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 26, 2017 by CUNA Advocacy
The CFPB released its intent to hold a public comment period to assess the effectiveness of the Ability to Repay Qualified Mortgage rule (ATR QM rule).    Prior to the financial crisis, not all lenders evaluated a borrower’s ability to
Posted May 26, 2017 by CUNA Advocacy
AAA released a study stating one third of American car owners cannot afford surprise repairs of $500 600 on their automobiles.  While AAA was surprised by these results, the National Credit Union Foundation has also found that
Posted May 25, 2017 by CUNA Advocacy
CUNA attended the NCUA’s monthly board meeting.  During the public session, the NCUA received the Corporate Stabilization Fund Quarterly Report and approved three Proposed Rules on – Appeals Procedures, the Supervisory Review Committee, and Voluntary Mergers of Federal
Posted May 25, 2017 by CUNA Advocacy
Chairman of the House Financial Services Committee, announced the language repealing the Durbin Amendment would be removed from the Financial CHOICE Act.  Unfortunately, the CHOICE Act did not represent the right opportunity for repealing Durbin’s price controls and routing requirements. We do continue to
Posted May 24, 2017 by CUNA Advocacy
CUNA sent a letter to the Consumer Financial Protection Bureau in regards to the Proposed Rule on Technical Corrections and Clarifying Amendments to the Home Mortgage Disclosure (Regulation C) October 2015 Final
Posted May 24, 2017 by CUNA Advocacy
CUNA was present today as oral arguments took place in the U.S. Court of Appeals for the District of Columbia Circuit in the PHH Corp. v. CFPB case.  At issue was the constitutionality of the CFPB with its independent director appointed for
Posted May 24, 2017 by CUNA Advocacy
In a letter to CFPB Director Richard Cordray, NCUA Chairman McWatters highlighted rules and policymakings the CFPB should reconsider to account for the different size and structure of credit unions. It specifically notes that rules can be particularly burdensome to smaller credit unions, who have an average
Posted May 24, 2017 by CUNA Advocacy
CUNA and the National Credit Union Foundation attended the Treasury’s Financial Literacy and Education Commission’s public meeting. The Commission was established in 2003 under the Fair and Accurate Credit Transactions Act and is comprised of 19 federal agencies, including
Posted May 24, 2017 by CUNA Advocacy
Yesterday, CUNA joined a number of trade associations in sending a letter to the Consumer Financial Protection Bureau (CFPB) in order to comment on the current timeframe of their “Request for Information Regarding the Small Business Lending Market” (RFI). The
Posted May 24, 2017 by CUNA Advocacy
Maine and North Carolina legislatures pass bills granting credit unions parity now await signatures from the governors.
Posted May 24, 2017 by CUNA Advocacy
Yesterday, the Office of Management and Budget (OMB) sent the Administration’s proposed fiscal year 2018 budget to Congress.  Similar to the President’s FY 2017 budget, the Community Development Financial Institutions Fund (CDFIF) was again zeroed out, and unfortunately the NCUA’s
Posted May 23, 2017 by CUNA Advocacy
The Department of Labor (DOL) Secretary Alexander Acosta published an Opinion piece in the Wall Street Journal this week stating that there is no legal precedent to change the June 9 applicability date for the Fiduciary Rule. He wrote, “We have carefully considered the record in
Posted May 21, 2017 by Ryan Donovan

A look at the week ahead in Washington for credit unions

Posted May 19, 2017 by CUNA Advocacy
Letter sent to the Consumer Financial Protection Bureau in regard to their assessment of the remittance transfer rule.  As the CFPB does their mandatory review of the rule, CUNA urges the Bureau
Posted May 19, 2017 by CUNA Advocacy
Senate Committee on Banking, Housing, and Urban Affairs held a hearing titled “Domestic and International Policy Update,” with Treasury Secretary Steve Mnuchin as the solo witness.  During the hearing, Members discussed the future of Fannie Mae and Freddie
Posted May 19, 2017 by CUNA Advocacy
The Supreme Court ruled on a Fair Debt Collection Practices Act question. In the case,  Midland Funding, LLC v. Johnson, the Court held that the filing of a proof of claim that is obviously time barred is not a false, deceptive, misleading,
Posted May 18, 2017 by CUNA Advocacy
The CFPB will have to defend its constitutionality yet again.  Earlier this week, the U.S. Court of Appeals for the Ninth Circuit gave D and D Marketing Inc. of California permission to appeal a November 2016 decision.    The Ninth
Posted May 18, 2017 by CUNA Advocacy
CUNA’s Senior Director of Advocacy and Counsel, Leah Dempsey, submitted a comment letter concerning the CFPB’s Request for Information concerning the use of alternative data in the credit process.   The CFPB is seeking information as to whether lenders are interested in using alternative data
Posted May 18, 2017 by CUNA Advocacy
Protecting the credit union tax status is one of CUNA’s highest priorities.  The House Ways and Means Committee is holding a hearing today to discuss how tax reform will grow the economy and create jobs.   Prior to the hearing, CUNA sent
Posted May 18, 2017 by CUNA Advocacy
House Education and Workforce Committee’s Subcommittee on Health, Employment, Labor and Pensions will hold a hearing to discuss regulatory barriers facing workers and families saving for retirement.  Prior to today’s hearing, CUNA sent a letter to the Subcommittee’s Chairman Tim Walberg
Posted May 17, 2017 by CUNA Advocacy
The House Small Business Committee will hold a hearing today to discuss the Small Business Administrations (SBA) 7(a) Loan Program.  Prior to today’s hearing, CUNA sent a letter to Chairman Steve Chabot and Ranking Member Nydia Velázquez to remind them how active credit unions
Posted May 14, 2017 by Ryan Donovan

