter reads. “To achieve this goal, CUNA recommends the Bureau use its broad exemption authority under Section 1022(b)(3)(A) of the Dodd-Frank Act to exempt all small dollar loans offered by credit unions from the 2017 Payday Rule, as credit unions have set themselves apart from other actors in this market.”

Posted May 15, 2019 by CUNA Advocacy

CUNA wrote to Chairman Kennedy and Ranking Member Coons prior to the Appropriations Committee's hearing to “Review the FY2020 Budget Request for the U.S. Department of Treasury.”  In the letter, CUNA urged the Committee to increase federal funding for the Community Development Financial Institutions (CDFI) Fund in

Posted May 15, 2019 by CUNA Advocacy

The Senate Banking held a hearing entitled “Oversight of Financial Regulators." NCUA Chairman Hood was on the witness panel. Prior to the hearing, CUNA wrote to Chairman Crapo and Ranking Member Brown with steps the NCUA should take toward enhancements to the credit union charter, while improving cybersecurity efforts and reducing regulatory burden.

The hearing brought together leading officials from the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board of Governors (“Fed”), Federal Deposit Insurance Corporation (FDIC), and the NCUA. Collectively, the primary topics of discussion included conversation on the state of the financial regulatory system, the Community Reinvestment Act, and updates on ongoing and past regulatory actions.

Posted May 15, 2019 by CUNA Advocacy

CUNA wrote to the Senate Banking Committee, House Financial Services Committee, and to Committee members and their staff prior to NCUA Chairman Rodney Hood’s testimony before both Committees this week.  Chairman Hood will appear before the Committees as part of a panel of federal financial regulators.

In the letters, CUNA wrote that the NCUA should take steps toward enhancements to the credit union charter, while improving cybersecurity efforts and reducing regulatory burden.

The credit union industry has focused its advocacy efforts on enhancements to the credit union charter. Therefore, we urge the agency to take steps toward this objective, which may include collaborating with parties outside NCUA.  Concern over cyber and data security is likely the single biggest issue currently facing most industries, including financial services.

Posted May 14, 2019 by CUNA Advocacy

The CFPB published a notice announcing plans to periodically review regulations under the Regulatory Flexibility Act (RFA). As part of its RFA Review, the Bureau has issued a notice requesting public comment on the 2009 Overdraft Rule. 

Section 610 of the RFA requires agencies to review certain rules within 10 years of their publication, and consider the rules’ effect on small businesses. The purpose of the review is to minimize any significant economic impact of the rules upon a substantial number of small entities.  At the conclusion of each review, the Bureau will determine whether the rule should be continued without change, or should be amended or rescinded.

Posted May 13, 2019 by CUNA Advocacy

CFPB Director Kathy Kraninger announced that Brian Johnson will serve as the Deputy Director. Mr. Johnson first joined the Bureau in December 2017 as Senior Advisor to the Director and was named Principal Policy Director in April 2018. He has served as Acting Deputy Director since July 2018.   

Posted May 13, 2019 by CUNA Advocacy

CUNA filed a comment letter with the Federal Reserve Board in connection with an advance notice of proposed rulemaking (ANPR) on Regulation D regarding reserve requirements of depository institutions. Specifically, the Board is considering whether to propose amendments to Regulation D to lower the rate of interest paid on excess balances (IOER) maintained at Federal Reserve Banks by eligible institutions that hold a very large proportion of their assets in the form of balances at Reserve Banks. While the specifics of the Board’s ANPR would not impact credit unions, we decided to use the opportunity to urge the Board to consider amending Regulation D to increase the current regulatory limit of six transfers per month from a savings account.

Posted May 13, 2019 by CUNA Advocacy

This week, the House will consider H.R. 2578, the National Flood Insurance Program Extension Act of 2019.  This legislation would extend the authority of the flood insurance program from May 31 to September 30.  The House will also consider H.R. 5, the Equality Act and H.R. 987, the Marketing and Outreach Restoration to Empower Health Education Act of 2019. 

The Senate will consider a number of judicial nominations beginning with Michael J. Truncale, of Texas, to be United States District Judge for the Eastern District of Texas. 

Posted May 10, 2019 by CUNA Advocacy

CUNA wrote to Chairman Clay and Ranking Member Duffy prior to the Subcommittee’s hearing entitled, “A Review of the State of and Barriers to Minority Homeownership.”

In the letter, CUNA explained how the nation’s 5,500 credit unions are unique, member-owned, democratically-controlled, not-for-profit financial cooperatives that currently serve over 115 million members and highlighted that Many of those members are people of color who rely upon their credit union to meet their housing finance needs.

Posted May 10, 2019 by CUNA Advocacy

CUNA wrote in support of S. 149, the Stop Senior Scams Act a bill introduced by Senators Bob Casey (D-PA) and Jerry Moran (R-KS). If enacted, this legislation would create a federal advisory council dedicated to combating senior scams.

Financial exploitation is one of the most common forms of elder abuse. CUNA strongly supports the goal of this legislation to help seniors avoid financial exploitation and to encourage responsible decisions regarding financial management.

Posted May 09, 2019 by CUNA Advocacy

Attorneys General from 38 states and territories wrote to Congressional Leadership in both chambers supporting the CUNA-backed Secure and Fair Enforcement (SAFE) Banking Act. If enacted, this legislation would allow financial services to cannabis-based businesses in states where it is legal. CUNA, leagues and the American Bankers Association worked with the AG offices across to the country to coordinate the letter.

“We request that Congress advance the SAFE Banking Act or similar legislation that would provide a safe harbor for depository institutions that provide a financial product or service to a covered business in a state that has implemented laws and regulations that ensure accountability in the marijuana industry,” the letter reads. “An effective safe harbor would bring billions of dollars into the banking sector, enabling law enforcement; federal, state and local tax agencies; and cannabis regulators in 33 states and several territories to more effectively monitor cannabis businesses and their transactions.

Posted May 09, 2019 by CUNA Advocacy

CUNA responded to Senator Bernie Sanders and Representative Alexandria Ocasio-Cortez’s recent proposal to cap the interest rates consumers pay for credit card and other loans that also called for the U.S. Postal Service to start providing more affordable financial services products to consumers.   

In the letter CUNA refuted the need for such legislation, detailing why credit unions are the best option for consumers and already provide safe, affordable and quality financial services to local communities.  

Membership through a credit union provides a consumer with all the protections that Sanders and Ocasio-Cortez are seeking, including:  

  • Usury Cap: The Federal Credit Union Act (FCU Act) and National Credit Union Administration (NCUA) Board has set a usury cap of 18 percent for most financial products, including credit cards. In addition, many state-chartered credit unions are bound by state-established usury caps.
  • Broad Access for Consumers: The Shared Branching Network and other arrangements have established a wide-ranging, surcharge-free ATM network that allows credit union members to use the branches of other credit unions. This cooperative network ensures members have access their money almost anywhere.
  • Affordable Products and Services: Credit unions often provide products and services at lower rates and with fewer fees than their bank counterparts. For example, as of December 2018, credit unions’ average interest rate for classic credit cards stood at 11.61 percent compared to banks’ average interest rate of 13.47 percent.

Posted May 09, 2019 by CUNA Advocacy

The House Financial Services Committee passed H.R. 2514, the “Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform (COUNTER) Act of 2019,” which includes Bank Secrecy Act/Anti-Money Laundering (BSA/AML) relief for credit unions.   

Representative Cleaver (D-MO) and Committee Chairwoman Maxine Waters (D-Calif.) worked with Representative Barry Loudermilk (R-Ga.) to add an amendment to H.R. 2514 to index the Currency Transaction Report thresholds for inflation and further study the impact of Suspicious Activity Reports (SARs). 

Posted May 08, 2019 by CUNA Advocacy

CUNA and state credit union leagues attended a CFPB Town Hall in Philadelphia, Pennsylvania to discuss the CFPB’s recently-issued proposal on debt collection practices under the Fair Dept Collection Practices Act (FDCPA).  The panel was moderated by David Silberman, CFPB Associate Director for Research, Markets, and Regulation, and included representatives from debt collection associations, consumer advocates, and public interest attorneys.

In her remarks prior to the panel, Director Kathy Kraninger said the Bureau’s rule is intended to provide “clear rules of the road where consumers know their rights and debt collectors know their limitations.”   The Director noted the challenges collectors face when dealing with a statute (FDCPA) that is more than 40 years old.  The proposed rule is intended to create standards for the FDCPA’s application to modern technology and provide clarity in areas where clarity was lacking. 

Posted May 07, 2019 by CUNA Advocacy

Prior to the Committee’s hearing entitled, "Review of the FY 2020 USAID Budget Request," CUNA wrote to Chairman Risch and Ranking Member Menendez in support of funding for the Cooperative Development Program.   

Since 1971, WOCCU has offered nearly 300 technical assistance programs around the globe – all while serving the mission of improving lives through credit unions and other cooperative financial institutions. WOCCU’s programs provide education and international networking for the exchange of information and ideas. 

Posted May 07, 2019 by CUNA Advocacy

CUNA wrote to Chairman McGovern and Ranking Member Cole prior to the Committee’s hearing on H.R. 2157, the Supplemental Appropriations Act of 2019. The Chairwoman of the House Appropriations Committee, Representative Nita Lowey (D-NY), is expected to offer a “Manager’s Amendment” to the bill to extend the expiration of the authority of the National Flood Insurance Program from May 31 to September 30, 2019. CUNA urges the Committee to accept this amendment.

Credit unions play an increasingly important role in the housing finance market and, as a result, have a vested interest in the ongoing stability of the National Flood Insurance Program (NFIP).  Many credit union members, throughout the United States, live in communities designated as Special Flood Hazard Areas subject to mandatory flood insurance requirements and many of those same members rely upon the coverage offered under the program to insure against the risk of a natural disaster occurring.

Posted May 07, 2019 by Chandler Schuette

CUNA wrote to Committee leadership urging the Committee and Congress as a whole to address data security in order to provide consumers with data privacy. The best approach on data security and privacy for consumers and business is for Congress to develop a strong privacy law that applies to all businesses and entities that collect, house or otherwise possess information.

Posted May 06, 2019 by CUNA Advocacy

CUNA wrote to Chairman Kennedy and Ranking Member Coons prior to the Appropriations Subcommittee’s hearing entitled, “Hearing to review the Fiscal Year 2020 budget requests for the U.S. Federal Communications Commission and the U.S. Federal Trade Commission.” As the Committee considers the FCC’s fiscal budget for the upcoming year, CUNA urges Congress to encourage the FCC to modernize its implementing regulations for the Telephone Consumer Protection Act (TCPA).

CUNA’s letter notes that the rules for contacting consumers are completely different for landlines and mobile phones, and that this distinction is “antiquated and unfair and fails to reflect how the vast majority of consumers communicate today.”

Posted May 07, 2019 by CUNA Advocacy

The CFPB issued a proposed rule on debt collection practices under the Fair Debt Collection Practices Act (FDCPA).  As expected, the proposed rule appears to only cover FDCPA-covered debt collectors.  

According to the Bureau’s release, the proposal would “set clear, bright-line limits on the number of calls debt collectors may place to reach consumers on a weekly basis; clarify how collectors may communicate lawfully using newer technologies, such as voicemails, emails and text messages, that have developed since the FDCPA’s passage in 1977; and require collectors to provide additional information to consumers to help them identify debts and respond to collection attempts.” 