A look ahead at the week ahead in Washington for credit unions.

Posted May 12, 2017 by CUNA Advocacy
The Senate Banking, Housing, and Urban Affairs held a hearing to discuss the status of the housing finance system.  The lone witness was Mel Watt, Director of the Federal Housing Finance Agency (FHFA), which oversees Government Sponsored Enterprises (GSEs) Fannie
Posted May 12, 2017 by CUNA Advocacy
Vermont’s Legislature becomes the first in the nation to approve a recreational marijuana legalization bill, S. 22.
Posted May 11, 2017 by CUNA Advocacy
CUNA and the Defense Credit Union Council (DCUC) sent a letter to the Acting Director of Financial Readiness of the U.S. Department of Defense in regards to the impact of the Military Lending Act Regulations on credit union lending.    The letter
Posted May 11, 2017 by CUNA Advocacy
Today President Trump signed a cybersecurity executive order.  The executive order requires reviews of the federal government’s cybersecurity vulnerabilities and directing adoption of specific security practices.  Specifically, it requires all federal agencies to adopt the NIST Cybersecurity Framework as a
Posted May 11, 2017 by CUNA Advocacy
Senator Robert Menendez of New Jersey circulated a Dear Colleague to his fellow Senators asking Senate appropriators to allocate the same level of funding for the CDFI program in fiscal year 2018 as it received in FY 2017.  The CUNA
Posted May 11, 2017 by CUNA Advocacy
The Nebraska State Legislature passed a number of amendments to their State Credit Union Act.  While the legislation currently awaits Governor Pete Ricketts signature, it is expected to become law later this month.  In addition to clarifications and eliminating outdated
Posted May 11, 2017 by CUNA Advocacy
Yesterday was the first public proceeding to move forward the implementation of Section 1071.  The agency did not initiate a rulemaking or SBREFA panel, but instead issued a White Paper, and a Request for Information (RFI) regarding the small business market.
Posted May 11, 2017 by CUNA Advocacy
Senate Committee on Banking, Housing, and Urban Affairs will hold a hearing entitled, “Status of the Housing Finance System after Nine Years of Conservatorship.”  Prior to the hearing, CUNA sent a letter to Chairman Crapo and Ranking Member Brown highlighting credit union’s
Posted May 10, 2017 by CUNA Advocacy
CUNA thanks Representatives Peter King and Brad Sherman for sending a comment letter to Gerald Poliquin, the NCUA’s Secretary of the Board.  In their letter they highlight the need for allowing credit unions to accept supplemental capital for risk based capital purposes.  Representatives King
Posted May 09, 2017 by CUNA Advocacy
CUNA filed its comment letter today urging the NCUA to adopt a rule to allow credit unions to accept supplemental capital instruments to count towards the risk based net worth requirement.
Posted May 09, 2017 by CUNA Advocacy
Georgia’s Governor Nathan Deal signed H. 143 into law.  This legislation, backed by Georgia’s Credit Unions, included a number of pro credit union provisions that will improve operations and alleviate compliance burdens.  Those provisions include
Posted May 08, 2017 by CUNA Advocacy

 The Task Force released the first half of its final report, Final Report Part One: The Faster Payments Task Force Approach