In addition to the proposal, the CFPB also released supplemental materials intended to assist entities to understand the proposal, including a Fact Sheet and Flowchart.  Comments on the proposed rule will be due 90 days after its publication in the Federal Register.

The proposed rule was released ahead of a CFPB Town Hall on debt collection scheduled to take place tomorrow in Philadelphia, PA.  CUNA, the Pennsylvania League, and several local credit unions will be present at the town hall. 

Posted May 06, 2019 by CUNA Advocacy

The House is expected to consider H.R. 2157, the Supplemental Appropriations Act of 2019 and H.R. 986, the Protecting Americans with Preexisting Conditions Act of 2019.  The Chairwoman of the House Appropriations Committee is expected to offer a “manager’s amendment” to the supplemental appropriations bill to extend the expiration of the authority of the National Flood Insurance Program from May 31 to September 30, 2019. 

The Senate will resume consideration of Joseph F. Bianco, of New York, to be United States Circuit Judge for the Second Circuit. 

Posted May 02, 2019 by CUNA Advocacy

Credit union leaders from California and Nevada met with CFPB Director Kathy Kraninger in Los Angeles, CA.

Specific issues discussed include the need for strong Property Assessed Clean Energy (PACE) loan regulations, reconsideration of the CFPB’s Remittance rule coverage and safe harbor threshold, payday lending exemptions and the need for the CFPB to define “abusive” under Unfair, Deceptive or Abusive Acts or Practices (UDAAP). 

Posted May 02, 2019 by CUNA Advocacy

CUNA submitted comments to the Consumer Financial Protection Bureau in response to their request for input on several aspects of the consumer credit card market, the fourth such review as required by the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009.

“As the CFPB conducts its review of the credit card market, we urge it to be cognizant that excessive regulatory requirements have the potential to divert credit unions’ resources and attention from meeting their members’ needs,” the letter reads. “The credit unions that offer credit card programs do so as a service to their members.”

Posted May 02, 2019 by CUNA Advocacy

CFPB Proposes Higher HMDA Thresholds after Strong CUNA Push

Posted May 01, 2019 by CUNA Advocacy

Prior to the Subcommittee on Consumer Protection and Financial Institutions hearing on “Ending Debt Traps in the Payday and Small Dollar Credit Industry,” CUNA wrote to Chairman Meeks and Ranking Member Luetkemeyer regarding the CFPB’s Payday Rule.

In the letter, CUNA wrote about the work credit unions did during the recent Government Shutdown.  Credit unions provide the safest and most affordable options for consumers in need of short-term and emergency credit. As a recent example, an estimated 800,000 families across the country faced financial insecurity during the recent federal government shutdown. America's credit unions embodied their structure and mission by ensuring that all impacted members had access to low- or no-interest loans with generous repayment terms.

Posted May 01, 2019 by CUNA Advocacy

CUNA joined a number of trade associations in writing to Chairman Doyle and Ranking Member Latta prior to the Subcommittee’s hearing on the problem of illegal automated calls.

The signers of the letter strongly support and share the goal of thwarting unlawful actors that seek to defraud or commit other unlawful acts against consumers. Appropriately tailored efforts are critical to protect consumers from deception and other harm.  The also urged the Committee to support the Federal Communications Commission’s unprecedented work to bring enforcement actions against illegal actors, while facilitating the ability of legitimate businesses to place valued and important calls to their customers using modern communications technologies.

Posted May 01, 2019 by CUNA Advocacy

CUNA wrote to Chairman Crapo and Ranking Member Brown prior to the Senate Banking Committee hearing entitled, “Guidance, Supervisory Expectations, and the Rule of Law: How do the Banking Agencies Regulate and Supervise Institutions?”

The letter included the recent letter CUNA sent the Consumer Financial Protection Bureau Director Kraninger regarding the Bureau’s supervision of the nation’s not-for-profit credit unions.

Posted April 30, 2019 by CUNA Advocacy

CUNA wrote to Chairwoman Beatty and Ranking Member Wagner prior to the House Financial Services Subcommittee on Diversity and Inclusion’s hearing on “Good for the Bottom Line: The Business Case for Diversity and Inclusion.”

In the letter, CUNA highlighted what credit unions do to support and promote diversity and inclusion.

Posted April 30, 2019 by CUNA Advocacy

 CUNA wrote to Chairman Wicker and Ranking Member Cantwell urging Congress to act to set a federal data privacy standard.

CUNA applauds the committee for taking up the critical issue of data privacy and pledged to work with them to create a strong, national data privacy standard. It should go without saying that any serious data privacy statute should include robust data security requirements that all who hold consumer data must follow. Unfortunately, as we have watched the debate over a federal data privacy standard develop, discussion of security requirements has been virtually nonexistent.

Nevertheless, we do not see any way for a data privacy law to achieve its objectives without a strong security standard that is preemptive of state law and applies to all entities that hold or use consumer data. Simply put: Congress cannot provide consumers with data privacy without addressing data security

Posted April 30, 2019 by Chandler Schuette

CUNA wrote to Chairman Graham and Ranking Member Leahy prior to the hearing to “review the Fiscal Year 2020 funding request and budget justification for the U.S. Agency for International Development.”

In the letter, CUNA wrote that there are over 89,000 credit unions in 117 countries with $2.1 trillion dollars in total assets serving 260 million members. The Credit Union National Association is also a member of the World Council of Credit Unions (WOCCU), which is the leading trade association and development organization for the international credit union movem

Posted April 30, 2019 by CUNA Advocacy

CUNA wrote to Chairwoman Waters and Ranking Member McHenry prior to the House Financial Services Committee hearing entitled, “Housing in America: Assessing the Infrastructure Needs of America’s Housing Stock.”

In the letter, CUNA wrote that Credit unions play an increasingly important role in the housing finance market and, as a result, have a vested interest in ensuring an adequate supply of housing stock. Many credit union members, throughout the United States, live in communities where the nation’s housing stock has become more limited and unaffordable.

Posted April 30, 2019 by CUNA Advocacy

CUNA wrote to Chairman Inhofe, Chairman Smith, Ranking Member Reed, and Ranking Member Thornberry about concerns regarding the inclusion of any language in the National Defense Authorization Act (NDAA) for fiscal year 2020 that would allow banks rent-free access to military installations.  Currently, there is no such language in the FY2020 NDAA.  Last year, CUNA and the Defense Credit Union Council successfully fought for similar language to be removed from last year’s NDAA.

Posted April 29, 2019 by Chandler Schuette

CFPB recently announced two opportunities for credit unions to engage with CFPB leadership and staff.

Posted April 29, 2019 by CUNA Advocacy

This week, the House will consider H.R. 9, the Climate Action Now Act.  The House will also consider several bills under “suspension of the rules.”  Included are: H.Res. 327, a bill “Encouraging greater public-private sector collaboration to promote financial literacy for students and young adults” as well as H.Res. 328, legislation “Supporting the protection of elders through financial literacy.” 

The Senate will vote on several executive branch nominations. 

Posted April 25, 2019 by CUNA Advocacy

The Consumer Financial Protection Bureau (CFPB) has issued a Request for Information on its remittance rule, a rule which CUNA has called on the Bureau to revise. CUNA raised this issue on several occasions with new CFPB Director Kathy Kraninger since she took over as agency director, including in a letter when she was first confirmed and in multiple face-to-face meetings.

“CUNA has asked the CFPB for years to finalize substantive amendments to the remittance rule in order to balance necessary consumer protections with a more tailored regulation that allows consumers access to these services,” said CUNA President/CEO Jim Nussle. “We’re thankful to the CFPB for starting this process, and we thank our league and credit union partners who stressed the importance of this issue in meetings with Director Kraninger, CFPB staff and other policymakers.”

Posted April 25, 2019 by CUNA Advocacy

CUNA President/CEO Jim Nussle, Chief Advocacy Officer Ryan Donovan, Deputy Chief Advocacy Officer Elizabeth Eurgubian and Senior Director of Advocacy and Counsel Mitria Wilson met with new NCUA board member Todd Harper to welcome him to the board and discuss credit union priorities. Harper was nominated by President Donald Trump in January and was confirmed in March, along with NCUA Chairman Rodney Hood.

“We thank board member Harper for his time and attention during our discussion about issues that are important to credit unions, most notably reducing the regulatory burden to increase member services,” Nussle said. “CUNA is pleased with the direction the agency has taken over the past few years, and we believe with a full board in place NCUA can continue its work and build on this positive momentum.”

Posted April 23, 2019 by CUNA Advocacy

The Wisconsin Supreme Court issued a ruling that affirmed the appeal court’s decision, concluding that “a creditor's failure to provide such notice does not constitute a sufficient basis for relief under ch. 427.”

In December 2018, CUNA and the Wisconsin Credit Union League (WCUL) filed an amicus brief in the Wisconsin Supreme Court in support of the defendant creditor as to “whether a debtor who has been sued on a consumer credit transaction without first receiving a notice of right to cure default under ch. 425 may sue the creditor for damages under ch. 427, the Wisconsin Consumer Act ("WCA").”  The court of appeals concluded the debtor could not maintain such an action, and the debtor appealed.  The amicus from CUNA and WCUL urged the Court to uphold the appeal court’s ruling. 

Posted April 23, 2019 by Chandler Schuette

CUNA filed a letter in support of NCUA’s proposed rule on supervisory committee audits (Part 715), as we believe the proposed changes would make compliance with these requirements less burdensome. Specifically, the proposal would amend NCUA’s regulations governing the responsibilities of a federally insured credit union to obtain an annual supervisory committee audit of the credit union. 

Posted April 23, 2019 by CUNA Advocacy

The CFPB issued a release announcing changes its policies related to Civil Investigative Demands (CIDs). The amended policy is designed to ensure more information is provided by the CFPB at the onset about the potentially wrongful conduct under investigation. 

The updated policy for CIDs “will provide more information about the potentially applicable provisions of law that may have been violated.” In addition, CIDs will also specify the business activities subject to the Bureau’s authority. 

Posted April 19, 2019 by CUNA Advocacy

CFPB Director Kathy Kraninger announced the launch of a new symposium series that will be focused on issues affecting the consumer financial services marketplace.  The events are intended to “stimulating a proactive and transparent dialogue to assist the Bureau in its policy development process, including possible future rulemakings.” 

During each symposium, the Bureau will host a discussion panel of experts with a variety of viewpoints on the issue. The first topic for the symposia series – details of which are forthcoming – will be centered on “clarifying the meaning of abusive acts or practices under Section 1031 of the Dodd-Frank Act.” 

Future symposia are planned to address other regulatory hot topics, including abusive acts or practices, behavioral law and economics, small business loan data collection, disparate impact and the Equal Credit Opportunity Act, cost-benefit analysis, and consumer authorized financial data sharing.  

Posted April 18, 2019 by CUNA Advocacy

America’s credit unions were represented at this week’s Opportunity Zone Conference at the White House, an event featuring cabinet and other officials, along with state, local, tribal and community leaders. The Opportunity Zone program, created by the Tax Cuts and Jobs Act of 2017, encourages individuals and businesses to invest in 8,760 low-income communities designated “Opportunity Zones.”

President Donald Trump spoke at the event, calling Opportunity Zones a “crucial part of new tax law to invest and create jobs in the nation’s most underserved communities.”

Several administration officials also spoke, including Secretary of Housing and Urban Development Ben Carson and Treasury Secretary Steven Mnuchin.

The Treasury also released new Opportunity Zone guidance designed to provide flexibility for investors and funds that invest in the zones, as well as certainty for stakeholders.

Posted April 18, 2019 by CUNA Advocacy

CUNA represented America’s credit unions at the Bipartisan Policy Center for CFPB Director Kathy Kraninger’s first policy speech.  In her speech, the Director said the Bureau will focus on “prevention of harm to consumers.” Additionally, the Bureau will work to level the playing field for financial services providers while holding bad actors accountable, and it will work to develop clear rules of the road for regulated financial entities.

“We are encouraged by the approach that Director Kraninger laid out today as well as her engagement with credit unions in the first few months of her term,” said CUNA Chief Advocacy Officer Ryan Donovan. “We look forward to engaging her more in an effort to reduce regulatory burden and put an end to one-size-fits-all regulation.”

Posted April 18, 2019 by CUNA Advocacy

In his opening remarks, new NCUA Chairman Hood commented on several areas he intends to focus on, including enhancing the credit union charter, enhancing cybersecurity efforts, and reducing regulatory burden

Posted April 16, 2019 by CUNA Advocacy

CUNA attended oral arguments before a three-judge panel of the D.C. Circuit Court of the in American Bankers Association’s ongoing legal challenge to the National Credit Union Administration’s field of membership (FOM) rule. 

During the hearing, the judges considered NCUA’s appeal of District Judge Dabney Friedrich’s ruling overturning the provisions of the agency’s rule related to combined statistical areas and rural districts. Meanwhile, the Court also considered ABA’s cross-appeal on those portions of Friedrich’s opinion upholding the provision of the rule permitting credit unions to serve core-based statistical areas without serving the urban core that defines the area.

Posted April 12, 2019 by CUNA Advocacy

CUNA wrote to Senators Merkely and Gardner in support of the Secure and Fair Enforcement (SAFE) Banking Act of 2019.  If enacted, this legislation would permit credit unions in states where marijuana is legal to safely serve their members' related needs.  

As stated in the letter, CUNA takes no position on the morality or wisdom of legalizing or decriminalizing medicinal or recreational cannabis at either the state or federal level. However, credit unions operating in states where it is legal have members and member businesses involved in the cannabis market who need access to traditional depository and lending services, the absence of which creates a significant public safety issue.

Posted April 11, 2019 by CUNA Advocacy

CUNA wrote to Chairwoman Waters and Ranking Member McHenry prior to the House Financial Services Committee hearing with executives from seven megabanks.  In the letter, CUNA highlighted the credit union difference and that even as Megabanks continue to grow as credit unions work to provide access to affordable financial services to 115 million Americans.

The letter noted that S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act has alleviated some of those burdens, but that additional legislation that may be forthcoming should not be one-size-fits-all and recognizes the regulatory challenges and financial burden faced by smaller, less complex financial institutions.

Posted April 11, 2019 by CUNA Advocacy

CUNA wrote to Representatives Vicente Gonzalez (D-TX), Tulsi Gabbard (D-HI), Paul Cook (R-CA) and Don Young (R-AK) in support of their bipartisan bill that would exempt loans made to veterans from counting against a credit union’s member business lending cap.

This bipartisan legislation will make it easier for America’s veterans to access capital and invest in themselves and their communities. Credit unions proudly serve tens of millions of active duty and veteran members and fully support veteran entrepreneurs and their families.

Posted April 11, 2019 by CUNA Advocacy

CUNA wrote to Representative Joyce Beatty (D-OH) in the House and Senator Jack Reed (D-RI) and Tim Scott (R-SC) in the Senate to in support of their resolutions to recognize Financial Literacy Month. 

The resolutions recognize the need for financial literacy as a way to empower individuals and increase economic activity and growth while calling on consumers and organizations to “observe Financial Literacy Month with appropriate programs and activities.”

Posted April 11, 2019 by CUNA Advocacy

CUNA staff attended a roundtable hosted by the Small Business Administration (SBA), Office of Advocacy to discuss the Department of Labor’s (DOL) proposed Overtime Rule under the Fair Labor Standards Act (FLSA).  During the meeting, CUNA raised concerns about the raised threshold and the impact increased compliance costs could have on credit unions’ ability to serve their members.

The DOL’s proposal would increase the minimum salary for the “white collar” overtime exemption from $23,660 annually to $35,308 annually. The proposed threshold is lower than the threshold of $47,476 finalized in a 2016 rulemaking. The 2016 rulemaking never became effective due to federal court challenges of the rule’s legality.  

Posted April 11, 2019 by CUNA Advocacy

Given that more than 90% of mergers in 2018 occurred at credit unions under $100 million in assets, the CUNA Small Credit Union Committee wrote to Larry Fazio, NCUA director of the office of examination and insurance, to ask whether the agency has any concerns over the continued loss of small credit unions nationwide.

Following its in-person meeting with Fazio during CUNA’s Governmental Affairs Conference, the group, which tracks issues facing small credit unions and advises the CUNA Board, wrote a letter reiterating the concerns it shared with Fazio in Washington, D.C. 

Posted April 10, 2019 by CUNA Advocacy

CUNA wrote to Chairman Meeks and Ranking Member Leutkemeyer prior to the House Financial Services Subcommittee hearing on “The Community Reinvestment Act: Assessing the Law’s Impact on Discrimination and Redlining.

As Congress ponders ways to improve the Community Reinvestment Act’s (CRA) impact on redlining and discrimination CUNA urged the Committee to consider ways to strengthen partnerships between banks and credit unions.
“Credit unions have a track record of fairly meeting the needs of all members-regardless of their race, gender, or socio-economic background,” the letter reads. “Thus, facilitating the partnerships between banks and credit unions can serve as an important mechanism for ensuring that the goals of the Community Reinvestment Act are reached.

Posted April 10, 2019 by CUNA Advocacy

Prior to hearings in the House Appropriations Committee, CUNA wrote to Subcommittee leadership raising credit union issues as the subcommittees began hearings on federal agency budget requests from the DOJ, IRS and Treasury for fiscal year 2020.

Posted April 08, 2019 by CUNA Advocacy

Todd Harper and Rodney Hood were officially sworn in as the newest members of the NCUA board. President Trump designated Hood as the new board chair.

Posted April 08, 2019 by CUNA Advocacy

The House will consider H.R. 1644, the “Save the Internet Act of 2019”; H.R. 2021, the “Investing for the People Act of 2019” (setting budget levels for the next two fiscal years); and H.R. 1957, the “Taxpayers First Act.” 

The Senate is expected to consider the nomination of Daniel Domenico, of Colorado, to be United States District Judge for the District of Colorado. 

Posted April 05, 2019 by CUNA Advocacy

CUNA wrote to both the House and Senate in support of Strengthening the Tenth Amendment Through Entrusting States (STATES) Act of 2019. If enacted, this legislation would clarify the federal treatment of marijuana where it is legal and permit credit unions in those states to serve members’ related needs. The STATES Act of 2019 was introduced by Senators Elizabeth Warren (D-MA) and Cory Gardner (R-CO) in the Senate and Representatives Earl Blumenauer (D-OR) and Dave Joyce (R-OH).

Posted April 05, 2019 by CUNA Advocacy

CUNA’s Chief Advocacy Officer – Ryan Donovan, wrote to Congressional offices highlighting the numerous public benefits that come with the credit union tax status. The credit union tax status is one of the best investments the government makes in its citizens.

The email dispels numerous myths about the credit union tax status and points out that the status is based on credit unions’ mission and structure, which remains unchanged from the earliest days of not-for-profit financial cooperatives in America.

Posted April 05, 2019 by CUNA Advocacy

 CUNA wrote to the House Appropriations subcommittee on Financial Services and General Government prior to its hearing on the FCC’s budget for the upcoming year. As Congress considers the budget for the Federal Communications Commission, it is imperative Congress encourage the agency to modernize implementing regulations for the Telephone Consumer Protection Act (TCPA).  

Posted April 05, 2019 by CUNA Advocacy

Together with the bank regulators, the NCUA issued FAQs on FASB’s CECL (current expected credit loss) accounting standard. The FAQs expand on (and incorporate) previously issued FAQs.

Posted April 04, 2019 by CUNA Advocacy

The Financial Accounting Standards Board voted unanimously against formally issuing changes to the CECL accounting standard that would have affected how credit losses are recorded. The changes were the subject of a January roundtable at FASB’s headquarters in Norwalk, CT.

Posted April 02, 2019 by CUNA Advocacy

The House Ways and Means Committee passed bipartisan legislation that will have a significant impact on credit unions should it pass the Senate and be enacted into law.  Among the bills passed was H.R. 1957, the “Taxpayer First Act of 2019.”

Posted March 31, 2019 by CUNA Advocacy

The House will consider H.R. 1585, the Violence Against Women Reauthorization Act of 2019; S.J. Res. 7, “To direct the removal of United States Armed Forces from hostilities in the Republic of Yemen that have not been authorized by Congress”; and H.Res. 271, “Condemning the Trump Administration's Legal Campaign to Take Away Americans' Health Care.” 

The Senate is expected to consider H.R. 268, the Disaster Supplemental Appropriations Act.  The Senate may also consider S.Res. 50, a resolution “improving procedures for the consideration of nominations in the Senate.” 

Posted March 31, 2019 by CUNA Advocacy

The Basel Committee on Banking Supervision is the primary global standard setter for regulation of internationally active banks. So, naturally, what this group does doesn’t affect credit unions, right? Wrong. Well, maybe it affects credit unions in other countries, but surely the work of the Basel Committee doesn’t impact U.S. credit unions, right? Wrong again.

Notwithstanding the mandate of internationally active banks, the Basel Committee has an impact on credit unions here in the United States and around the world. Look no further than NCUA’s risk-based capital rule, which adopts a Basel approach for U.S. credit unions.

Even the Basel Committee acknowledges its standards are not meant for small, non complex institutions, like credit unions. From Basel I through the current standards, Basel III, the Committee focused on the capital adequacy of “international banks” only, with no expectation that the rules would apply to other banks.

Posted March 29, 2019 by CUNA Advocacy

CUNA Chief Advocacy Officer Ryan Donovan wrote to all 535 Congressional offices – telling them that credit unions are among the businesses that risk legal action when contacting members due to the Telephone Consumer Protection Act (TCPA).  Regulations governing how businesses can interact with consumers are not keeping up with technology, leaving both consumers and businesses at risk.

Posted March 29, 2019 by CUNA Advocacy

The CFPB published the Home Mortgage Disclosure Act (HMDA) Modified Loan Application Registers (LARs) data for approximately 5,400 financial institutions. This release is the first to include the additional data reported by certain institutions under the 2015 HMDA rule.

Posted March 28, 2019 by CUNA Advocacy

The House Financial Services Committee passed the CUNA-supported H.R. 1595, the Secure and Fair Enforcement (SAFE) Banking Act by a bipartisan vote of 45-15. If enacted, this legislation would provide a safe harbor for financial institutions serving legal cannabis-related businesses.

Prior to the Committee’s mark-up, CUNA joined with the American Bankers Association (ABA) to send a letter in support of the bill as both entities are committed to serving the financial needs of their communities.  

Posted March 28, 2019 by CUNA Advocacy

CUNA wrote to Chairwoman Waters and Ranking Member McHenry prior to the House Financial Services Committee mark-up of H.R. 1500, the Consumers First Act.  In the letter CUNA expressed concern over provisions in the legislation – including the dilution of the Credit Union Advisory Council.