Posted May 08, 2017 by CUNA Advocacy
he House-passed Ohio budget bill contains several provisions that would impact credit unions, including public deposits, a Good Funds correction and remote notarization.  
Posted May 07, 2017 by Ryan Donovan
A look at the week ahead in Washington for credit unions.
Posted May 05, 2017 by Ryan Donovan
CUNA’s Senior Director of Advocacy and Counsel, Andy Price, sent a comment letter to the CFPB in regards to the Bureau’s Proposed Rule on Equal Credit Opportunity Act’s (EOCA) Regulation B Ethnicity and Race Information Collection.
Posted May 05, 2017 by CUNA Advocacy
Earlier this week, the Michigan Credit Union League and 100 of their credit union CEOs sent a letter to the NCUA’s Acting Chairman Mark McWatters and Board Member Rick Metsger.  The Michigan credit unions encouraged the NCUA Board to merge the National Credit Union Share Insurance
Posted May 05, 2017 by CUNA Advocacy
CUNA sent a letter to Representative Blaine Luetkemeyer (R MO) thanking him for introducing H.R. 2133, the “Community Lending Enhancement and Regulatory Relief Act of 2017” also known as the “CLEARR Act.”  CUNA has publicly supported many of the CLEARR Act’s provisions including
Posted May 05, 2017 by CUNA Advocacy
During remarks at an industry conference this week, Federal Communications Commissioner (FCC) Michael O’Rielly highlighted the need for Telephone Consumer Protection Act (TCPA) reform.   His remarks included a strong critique of the FCC’s past interpretation of the TCPA. He stated, “As
Posted May 04, 2017 by CUNA Advocacy
Senate Committee on Banking, Housing, and Urban Affairs had its second hearing to discuss the Reauthorization of the National Flood Insurance Program (NFIP) – which is set to expire at the end of September.
Posted May 04, 2017 by CUNA Advocacy
The Supreme Court of the United States, in a 5 3 decision ruled in the case styled the City of Miami v. Bank of America and City of Miami v. Wells Fargo. This case could have significant impact on credit unions and
Posted May 04, 2017 by CUNA Advocacy
CHOICE 2.0 has passed the House Financial Services Committee by a vote of 34 26.  While the votes and the amendments stuck to party lines, CUNA was encouraged to hear a number
Posted May 04, 2017 by CUNA Advocacy
NCUA announced the recovery of $400 Million from Credit Suisse. This is in addition to the $445 Million announced on Monday in a recovery from UBS. This brings the total recoveries on behalf of five failed corporate credit unions that
Posted May 03, 2017 by CUNA Advocacy
In a letter to the Department of Labor this week, 124 Members of Congress expressed concern about the Fiduciary rules’ impact on the ability of consumers to access retirement information. The letter expressed that “we need to make it easier for
Posted May 03, 2017 by CUNA Advocacy
The CFPB currently has a Request for Information (RFI) out seeking whether lenders are interested in using alternative data like rent, utility payments, etc. to determine credit worthiness. These types of payments, which are not usually included in credit bureau
Posted May 03, 2017 by CUNA Advocacy
CUNA and the Cooperative Credit Union Association are pleased to announce that this summer, we will host a booth featuring “America’s Credit Unions” at the NCSL Legislative Summit in Boston.  The ALEC Annual Meeting will be held in Denver this
Posted May 03, 2017 by CUNA Advocacy

House and Senate agreed to a spending package to fund the government through the end of the fiscal year – September 30, 2017. Included in this legislation package was language extending the policy prohibiting the Department of Justice from using federal money to interfere with state medical marijuana laws (Section 537). 

Posted May 02, 2017 by CUNA Advocacy
The start of the House Financial Services Committee mark up for the CHOICE 2.0 Act has been very partisan and will be very long.  The Clerk of the Committee is currently reading the full text of the legislation – which
Posted May 02, 2017 by CUNA Advocacy
The House Financial Service Committee is meeting to mark up H.R. 10 – the Financial CHOICE Act (also known as CHOICE 2.0).  Prior to the mark up, CUNA sent a letter to Chairman Hensarling and Ranking Member Waters reiterating the position of America’s credit unions
Posted May 01, 2017 by CUNA Advocacy
This morning, House and Senate leaders released a spending package to fund government operations through September 30, 2017.  It is expected to pass Congress and be signed into law by the president before Friday at midnight, the time when the
Posted May 01, 2017 by CUNA Advocacy
CUNA, its state partners, individual credit unions, and concerned credit union members, saw their heavy lobbying and grassroots efforts pay off today when the Congress proposed a compromise omnibus spending bill for fiscal year 2017.  In this bill, Congress fully funds the Community Development Financial
Posted April 30, 2017 by Ryan Donovan
A look at what's ahead for credit unions in Washington
Posted April 28, 2017 by CUNA Advocacy
During the Full House Financial Services Committee hearing on the CHOICE 2.0 Act earlier this week, Ranking Member Maxine Waters requested a “Minority Day” hearing on the legislation.  The Ranking Member was granted her request and the Democrats of the Committee met
Posted April 28, 2017 by CUNA Advocacy

Four months into the state legislation session, credit union bills are enacted in Alabama and Tennessee and on the verge of enaction in Florida.

Posted April 28, 2017 by CUNA Advocacy
CUNA sent a letter to the Department of Treasury’s Secretary Steven Mnuchin thanking the Treasury for hosting the Credit Union Roundtable on April 4th and providing additional information on the ways regulations can be streamlined and more manageable for credit unions.  The Treasury has been holding similar roundtables to gather information
Posted April 28, 2017 by CUNA Advocacy

CUNA joined a number of other financial trade associations in the Electronic Payments Coalition (EPC) in sending a letter supporting the repeal of the Durbin Amendment to Chairman Hensarling.  

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