CUNA’s letter reiterated support for a bipartisan, multimember commission to lead the CFPB.

"Congress has a responsibility to ensure the CFPB is suitably designed to be an effective agent of consumer protection. The current structure—with a single, powerful director—gives too much authority to one person and does not provide meaningful oversight and accountability,” the letter reads. “H.R. 1500 would be a more effective instrument of sustainable change if the bill was grounded in improving the Bureau’s leadership structure through the adoption of a multimember, bipartisan commission.”

Posted March 28, 2019 by CUNA Advocacy

CUNA wrote to Chairman Crapo and Ranking Member Brown highlighting CUNA’s commitment to working with the Committee to create a strong foundation for housing reform. CUNA believes that the Chairman’s early blueprint for housing finance reform is a solid start to beginning the work of rebuilding the secondary mortgage market. 

“As important as it is to act to reform the secondary mortgage market, it is even more important to get it right,” the letter reads. “CUNA and our members continue to believe that for credit unions and our members, getting it right should mean one thing: Community lenders must be at the core of the future secondary mortgage market.”

Posted March 28, 2019 by CUNA Advocacy

CUNA wrote to Chairman Moran and Ranking Member Blumenthal and Chairman Krishnamoorthi and Ranking Member Cloud prior to Subcommittee hearings on data privacy and security.

The House Oversight and Reform Subcommittee on Economic and Consumer Policy conducted its hearing on improving data security at consumer reporting agencies, while the hearing conducted by the Senate Commerce Subcommittee on Manufacturing, trade and consumer protection covered small business perspectives on data privacy.

Posted March 28, 2019 by CUNA Advocacy

CUNA wrote to Chairman Neal and Ranking Member Brady prior to the Ways and Means Committee hearing entitled, “The 2017 Tax Law and Who It Left Behind.” In the letter CUNA wrote about the importance of having not-for-profit credit unions as vibrant and viable alternatives in the financial services marketplace and reminded the Committee of the significant financial benefits credit unions provide to their members.

While the Tax Cuts and Jobs Act of 2017 (TCJA) did not make any alterations to credit unions’ tax status it imposes several taxes on not-for-profit entities.

Posted March 28, 2019 by CUNA Advocacy

Recent NCUA releases cover several current issues that may be of interest. 

Posted March 25, 2019 by CUNA Advocacy

The House will consider H.R. 7, the Paycheck Fairness Act and H. Res. 124, “Expressing opposition to banning service in the Armed Forces by openly transgender individuals.” 

The Senate is expected to consider Bridget S. Bade, to be United States Circuit Judge for the Ninth Circuit.  The Senate may also vote on S.J.Res.8, a joint resolution “recognizing the duty of the Federal Government to create a Green New Deal,” as well as H.R. 268, a bill to make supplemental appropriations. 

Posted March 22, 2019 by CUNA Advocacy

The Department of Labor (DOL) published its proposed overtime rule Friday. Under the proposal, employees with a salary level of $35,308 per year (up from the current $23,660 per year) must be paid overtime if they work more than 40 hours per week.

The DOL previously finalized an overtime rule in 2016, but a federal judge blocked its implementation in November 2016. That rule would have raised the threshold to $47,476 annually.

CUNA had expressed concerns about this previous DOL rule, warning that the threshold change would magnify regulatory burdens faced by credit unions and could negatively impact credit union members by potentially forcing changes in employment situations.

Posted March 21, 2019 by CUNA Advocacy

CUNA wrote to the Senate Banking Committee leadership in response to an invitation for stakeholder feedback on collection, use and protection of personal information by financial regulators and private companies.  

“Congress should not expect any data privacy law it may enact to succeed in providing the desired level of privacy if such legislation does not also require all businesses and originations that collect, use and house personally identifiable information (PII) to protect that data consistent with strong, federal security requirements,” the letter reads. “A federal data security standard is essential to provide Americans with the comfort and confidence that the information that they share with businesses and organizations will remain private and secure.”

As the Senate Banking Committee has jurisdiction over financial institutions, CUNA urges it to “work with other committees and the administration to address consumer data privacy and data security so that all Americans can feel confident that their personal information is protected from breach and will not be misused by any company that possesses it.”

Posted March 21, 2019 by CUNA Advocacy

CUNA filed its comments with the Federal Housing Finance Agency on its proposed parameters for the Enterprises Validation and Approval of Credit Score Models. The proposal is in direct response to language in S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, designed to increase credit score competition in the mortgage market. CUNA’s comment noted that increased market competition in the credit-score industry could be beneficial to both consumers and lenders because it can improve efficiency, decrease pricing, and potentially expand the market of consumers for mortgage products. The comment also acknowledged, however, that the frequent modification of the GSEs credit-scoring models or a requirement that they use multiple models at the same time could discourage competition in the lending market by increasing costs for smaller lenders less capable of quickly and cost-effectively absorbing those changes into their own underwriting systems or paying the resulting increased prices to access the systems of the third-party vendors they rely upon. Ultimately,

CUNA acknowledged the FHFA’s recognition of the need for cost-benefit analysis as a core component of its proposed validation and approval process.   But the comment expressed concern about the adequacy of the proposed cost-benefit analysis because it only vaguely, if at all, referenced lender implementation costs as a factor for consideration. Going forward, CUNA urged the FHFA to adopt a proposal that directly required lender implementation costs to serve as a consideration in the analysis. 

Posted March 21, 2019 by CUNA Advocacy

The President delivered the remainder of his Fiscal Year 2020 budget to Congress.  The Administration’s budget is an explanation of its spending priorities and does not have the force of law.   

The president’s budget always has a section, as required by law, in which Treasury rescores all tax expenditures, including the ten-year cumulative “cost” of the credit union “tax expenditure.”  Basic scoring off the tax expenditure is the credit union movement’s retained earnings multiplied by the corporate income tax rate.  In the 2017 tax reform law, the corporate rate was lowered from 35% to 21%.  That likely accounts for the drop in the “cost” of the credit union tax expenditure … $1.8 billion in 2019. 

The budget sent to Congress recommends the elimination of the Community Development Financial Institutions (CDFI) Fund in FY 2020.  This was the same recommendation for FY 2017 and 2018.  In FY2019, the President recommended spending $14 million to service then current obligations.  His budget again requests $14 million to administer the Fund’s outstanding loan and grant obligations. 

Posted March 21, 2019 by CUNA Advocacy

The CFPB announced several amendments to its advisory committee charters, including for the Credit Union Advisory Council (CUAC).  The CFPB’s other advisory committees are the Consumer Advisory Board (CAB), Community Bank Advisory Council (CBAC), and Academic Research Council (ARC).  

According to the CFPB’s release, the councils will “expand their focus to broad policy matters and increase the frequency of in-person meetings from two times a year to three times a year.”  In addition, the membership terms will be extended from a one-year term to two-year terms, and the terms will be staggered.  For existing CUAC members, their one-year term will expire in September 2019.  However, a one-year term extension will be provided to half of the current members “in order to achieve the staggered terms and ensure continuity.”

The changes are the result of CFPB Director Kathy Kraninger’s solicitation of feedback from current and former advisory committee members during a three-month listening tour.  CUNA advocated for the CFPB to preserve the CUAC as a valuable resources and called on the Bureau to extend the members terms in order to provide stability to the council and ensure the members have the opportunity to gain experience in the Council’s process. 

In its release, the CFPB also announced that it will begin accepting applications for new council members.  The Bureau will accept applications for 45 days, beginning with a notice to be published in the Federal Register.

If you are interested in being nominated by CUNA for a seat on the CUAC, please reach out to Alexander Monterrubio, Senior Director of Advocacy & Counsel at amonterrubio@cuna.coop.

Posted March 19, 2019 by CUNA Advocacy

The CFPB is hosting an webinar on April 9, 2019, highlighting the findings from its new report: Suspicious Activity Reports on Elder Financial Exploitation: Issues and Trends

The webinar will provide key facts, trends, and patterns revealed in Suspicious Activity Reports (SARs) filed by banks, credit unions, money transmitters, and other financial services providers. The presenters will discuss the implications of these findings and next steps.

According to the Bureau, key audiences for this webinar include financial institutions, law enforcement, prosecution, adult protective services, the aging network, and others working to enhance protections for older adults.

Posted March 19, 2019 by Chandler Schuette

The Small Business Administration (SBA) announced several regional roundtables to discuss the Department of Labor’s (DOL) proposed Overtime Rule, which would increase the minimum salary for the “white collar” overtime exemption from $23,660 annually to $35,308 annually.  In effect, under the proposal, workers earning under $35,308 annually would be eligible for overtime pay if they work more than 40 hours per week. 

The SBA Roundtables will be an opportunity for the SBA to hear directly from credit unions about the potential impact of the proposed rule.  Comments on the rule are due 60 days after its publication in the Federal Register (TBD

Posted March 18, 2019 by CUNA Advocacy

In another litigation victory for credit unions, the U.S. District Court for the Southern District of Ohio dismissed a lawsuit filed against a federally-chartered credit union based in Dublin, Ohio. The lawsuit alleged the credit union’s website violated the Americans with Disabilities Act (ADA).  

CUNA and the Ohio Credit Union League filed an amicus brief in support of the credit union’s motion to dismiss. 

Posted March 18, 2019 by CUNA Advocacy

Recently, a lot of questions have been raised in the press about whether Senator Elizabeth Warren’s new American Housing Economic Mobility Act of 2019 would increase credit unions’ regulatory burdens—despite removing them from an obligation to comply with the Community Reinvestment Act. Another trade association has specifically claimed that the bill adds new reporting, comment, and hearing requirements that do not presently exist and that they, presumably, oppose.

In response to those questions and claims, CUNA is committed to doing what we have always done:  Providing fact-based, accurate, and thoroughly researched insights and analysis that our members can confidently depend upon when reaching their own conclusions.

Accordingly, please see this link to CUNA's comparison chart for Senator Warren’s bill. With it, you’ll be able to compare the bill’s language to the existing regulatory requirements for credit unions and the Financial Services for the Underserved Act of 2017—legislation that the National Association of Federally-Insured Credit Unions, NAFCU, successfully sought to have introduced in the 115th Congress. We believe that once you have an opportunity to view the facts for yourself, you will see why CUNA believes that Senator Warren’s bill is a victory for credit unions---one that eliminates the threat of CRA, codifies existing regulatory requirements, and even lessens the regulatory burdens attached with the expansion of credit unions’ abilities to reach underserved communities. 

Posted March 15, 2019 by CUNA Advocacy

CUNA's Chief Advocacy Officer - Ryan Donovan sent an email to all 535 Congressional offices reminding them of our message during CUNA GAC: credit unions are different from other financial institutions.



Posted March 15, 2019 by CUNA Advocacy

The Senate voted to confirm Rodney Hood and Todd Harper to serve on the NCUA board, giving NCUA a full three-person board for the first time since April 2016.

“CUNA, leagues and credit unions congratulate Rodney Hood and Todd Harper for their confirmation as NCUA board members. We look forward to working with a full, three-person NCUA board on the issues most important to credit unions and their members,” said CUNA President/CEO Jim Nussle. “Both have impressive experience when it comes to working with not-for-profit financial cooperatives, and we’re hopeful the new board will continue NCUA’s modernization efforts to ensure it remains an efficient, effective regulator.”

Posted March 15, 2019 by CUNA Advocacy

The Credit Union Advisory Council (CUAC) met in Washington, D.C. on Thursday to advise the CFPB on several issues of importance to credit unions, including HMDA, credit reporting, PACE, and financial literacy.  CUNA attended the session.  

The members of the CUAC, all of which are CUNA-member credit unions, provided feedback, including calling for the Bureau to consider increasing HMDA reporting thresholds and reducing the data set after its substantial expansion in the 2015 HMDA Rule.  In its discussion of credit reporting, the members expressed concern with so-called “credit repair” businesses which often file frivolous disputes of legitimate debts in the hopes of straining a credit union’s resources available to respond. 

Posted March 14, 2019 by CUNA Advocacy

Today, the NCUA Board received its quarterly briefing on the status of the Share Insurance Fund and adopted a final rule regarding loans to members.

Posted March 14, 2019 by CUNA Advocacy

CUNA wrote letters to Senator Warren and to Representatives Richmond, Moore, Cummings and Lee in support of the American Housing and Economic Mobility Act of 2019.  This legislation is an updated version of the Senator’s housing legislation, a version of the bill that reflects significant engagement between CUNA, leagues, credit unions and Warren. Unlike the previous version, the American Housing and Economic Mobility Act of 2019 would not require credit unions to comply with the Community Reinvestment Act (CRA).

As stated in the letter, the American Housing and Economic Mobility Act of 2019 is an important effort to improve access to the housing market for members of all communities and, in the process, properly recognizes the distinctions that exist between credit unions and banks when meeting community needs. The legislation rejects a one-size-fits all approach by explicitly excluding credit unions from the Community Reinvestment Act and instead codifying the already existing community outreach, input, and oversight policies that credit unions have been abiding by for more than 20 years under National Credit Union Administration regulations.

“This bill is a shining example of 360-degree advocacy in action. When Senator Warren initially planned to expand CRA and place onerous and duplicative regulations on credit unions, we collaborated with League partners and the Senator to show the many ways that credit unions have been fulfilling requirements to support underserved communities for well over two decades. Recognizing the power that credit unions bring these communities, Senator Warren pivoted to instead codify into law the regulations that have been dictating our actions for many years. We look forward to working with the Senator and other likeminded lawmakers to ensure that credit unions are able to continue serving these communities for the foreseeable future.” – Jim Nussle, CUNA’s President & CEO

Posted March 14, 2019 by CUNA Advocacy

CUNA participated in a joint trade meeting with Assistant Attorney General (AAG) Eric Dreiband, head of the Department of Justice’s (DOJ) Civil Rights Division, and Rebecca Bond, Chief of the Disability Rights Section, to discuss the need for formal ADA website accessibility standards. The meeting included several trades from other industries, including restaurants, retail businesses, and banks.  CUNA was the only trade representing credit unions to participate in the coalition. 


Posted March 13, 2019 by Chandler Schuette

CUNA wrote to Chairwoman Waters and Ranking Member McHenry prior to the Financial Services Committee hearing entitled, “Preparing for the Storm: Reauthorization of the National Flood Insurance Program.”

As stated in the letter, credit unions play an increasingly important role in the housing finance market and, as a result, have a vested interest in the ongoing stability of the National Flood Insurance Program.

Posted March 12, 2019 by CUNA Advocacy

CUNA wrote to Chairwoman Waters and Ranking Member McHenry prior to the Committee’s hearing, “Holding Megabanks Accountable: An Examination of Wells Fargo's Pattern of Consumer Abuses.” In the letter, CUNA ensured that the Committee is aware of the credit union difference.

 “The importance of having not-for-profit credit unions as vibrant and viable alternatives in the financial services marketplace is as significant today as it has ever been. The fact that this hearing is happening at all provides ample evidence of the need for this alternative in the marketplace. Credit unions provide accessible and affordable basic financial services to people of all means and encourage the equitable distribution of capital across all individuals, families, communities and small businesses.”

Posted March 12, 2019 by CUNA Advocacy

CUNA wrote to Chairman Crapo and Ranking Member Brown prior to the Senate Banking Committee’s hearing, “The Consumer Financial Protection Bureau's Semi-Annual Report to Congress.”  

Similar to last week’s hearing in the House Financial Services Committee, Director Kraninger faced questions including the payday lending rule, Military Lending Act authority and oversight of the student lending industry.

Posted March 11, 2019 by CUNA Advocacy

CUNA wrote to Representatives Zeldin and Gonzales in support of their recently introduced legislation – H.R. 1661, a bill that would amend the Federal Credit Union Act to provide the NCUA with the flexibility to increase loan maturity limits for federal credit unions. 

Posted March 09, 2019 by Chandler Schuette

The House will consider H. Con. Res. 24, “Expressing the sense of Congress that the report of Special Counsel Mueller should be made available to the public and to Congress.” 

The Senate is expected to consider Paul Matey to be a United States Circuit Judge for the Third Circuit. 

The President is expected to partially release his fiscal year 2020 budget outline this week. 

Posted March 08, 2019 by CUNA Advocacy

CUNA wrote to Representatives Perlmutter, Heck, Stivers, and Davidson in support of their recently introduced legislation - the Secure and Fair Enforcement (SAFE) Banking Act of 2019, which would permit credit unions in states where marijuana is legal to safely serve their members’ related needs. 

As stated in the letter, CUNA takes no position on the morality or wisdom of legalizing or decriminalizing medicinal or recreational cannabis at either the state or federal level. However, credit unions operating in states where it is legal have members and member businesses involved in the cannabis market who need access to traditional depository and lending services, the absence of which creates a significant public safety issue.

Posted March 07, 2019 by CUNA Advocacy

CUNA's Chief Advocacy Officer, Ryan Donovan, sent an email to all 535 Congressional offices prior to the start of the 2019 Governmental Affairs Conference that kicks off this weekend!  In the email, he highlighted a few keys things:

  • There are 115 million Americans of every race, religion, occupation and income bracket that rely on credit unions;
  • Over 5,000 credit union advocates will be on Capitol Hill next week; and
  • Gave Congressional staff a preview of the 2019 credit union advocacy agenda.

Posted March 07, 2019 by CUNA Advocacy

The NCUA board approved a $160.1 million equity distribution from the National Credit Union Share Insurance Fund (NCUSIF) that will be paid to eligible credit unions in the second quarter of 2019. This is the second such distribution from the NCUA. The first, in the amount of $735.7 million, went to credit unions starting in July 2018.  

CUNA was the only national credit union trade association to support NCUA closing the Temporary Corporate Credit Union Stabilization Fund in 2017, which led to last year’s distributions.  

“We commend NCUA for its prudent stewardship of credit union funds and for recognizing that this money could be best put to use serving credit union members around the country,” said CUNA President/CEO Jim Nussle. “CUNA was the only national credit union trade association advocating for distributions because we know credit unions will put these funds to work for their members.” 

Posted March 07, 2019 by CUNA Advocacy

CUNA wrote to Chairwoman Waters and Ranking Member McHenry prior to the House Financial Services Committee hearing, “Putting Consumers First? A Semi-Annual Review of the Consumer Financial Protection Bureau.”  This is Director Kraninger’s first time before the Committee since her Confirmation in December.

Earlier in the week, CUNA President/CEO Jim Nussle, Deputy Chief Advocacy Officer Elizabeth Eurgubian and Senior Director of Advocacy and Counsel Alexander Monterrubio met with Director Kathy Kraninger.

In the letter to the Committee, CUNA wrote that the CFPB should examine and modify where necessary its approach to rulemaking.

Posted March 07, 2019 by CUNA Advocacy

CUNA wrote to Chairman Portman and Ranking Member Carper prior to the Senate Homeland Security’s Permanent Subcommittee on Investigations hearing entitled, “Examining Private Sector Data Breaches.” 

In the letter CUNA wrote that the cornerstone of any new data privacy requirements should be robust data security requirements for entities that collect consumers’ personal information.

“Credit unions have met with members of this committee to detail damage to credit unions and their members from data breaches. The current gaps in data protection and privacy laws hurt consumers and businesses as information is misused by criminals and other actors with malicious intent. Financial institutions are at the vanguard for misuse of stolen data.”

Posted March 05, 2019 by CUNA Advocacy

CUNA President/CEO Jim Nussle, Deputy Chief Advocacy Officer Elizabeth Eurgubian and Senior Director of Advocacy and Counsel Alexander Monterrubio met with Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger Today. Kraninger was confirmed as CFPB director in December, and has previously met with CUNAleagues and credit unions.

“We thank Director Kraninger for her time and attention today as we discussed the unique nature of credit unions, and the bureau can use its exemption authority to move away from one-size-fits-all style rulemaking to benefit 115 million credit union members,” Nussle said. “We anticipate future engagement with the bureau and CUNA, leagues and credit unions going forward as we all share the goal of ensuring consumers have access to safe and affordable financial products and services.”

Kraninger is scheduled to make her first appearance as director before the House Financial Services Committee Thursday, and before the Senate Banking Committee next week.

Posted March 05, 2019 by CUNA Advocacy

In addition to the letter CUNA sent to the Financial Accounting Standards Board (FASB) yesterday, CUNA also joined other trades in writing to the U.S. Security and Exchange Commission (SEC) and FASB urging a delay implementation of its current expected credit loss (CECL) standard to ensure there are no unintended consequences.

“We believe it is important to delay implementation of CECL in order to allow for time to conduct a quantitative impact analysis and to consider potential alternatives, while allowing for post-issuance field testing,” the letter reads. “Time for further assessment will also allow regulators to better understand and address the key consequences of any proposal for capital and other regulatory purposes.”

Posted March 04, 2019 by CUNA Advocacy

The CFPB issued an Advance Notice of Proposed Rulemaking (ANPR) requesting public comment on Property Assessed Clean Energy (PACE) financing.  Last year’s Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) included provisions directing the Bureau to extend certain consumer protections to PACE financing.  

According to the ANPR, the “information solicited will enable the Bureau to better understand the market and unique nature of PACE financing. This will help the Bureau formulate proposed regulations that not only would achieve statutory objectives but also would reflect a careful consideration of costs and benefits.”  

Posted March 04, 2019 by CUNA Advocacy

CUNA filed a comment letter with the Financial Accounting Standards Board (FASB) regarding its Targeted Transition Relief proposal that is intended to ease transition to the credit losses standard (CECL) by providing the option to measure certain types of assets at fair value.

Posted March 03, 2019 by CUNA Advocacy

The House will consider H.R. 1, the For the People Act of 2019. 

The Senate is expected to consider Allison Jones Rushing, of North Carolina, to be United States Circuit Judge for the Fourth Circuit. 

Posted March 01, 2019 by CUNA Advocacy

CUNA and the World Council of Credit Unions (WOCCU) wrote to Chairwoman Nita Lowey and Ranking Member Hal Rogers prior to the Appropriations Subcommittee’s hearing entitled, “Oversight of U.S. Agency for International Development (USAID) Programs and Policies.” 

In the letter, CUNA and WOCCU called for a level playing field for smaller contractors, such as credit unions, when it comes to the U.S. Agency for International Development (USAID) prioritizing procurement reforms.

Posted March 01, 2019 by CUNA Advocacy

The U.S. District Court for the Western District of Pennsylvania granted preliminary approval of a proposed settlement in the First Choice Federal Credit Union v. The Wendy’s Company, a data breach lawsuit brought by Credit Union National Association (CUNA), Leagues, and credit unions affected by the data breach, on February 26, 2019.

Posted March 01, 2019 by CUNA Advocacy

The FHFA released its final rule on the Uniform Mortgage-Backed Security—regulations meant to align Fannie Mae and Freddie Mac Practices to address concerns about the ability of the single security initiative to launch this summer and its impact on the TBA market. 

Posted March 01, 2019 by CUNA Advocacy

CUNA Chief Advocacy Officer Ryan Donovan wrote to 535 Congressional offices Thursday continuing CUNA’s call for data privacy and security legislation. 

Posted February 27, 2019 by CUNA Advocacy

The Senate Commerce Committee held a hearing entitled “Policy Principles for a Federal Data Privacy Framework in the United States.”

Posted February 27, 2019 by Chandler Schuette

The Senate Banking Committee voted Tuesday to advance the nominations of Rodney Hood and Todd Harper to serve on the NCUA board, and for Mark Calabria to serve as director of the Federal Housing Finance Agency (FHFA). 

Posted February 26, 2019 by Chandler Schuette

The FTC and CFPB reauthorized a memorandum of understanding between the agencies.

Posted February 26, 2019 by Chandler Schuette

The Credit Union Advisory Council (CUAC) will have a meeting on March 14, 2019, at the CFPB’s headquarters in Washington, D.C. 

Posted February 26, 2019 by CUNA Advocacy

CUNA wrote to the Committee Chairwoman and Ranking Member prior to the hearing in the House Financial Services Committee entitled, “Who’s Keeping Score? Holding Credit Bureaus Accountable and Repairing a Broken System,” 

Credit reporting agencies (CRAs) play a critical role in the financial lives of Americans as the credit scores and reports they generate are influential metrics for many lending decisions.  CUNA raised several concerns among their members in regards to CRAs

Posted February 26, 2019 by CUNA Advocacy

CUNA wrote to Chairman Quigley and Ranking Member Graves prior to today’s House Appropriations Subcommittee on Financial Services and General Government hearing entitled, “Leveraging Private Capital for Underserved Communities and Individuals: A Look into Community Development Financial Institutions (CDFIs).” 

Posted February 26, 2019 by CUNA Advocacy

The Senate Banking Committee advanced nominees for the NCUA Board and the Federal Housing Finance Agency out of the Committee.

  • Dr. Mark Anthony Calabria, to be Director of the Federal Housing Finance Agency: Passed by a vote of 13-12.
  • Mr. Todd M. Harper, to be a Member of the National Credit Union Administration Board: Passed by Voice Vote.
  • The Honorable Rodney Hood, to be a Member of the National Credit Union Administration Board: Passed by Voice Vote.

Posted February 25, 2019 by Chandler Schuette

Senate Banking Committee is expected to vote on NCUA, FHFA nominations.

Posted February 25, 2019 by CUNA Advocacy

The House will consider H.R. 8, the Bipartisan Background Checks Act of 2019; H.R. 1112, the Enhanced Background Checks Act of 2019; and H.J. Res. 46, relating to a national emergency declared by the President on February 15, 2019. The Senate is expected to vote on S. 311, the Born-Alive Abortion Survivors Protection Act.  In addition, the Senate may consider the nomination of Eric D. Miller, of Washington, to be United States Circuit Judge for the Ninth Circuit. 

Posted February 22, 2019 by CUNA Advocacy

CUNA representatives will meet with staff from FCC Chairman Pai’s office to discuss the need to clarify the definition of an autodialer and modernize the TCPA. 

Posted February 22, 2019 by CUNA Advocacy

CUNA and WOCCU jointly urged the Internal Revenue Service (IRS) to reduce regulatory burden for credit unions in connection with the Foreign Account Tax Compliance Act (FATCA). 

Posted February 21, 2019 by CUNA Advocacy

CUNA wrote to newly confirmed Attorney General William Barr Tuesday to call attention to the legal threats facing credit unions due to uncertainty with how the Americans With Disabilities Act (ADA) applies to websites.

Posted February 19, 2019 by Chandler Schuette

Rachel Pross, Chief Risk Officer at MAPS CU, Salem, Ore., testified before the House Financial Services Subcommittee on Consumer Protection and Financial Institutions for a hearing entitled "Challenges and Solutions: Access to Banking Services for Cannabis-Related Businesses."

Posted February 14, 2019 by CUNA Advocacy

This week, the House of Representatives and the Senate are considering a budget deal to avoid another government shutdown, as well as fund the federal government through the end of fiscal year 2019 (September 30, 2018).

Posted February 14, 2019 by CUNA Advocacy

The U.S. Senate voted 54-45 to confirm William P. Barr to be the 85th Attorney General of the United States.

Posted February 14, 2019 by CUNA Advocacy

On Thursday, February 14th, the Senate Committee on Banking, Housing and Urban Development conducted a hearing on the nominations of: Mr. Bimal Patel, of Georgia, to be an Assistant Secretary of the Treasury; Mr. Todd M. Harper, of Virginia, to be a Member of the National Credit Union Administration Board; The Honorable Rodney Hood, of North Carolina, to be a Member of the National Credit Union Administration Board; and Dr. Mark Anthony Calabria, of Virginia, to be Director of the Federal Housing Finance Agency.

Posted February 14, 2019 by CUNA Advocacy

The NCUA Board issued proposals on flood insurance and supervisory audit committees.

Posted February 13, 2019 by CUNA Advocacy

The CFPB recently published its Semi-Annual Report to Congress for the period beginning April 1, 2018 and ending September 30, 2018.  The report was issued by Director Kathy Kraninger but covers actions taken during Acting Director Mick Mulvaney tenure as the head of the Bureau. 

Posted February 12, 2019 by CUNA Advocacy

CUNA submitted a letter Monday in response to the Consumer Financial Protection Bureau’s (CFPB) proposal to amend its No-Action Letter (NAL) Policy and create a “Product Sandbox” to facilitate innovation, urging the Bureau avoid creating an uneven playing field.

Posted February 11, 2019 by CUNA Advocacy

The Committee on Banking, Housing, and Urban Affairs will meet in open session to conduct a hearing on several nominations including Mr. Todd M. Harper, of Virginia, to be a Member of the National Credit Union Administration Board; The Honorable Rodney Hood, of North Carolina, to be a Member of the National Credit Union Administration Board; and Dr. Mark Anthony Calabria, of Virginia, to be Director of the Federal Housing Finance Agency. 

Posted February 11, 2019 by CUNA Advocacy

CUNA submitted a letter in response to a joint proposal issued by the Federal Reserve and Consumer Financial Protection Bureau that would make amendments to Regulation CC (which implements the Expedited Funds Availability (EFA) Act) Friday. 

Posted February 11, 2019 by CUNA Advocacy

Both the House and Senate are in session this week.  President Trump and Congressional leaders are continuing negotiations on an agreement to fund the federal government through September 30th, the end of fiscal year 2019.  The current Continuing Resolution funds the federal government through February 15th. 

Posted February 08, 2019 by CUNA Advocacy

Rachel Pross, Chief Risk Officer at MAPS Credit Union in Salem, Oregon will testify on behalf of Credit Union National Association (CUNA) at a hearing on cannabis banking in the House Financial Services Committee (HFSC), Subcommittee on Consumer Protection and Financial Institutions. 

Posted February 06, 2019 by CUNA Advocacy

CUNA sent a letter to NCUA Chairman McWatters regarding the agency’s efforts to prepare credit unions for compliance with the Financial Accounting Standards Board’s (FASB) updated accounting standard on credit losses (referred to as CECL (current expected credit losses)).

Posted February 06, 2019 by CUNA Advocacy

On February 6th, the CFPB issued two proposed rules to amend provisions of its 2017 final rule on “Payday, Vehicle Title, and Certain High-Cost Installment Loans” (Payday Rule).  

Posted February 06, 2019 by CUNA Advocacy

Credit Union National Association (CUNA) calls on policymakers to create a national data security framework. 

Posted February 04, 2019 by CUNA Advocacy

Both the House and Senate are in session this week.  President Trump and Congressional leaders are continuing negotiations on an agreement to fund the federal government through September 30th, the end of fiscal year 2019.  The current Continuing Resolution funds the federal government through February 15th. 

Posted February 04, 2019 by CUNA Advocacy

President Donald Trump nominated Todd Harper to serve as an NCUA board member Friday, February 1st.

Posted February 01, 2019 by CUNA Advocacy

On January 31, 2019, the NCUA Board voted unanimously to approve final rules permitting federally insured credit unions, to accept private flood insurance policies under certain conditions.

Posted February 01, 2019 by CUNA Advocacy

Sen. Mike Crapo (R-ID), chair of the Senate Banking Committee, released an outline of his proposal for housing finance reform legislation on Friday.

Posted February 01, 2019 by CUNA Advocacy

This week the CFPB issued policy guidance describing modifications that the Bureau intends to apply to the loan-level data that financial institutions report under the Home Mortgage Disclosure Act (HMDA) and Regulation C before the data is disclosed to the public. 

Posted February 01, 2019 by CUNA Advocacy

CUNA wrote in support of a bill Thursday that would update thresholds for certain reporting thresholds contained in the Bank Secrecy Act (BSA). The bill, H.R. 388, was introduced by Rep. Barry Loudermilk (R-Ga.), and would raise reporting thresholds for institutions filing Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs).

Posted January 29, 2019 by CUNA Advocacy
Today, CUNA filed a comment letter opposing the Federal Housing Finance Agency’s proposed regulations on the Affordable Housing Goals for Federal Home Loan Banks. While we appreciate the FHFA’s recognition of the important role that small FHLB members should play
Posted January 29, 2019 by CUNA Advocacy

CUNA attended a FASB roundtable on implementation issues associated with the new CECL accounting standard. FASB staff and several Board members facilitated the discussion that focused on a proposal submitted by a group of banks to consider an alternative to the income statement impact of the CECL model.

Posted January 29, 2019 by CUNA Advocacy

The U.S. District Court for the Southern District of Texas dismissed a lawsuit filed against a Houston-based state-chartered credit union.  The lawsuit alleged the credit union’s website violated the Americans with Disabilities Act (ADA).

Posted January 28, 2019 by CUNA Advocacy

In a press release Friday evening, the Consumer Financial Protection Bureau Director Kathleen Kraninger announced leadership changes within the Bureau. These changes announced were: Policy Associate Director for External Affairs; West Regional Director; Acting Chief Communications Officer; Deputy Associate Director for External Affairs; and the Director for the Office of Minority and Women Inclusion.

Posted January 28, 2019 by CUNA Advocacy

Both the House and Senate are in session this week.  President Trump and Congressional leaders agreed Friday to a deal to reopen the federal government through February 15th.  However, the Congress will have to commit to further negotiations with the president on an agreement to fund the federal government through September 30th, the end of fiscal year 2019. 

Posted January 25, 2019 by CUNA Advocacy

President Donald Trump signed a bill Friday evening funding the government through Feb. 15, ending the partial government shutdown. CUNA President/CEO Jim Nussle thanked America’s credit unions for their efforts serving members who were furloughed. 

Posted January 25, 2019 by CUNA Advocacy

Credit unions around the country started rolling out offerings to help affected members as soon as the shutdown began, and continued rolling out additional services, such as fee-free payment skip, 0% APR loans and other financial solutions.  

Posted January 24, 2019 by CUNA Advocacy

CUNA Chief Advocacy Officer Ryan Donovan and Deputy Chief Advocacy Officer Elizabeth Eurgubian participated in a financial services industry roundtable discussion Thursday with Consumer Financial Protection Bureau Director Kathy Kraninger. Kraninger was confirmed as CFPB director in December. 

Posted January 24, 2019 by CUNA Advocacy

Without having been asked by the government, credit unions are doing the right thing and assisting the federal workers furloughed by the federal government shutdown, CUNA wrote to Rep. Maxine Waters (D-Calif.) Wednesday. Waters, chair of the House Financial Services Committee, reached out to CUNA for information on how credit unions are assisting those affected by the federal government shutdown.

Posted January 23, 2019 by CUNA Advocacy

CUNA and the Michigan Credit Union League (MCUL) filed amicus briefs late Tuesday defending two credit unions hit with frivolous lawsuits alleging violations of the Americans with Disabilities Act (ADA). The briefs were filed in the Sixth Circuit Court of Appeals in support of Belle River Community CU, Casco, Mich., and Aeroquip CU, Jackson, Mich., both of which are being sued by the same plaintiff.

Posted January 22, 2019 by CUNA Advocacy

On January 22nd, CUNA filed a comment letter with NCUA on fidelity bonds. In the letter, CUNA raises concerns with aspects of NCUA’s proposed regulation.

Posted January 22, 2019 by CUNA Advocacy

Both the House and Senate are in session this week.  The federal government today enters its 32th day of the partial shutdown.  The Congress continues to negotiate with the president on an agreement to fund the federal government through the end of fiscal year 2019. 

Posted January 18, 2019 by CUNA Advocacy

Director Kraninger wrote to the House and Senate requesting that the CFPB be granted the authority to conduct examinations for compliance with the MLA.  

Posted January 18, 2019 by CUNA Advocacy

The Ninth Circuit Court of Appeals issued an opinion in Guillermo Robles v. Dominos Pizza LLC, a case involving the ADA as it relates to website accessibility.

Posted January 17, 2019 by CUNA Advocacy

The NCUA Board held its first meeting of the year. The Board approved the agency’s 2019 Annual Performance Plan, adopted a final rule on the Civil Money Penalty Statutory Inflation Adjustment, approved a change to the Illinois Member Business Lending Rule, and received a briefing on the agency’s redesigned website.

Posted January 17, 2019 by CUNA Advocacy

Senate Republicans and Democrats announced and ratified their committee assignments for the 116th Congress.

Posted January 17, 2019 by CUNA Advocacy

On Wednesday, January 16th, the White House re-nominated Rodney Hood to be a member of the NCUA for a term expiring August 2, 2023. 

Posted January 16, 2019 by CUNA Advocacy

CUNA sent a letter to the Senate Special Committee on Aging ahead of today's hearing entitled, "Fighting Elder Fraud: Progress Made, Work to be Done.”  

Posted January 15, 2019 by Chandler Schuette

The Supreme Court of the United States (SCOTUS) declined to accept and hear a case challenging the constitutionality of the CFPB. 

Posted January 14, 2019 by CUNA Advocacy

CUNA filed a comment letter with NCUA, opposing and supporting various aspects of its FCU bylaws proposal.

Posted January 13, 2019 by CUNA Advocacy

Both the House and Senate are in session this week.  The federal government today enters its 24th day of the partial shutdown. The Congress continues to negotiate with the president on an agreement to fund the federal government through the end of fiscal year 2019. The House will also consider H.R. 268, the Supplemental Appropriations Act, legislation to fund disaster relief operations.  In addition, the Senate will resume consideration of S. 1, the Strengthening America’s Security in the Middle East Act. 

Posted January 13, 2019 by CUNA Advocacy

America’s credit unions are embodying their structure and mission to ensure their members affected by the government shutdown have access to low- or no-interest loans with generous repayment terms.

Posted January 13, 2019 by CUNA Advocacy

The U.S. Court of Appeals for the 9th Circuit held that Fannie Mae is not a “consumer reporting agency” under the FCRA and therefore is not liable under the law. 

Posted January 13, 2019 by Chandler Schuette

The CFPB released the assessment reports required by Section 1022(d) of the Dodd-Frank Act for two of its 2013 mortgage rules: the TILA Ability-to-Repay and Qualified Mortgage (ATR/QM) Rule and the RESPA Mortgage Servicing Rule.

Posted January 11, 2019 by CUNA Advocacy

NCUA joined with four other federal financial regulators and the Conference of State Bank Supervisors to urge financial institutions to consider efforts to assist workers affected by the federal government shutdown.

Posted January 09, 2019 by CUNA Advocacy

In a letter addressed to Chief Executive Officers and Boards of Directors for credit unions, the National Credit Union Administration has outlined it supervisory priority areas for 2019.

Posted January 08, 2019 by CUNA Advocacy

CUNA wrote to leadership of the House and Senate Appropriations Committees Monday to include House report language in any final appropriations legislation for fiscal year 2019.

Posted January 07, 2019 by CUNA Advocacy

CUNA sent the first in a series of letters to the newly sworn-in 116th Congress.

Posted January 06, 2019 by CUNA Advocacy

Both the House and Senate are in session this week.  The Congress continues to negotiate with the president on an agreement to fund the federal government through the end of fiscal year 2019. 

In addition, the Senate will resume consideration of S. 1, to make improvements to certain defense and security assistance provisions and to authorize the appropriation of funds to Israel, to reauthorize the United States-Jordan Defense Cooperation Act of 2015. 

Posted January 06, 2019 by CUNA Advocacy

2018 was a watershed year for CUNA/league/credit union advocacy. Our accomplishments last year during a turbulent political time stand out over any of the last 20 years of credit union advocacy, making it a story that deserves to be told. And as we consider all of our 2018 wins, we are ready more than ever before to take on a new year and new Congress.

Posted January 03, 2019 by CUNA Advocacy

The Fourth Circuit of Appeals has ruled in favor of Department of Labor Federal Credit Union (DOL FCU) related to a frivolous lawsuit alleging website noncompliance with the Americans with Disabilities Act (ADA). 

Posted December 27, 2018 by CUNA Advocacy

In updated guidance issued FEMA announced that “all NFIP insurers have been directed to resume normal operations immediately,” and advised “that the program will be considered operational since December 21, 2018.”  

Posted December 24, 2018 by CUNA Advocacy

CUNA and the state CU leagues of Wisconsin and Illinois filed an amicus on Thursday, December 20, in the U.S. Court of Appeals for the 7th Circuit. The brief was submitted in support of a credit union facing a lawsuit related to ADA website accessibility.

Posted December 21, 2018 by CUNA Advocacy

At midnight on Friday, December 21, 2018, certain federal government agencies and functions shut down as Congressional lawmakers and the president could not come to an agreement over funding for border security.  

Posted December 19, 2018 by CUNA Advocacy

CFPB Director Kathy Kraninger, in her first official act as director, has cancelled a plan to rebrand the agency as the “Bureau of Consumer Financial Protection” or “BCFP.” 

Posted December 19, 2018 by CUNA Advocacy

During today’s FASB meeting, Board Chairman Russ Golden announced that FASB will host a public roundtable discussion on implementation issues related to the credit losses standard. 

Posted December 18, 2018 by CUNA Advocacy

CUNA filed a letter today in response to the Small Business Administration’s proposal to amend the regulations pertaining to Express Loans and Affiliation Standards. 

Posted December 17, 2018 by CUNA Advocacy

Both the House and Senate are in session this week.  The Senate returns today and the House on Wednesday.  The Congress passed a two-week continuing resolution that funds the federal government, and authorized the National Flood Insurance Program, for two weeks – until midnight on December 21st.  The House and Senate are expected to try to reach an agreement this week on a bill to fund government operations for all or part of the remainder of fiscal year 2018.  They may also vote on H.R. 88, the Retirement, Savings, and Other Tax Relief Act of 2018.  Or, all or part of H.R. 88 may be included in year-end government funding legislation.  The Senate is also scheduled to consider the “First Step Act.”   

Posted December 14, 2018 by Chandler Schuette

CUNA filed a comment letter with the Board of Governors of the Federal Reserve System (Fed) on their request for comment regarding potential Fed actions to support interbank settlement of faster payments.

Posted December 14, 2018 by CUNA Advocacy

Sen. Mike Rounds (R-S.D) introduced a Senate version of a CUNA-backed bill to delay implementation of NCUA’s risk-based capital (RBC) rule by two years, to January 2021.

Posted December 14, 2018 by CUNA Advocacy

CUNA Chief Advocacy Officer Ryan Donovan met with senior administration officials at the White House Tuesday to discuss credit union advocacy priorities for 2019 and beyond.

Posted December 14, 2018 by CUNA Advocacy

NCUA will return to its former practice of conducting rolling three-year reviews, and will post updates to its website every six months, following one recommendation from the task force.

Posted December 14, 2018 by CUNA Advocacy

CUNA President/CEO Jim Nussle and Chief Advocacy Officer Ryan Donovan were named to The Hill’s list of top lobbyists for 2018. This is the fifth consecutive year Nussle has appeared on the list.

Posted December 14, 2018 by CUNA Advocacy

The National Association of Federally-Insured Credit Unions (NAFCU), Credit Union National Association (CUNA) and CUNA Mutual Group jointly filed an amicus brief supporting the National Credit Union Administration (NCUA) in its appeal of the U.S. Court of Appeals for the D.C. Circuit’s decision in the American Bankers Association (ABA) lawsuit that challenged the agency’s field of membership (FOM) rule.

Posted December 13, 2018 by CUNA Advocacy

 The NCUA Board lowered the Share Insurance Fund Normal Operating Level, reviewed a report from the Regulatory Reform Task Force, received a briefing on blockchain and distributed ledger technology, and approved a technical amendments final rule.

Posted December 12, 2018 by CUNA Advocacy

President Trump nominated Mark Calabria to serve as the next permanent director of the Federal Housing Finance Agency (FHFA). Calabria, who currently serves as chief economist to Vice President Mike Pence, is a known figure in the world of housing finance having previously served as Director of Financial Regulation Studies at the Cato Institute, a staffer on the Senate Banking, Housing, and Urban Development Committee, and as Deputy Assistant Secretary for Regulatory Affairs at the Department of Housing and Urban Affairs.

Posted December 12, 2018 by CUNA Advocacy

Kathy Kraninger was officially sworn in as the Director of the BCFP by Vice President Mike Pence.

Posted December 11, 2018 by CUNA Advocacy

House Ways and Means Committee Chairman Kevin Brady (R-TX) today released a 253-page bill that in many ways mirrors similar legislation he released last month.  Last month’s bill was not considered by the full House of Representatives, but we do expect this legislation to be considered by the House this week.  H.R. 88, the Retirement, Savings, and Other Tax Relief Act, is a broad bill that includes tax-related disaster relief, tax technical corrections, Internal Revenue Service (IRS) reform, retirement savings, and delay of certain healthcare related taxes.

Posted December 10, 2018 by CUNA Advocacy

Today, CUNA filed a comment letter with NCUA regarding its request to OMB to continue with a data collection related to CUSOs. NCUA requires federally insured credit unions to enter into a written agreement with a CUSO that stipulates the CUSO will adhere to certain requirements, such as granting NCUA access to the CUSO’s books and annually reporting directly to NCUA via a CUSO registry.

Posted December 10, 2018 by CUNA Advocacy

Both the House and Senate are in session this week.  Last week, the Congress passed a two-week continuing resolution that funds the federal government and authorized the National Flood Insurance Program, for two weeks – until midnight on December 21st.  The House and Senate may vote on farm legislation, as well as H.R. 88, the Retirement, Savings, and Other Tax Relief Act of 2018.  The House had been expected to consider the bill two weeks ago, but member absences forced Congressional leadership to postpone final consideration of the bill. 

Posted December 10, 2018 by CUNA Advocacy

The FCC has officially established the Office of Economics and Analytics (OEA).  The Commission noted the addition of the OEA is intended to “integrate the use of economics and data analysis into the Commission's various rulemakings and other actions in a more comprehensive and thorough manner.”

Posted December 10, 2018 by CUNA Advocacy

The BCFP Office of Innovation is slated to issue a proposal in the coming days that would revise its current No-Action Letter Policy

Posted December 10, 2018 by CUNA Advocacy

 President Trump signed H.J.Res. 143, legislation to avert a government shutdown and to fund federal government operations through December 21.  The only other provision in the legislation is an extension of the authority of the National Flood Insurance Program, also to December 21. 

Posted December 07, 2018 by CUNA Advocacy

President Trump is expected to nominate William P. Barr to be the next Attorney General of the United States.  

Posted December 07, 2018 by CUNA Advocacy

CUNA President and CEO Jim Nussle pens an op-ed in CU Times congratulating Kathy Kraninger on her confirmation to lead the Bureau of Consumer Financial Protection. 

Posted December 06, 2018 by CUNA Advocacy

The NCUA Board will vote on a final rule to make technical amendments to various parts of NCUA’s rules to correct minor errors and update and clarify definitions and other outdated provisions

Posted December 06, 2018 by CUNA Advocacy

The Senate confirmed Kathy Kraninger as permanent director of the Bureau of Consumer Financial Protection (BCFP). Kraninger, who served in the Office of Management and Budget, was nominated by President Donald Trump in June to take the place of Acting Director Mick Mulvaney.  

Posted December 04, 2018 by CUNA Advocacy

The U.S. Department of the Treasury (Treasury) released a report on the future of the United States Postal System (USPS).  The report offered several recommendations that would alter the USPS’s business model to increase the sustainability of the system without increasing costs to taxpayers.

Posted December 03, 2018 by CUNA Advocacy

Today, CUNA filed a comment letter in response to NCUA’s proposal to amend part 722 on real estate appraisals.

Posted December 03, 2018 by CUNA Advocacy

CUNA staff, state credit union leagues, and individual credit unions participated in a Department of Justice (DOJ) roundtable in Washington, D.C. on the Americans with Disabilities Act (ADA). 

Posted December 03, 2018 by CUNA Advocacy

As a result of a working group established by the U.S. Department of the Treasury’s Office of Terrorism and Financial Intelligence and the Federal depository institutions regulators, the Financial Crimes Enforcement Network (FinCEN) and its regulatory partners today issued a joint statement to encourage banks and credit unions to take innovative approaches to combating money laundering, terrorist financing, and other illicit financial threats. 

Posted December 03, 2018 by CUNA Advocacy

CUNA staff met with leadership at the U.S. Department of Labor (DOL or the Department) to discuss credit unions’ impact on the American labor market, the Department’s latest jobs initiatives, and rulemakings effecting credit unions. 

Posted December 03, 2018 by CUNA Advocacy

Both the House and Senate are in session this week.  With government funding expiring on Friday at midnight, the Congress is expected to focus most of its energy on reaching a spending agreement, either another short-term measure or a bill to finish out fiscal year 2019.  In addition, the authorization for the National Flood Insurance Program expires on Friday.  Also, the House may vote on H.R. 88, the Retirement, Savings, and Other Tax Relief Act of 2018.  The House had been expected to consider the bill last week, but member absences forced Congressional leadership to postpone final consideration of the bill. 

Posted December 03, 2018 by CUNA Advocacy

 The BCFP is nearing a settlement with D&D Marketing, Inc. in a case before the U.S. Court of Appeals for the Ninth Circuit.  A settlement could potentially remove one of several lawsuits questioning the constitutionality of the Bureau’s single-director structure.

Posted November 30, 2018 by CUNA Advocacy

The BCFP’s Ombudsman’s office released its 2018 annual report.  The report, which is required to be developed on an annual basis, summarizes initiatives undertaken by the office in fiscal year 2018.

Posted November 30, 2018 by CUNA Advocacy

Nine Members of California’s delegation to the House of Representatives sent a letter yesterday to Acting Director of the Bureau of Consumer Financial Protection Mick Mulvaney, encouraging prompt implementations of regulations required by Section 307 of S. 2155, related to Property Assessed Clean Energy (PACE) lending.

Posted November 29, 2018 by CUNA Advocacy

 Credit Union National Association (CUNA) wrote to Senate leadership to spotlight the difficulties credit unions face to comply with Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) requirements.  

Posted November 28, 2018 by CUNA Advocacy
Posted November 28, 2018 by CUNA Advocacy

Today, the Federal Housing Finance Agency (FHFA) released its final rule amending requirements of the Affordable Housing Program operated by the Federal Home Loan Banks (FHLBanks). 

Posted November 28, 2018 by CUNA Advocacy

The BCFP, along with the Federal Reserve Board, updated the dollar thresholds in Regulation Z (Truth in Lending or TILA) and Regulation M (Consumer Leasing) that will apply for determining exempt consumer credit and lease transactions in 2019. 

Posted November 26, 2018 by Chandler Schuette

The Bureau is currently searching for an Assistant Director to lead a new Office of Cost Benefit Analysis (OCBA).  

Posted November 26, 2018 by CUNA Advocacy

CUNA wrote to Senate Majority Leader McConnell and Minority Leader Schumer on Kathy Kraninger's nomination to be the next Director of the Bureau of Consumer and Financial Protection. 

Posted November 26, 2018 by CUNA Advocacy

The House of Representatives is in session this week, but no schedule has been released.  However, the National Flood Insurance Program expires on November 30 and government funding expires December 7.  Therefore, it is likely that the House will consider legislation in these areas, as well as possible tax legislation to reform the IRS, extend certain tax provisions, and make technical corrections to last year’s Tax Cuts and Jobs Act. 

The Senate reconvenes this week and will consider the nomination of Kathleen Kraninger to be the Director of the Bureau of Consumer Financial Protection. 

Posted November 21, 2018 by Chandler Schuette

Credit Union Advisory Council (CUAC) will have a meeting on December 6, 2018, via conference call.  During the meeting, the group will discuss artificial intelligence in consumer financial services and consumer access to financial records.

Posted November 20, 2018 by CUNA Advocacy

CUNA filed a comment letter with the Office of the Comptroller of the Currency on Modernizing the Regulatory Framework of the Community Reinvestment Act (CRA).

Posted November 16, 2018 by CUNA Advocacy

The Financial Accounting Standards Board (FASB) released an update amending the CECL effective date for credit unions and other non-public business entities (PBE).

Posted November 15, 2018 by CUNA Advocacy

The SBA’s Office of Advocacy will host a listening session on Monday, December 3, 2018, in Washington, D.C. focused on the Americans with Disabilities Act (ADA). 

Posted November 15, 2018 by CUNA Advocacy

CUNA participated at a joint trades meeting with BCFP senior staff to discuss the impact of the 2013 Ability-to-Repay and Qualified Mortgage Rule (ATR/QM Rule)

Posted November 15, 2018 by dyi

CUNA filed the two attached comment letters with the Federal Housing Finance Agency

Posted November 15, 2018 by CUNA Advocacy

At today’s meeting, the NCUA Board was briefed on the status of the Share Insurance Fund, approved the 2019 - 2020 budgets, and issued a proposed rule on fidelity bonds.

Posted November 13, 2018 by CUNA Advocacy

The "NCUA HMDA and Consumer Compliance Regulatory Update Webinar" is scheduled for November 14, beginning at 2 p.m. Eastern time. Hosted by the NCUA, the webinar will cover amendments to the Home Mortgage Disclosure Act and other consumer financial protection laws made by the 2018 Economic Growth, Regulatory Relief and Consumer Protection Act. 

Posted November 12, 2018 by CUNA Advocacy

CUNA released a whitepaper highlighting the 2018 midterm elections impact on credit unions. The in-depth analysis provides details on credit union involvement in the election, what the results mean for Main Street institutions and CUNA’s advocacy plans for the 116th Congress.

Posted November 12, 2018 by CUNA Advocacy

This week the House of Representatives returns to consider H.R. 6784, the Manage our Wolves Act.  House Republicans are also expected to hold leadership elections this week. 

The Senate also returns this week to consider the motion to concur in the House amendment with a further amendment to accompany S.140, Coast Guard Reauthorization.  The Senate will also consider the nomination of Michelle Bowman, of Kansas, to be a Member of the Board of Governors of the Federal Reserve System. 

Posted November 12, 2018 by CUNA Advocacy

CUNA attended the Federal Reserve Board’s latest town hall, held at the Federal Reserve Bank of Minneapolis, to discuss issues surrounding real-time payments. The Fed is currently seeking input through a RFC on potential actions the Federal Reserve can take to support interbank settlement of faster payments.

Posted November 09, 2018 by CUNA Advocacy

CUNA filed a comment letter with the National Telecommunications and Information Administration (NTIA or Administration) which is part of the U.S. Department of Commerce in response to  the NTIA’s request for comment on “Developing the Administration's Approach to Consumer Privacy.”

Posted November 09, 2018 by CUNA Advocacy

CUNA participated in a roundtable led by the Small Business Administration's Office of Advocacy to discuss the latest BCFP rulemaking agenda, which was released last month.

Posted November 09, 2018 by CUNA Advocacy

Next week (Nov. 15 at 10 AM ET), the NCUA Board will vote to approve its 2019 - 2020 operating budget.

Posted November 09, 2018 by CUNA Advocacy

The Bureau of Consumer Financial Protection (BCFP) and the Federal Housing Finance Agency (FHFA) today released for public use a new loan-level dataset collected through the National Survey of Mortgage Originations (NSMO) that provides insights into borrowers’ experiences in getting a residential mortgage. 

Posted November 08, 2018 by CUNA Advocacy

The Tax Cuts and Jobs Act of 2017 (TCJA) requires the separate computation of UBIT for tax-exempt organizations with more than one unrelated trade or business.  Before the TCJA, when a tax-exempt organization operated more than one unrelated trade or business activity, losses generated by one business could be used to offset income derived from another.  Now, losses generated by one unrelated trade or business cannot be used to offset income derived from another unrelated trade or business. 

Posted November 08, 2018 by CUNA Advocacy

The Tax Cuts and Jobs Act of 2017 (TCJA) imposes an excise tax on certain executive compensation provided by tax-exempt organizations.  Tax-exempt entities are now required to pay a 21% excise tax on the five highest paid employees’ compensation that individually exceed $1 million annually. 

Posted October 31, 2018 by CUNA Advocacy

On October 30th, the Bureau of Consumer and Financial Protection (BCFP) released an updated HMDA Small Entity Compliance Guide to reflect changes made to reporting requirements by the Economic Growth, Regulatory Relief, and Consumer Protection Act (known as S. 2155) and the 2018 HMDA Interpretive Rule.

Posted October 31, 2018 by CUNA Advocacy

The Fourth Circuit of Appeals heard arguments in a case involving Department of Labor (DOL) FCU related to a frivolous lawsuit alleging website noncompliance with the Americans with Disabilities Act (ADA).

Posted October 29, 2018 by CUNA Advocacy

The BCFP issued a statement announcing an intent to issue a proposal revising the payday rule in January 2019.