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 February 21, 2018 by CUNA Advocacy
In a recent issued report, PEW outlines ideas for expanding financial institution participation in the small dollar loan market. In its report PEW states, “many credit unions and community banks already offer some small installment loans and lines of credit. But because regulators have not yet issued guidance for how banks and credit unions should offer small-dollar installment loans, or granted specific regulatory approvals for offering a high volume of such loans, these programs have not achieved a scale to rival the 100 million or so payday loans issued annually—let alone the rest of the nonbank small-dollar loan market.” 
Posted February 16, 2018 by CUNA Advocacy
In response to a request regarding the legal authority of the agency to transfer funds from the Temporary Corporate Credit Union Stabilization Fund (TCCUSIF) to the National Credit Union Share Insurance Fund (“Share Insurance Fund”), NCUA Office of the Inspector General (OIG) released a report evaluating the NCUA Board’s rationale for setting the Normal Operating Level (NOL) of the Share Insurance Fund to 1.39 percent, having determined that it was beyond the scope to undertake a legal review of the Board’s statutory authority under the Federal Credit Union Act (FCUA).
Posted February 15, 2018 by CUNA Advocacy
The House of Representatives passed two pieces of CUNA supported legislation, the TRID Improvement Act of 2017 - H.R. 3978 and the Protecting Consumers' Access to Credit - H.R. 3299.
Posted February 15, 2018 by CUNA Advocacy
CUNA-supported legislation, H.R. 620 – the ADA Education and Reform Act, passed the House of Representatives by a vote of 225-192.  On Tuesday, CUNA sent a letter to Representative Poe in support of his legislation. 
Posted February 15, 2018 by CUNA Advocacy
The NCUA Board unanimously approved a final rule to issue equity distributions from the Share Insurance Fund. As a result of the closure, and subsequent merger, of the Temporary Corporate Credit Union Stabilization Fund, NCUA will issue the equity distribution in the form of a SIF dividend. The distribution will total $735.7 million, and is expected to be received by credit unions in Q3 2018.
Posted February 14, 2018 by CUNA Advocacy
CUNA witness, Kim Sponem – President/CEO of Summit Credit Union in Madison, WI, testified before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit – she did a great job representing America’s credit unions!  This was a long-sought hearing and is hopefully the precursor to new data security legislation being introduced by Chairman Blaine Luetkemeyer.
Posted February 14, 2018 by CUNA Advocacy
CUNA sent a letter to Representative Ted Poe in support of his efforts to address litigation abuse under the Americans with Disabilities Act with his legislation – H.R. 620, the ADA Education and Reform Act of 2017. 
Posted February 13, 2018 by CUNA Advocacy
The President sent his proposed budget to Congress.  Like last year, the President’s budget requests no new appropriations for both the Community Development Financial Institutions Fund (CDFIF) and the NCUA’s Community Development Revolving Loan Fund (CDRFL).  Last year, however, due to strong advocacy from CUNA, the Leagues, and credit unions across the country – both funds received full funding in 2017. 
Posted February 13, 2018 by CUNA Advocacy
This week the CFPB released its five-year Strategic Plan that establishes its mission, strategic goals, and strategic objectives. In describing the new plan, Acting Director Mick Mulvaney stated, “If there is one way to summarize the strategic changes occurring at the Bureau, it is this: we have committed to fulfill the Bureau’s statutory responsibilities, but go no further. By hewing to the statute, this Strategic Plan provides the Bureau a ready roadmap, a touchstone with a fixed meaning that should serve as a bulwark against the misuse of our unparalleled powers.” 
Posted February 12, 2018 by CUNA Advocacy
Last week, the Congress passed a short term “continuing resolution” to fund the government through March 23, 2018.  Included in the bill was the Bipartisan Budget Act of 2018, laying the groundwork for a larger budget deal to fund the government for the remainder of fiscal year 2018.  As part of this new law, the National Flood Insurance Program (NFIP) is reauthorized on the same track as government spending until March 23.
Posted February 09, 2018 by CUNA Advocacy
Today, CUNA filed a letter with the CFPB in response to its request for information on Consumers’ Experience with Free Access to Credit Scores. Over the last few years, many credit card issuers, financial institutions—including credit unions—and other companies have
Posted February 09, 2018 by CUNA Advocacy
CUNA is continuing its work with league partners and credit unions as lawsuits and demand letters continue in at least 15 states. Lawsuits that we are aware of have been filed in Florida, Virginia, Pennsylvania, Ohio, Michigan, New Jersey, Georgia, Maryland, Illinois, and Texas. CUNA is currently working to prepare to file in support of litigation in all of these jurisdictions and is encouraging credit unions and leagues to keep us updated if they see any new trends or legal actions in their state. 
Posted February 09, 2018 by CUNA Advocacy
A hearing was held on a Georgia bill that would make a number of enhancements to the state’s credit union act. The measure, HB 780, is the result of nearly a year’s worth of work by Georgia Credit Union and Affiliates and the state regulator to enact positive changes for the industry. 
Posted February 08, 2018 by CUNA Advocacy
The NCUA released the agenda for their February Board Meeting scheduled for February 15 at 10:00 a.m. at the agency’s headquarters in Alexandria, Virginia.
Posted February 08, 2018 by CUNA Advocacy
CUNA joined a number of financial trades in sending a letter to Acting Director Mulvaney to advise the CFPB on the significant unaddressed issues in the CFPB’s 2016 amendments to the 2013 TILA/RESPA Mortgage Servicer Rule that is scheduled to go into effect in April 2018.  The rule requires mortgage servicers to send monthly billing statements to consumers in active bankruptcy cases and certain other bankruptcy cases.
Posted February 08, 2018 by CUNA Advocacy

The Consumer Financial Protection Bureau (CFPB) announced it will issue a Request for Information (RFI) on the Bureau's enforcement processes.

Posted February 07, 2018 by CUNA Advocacy

CUNA sent a letter to Senate Finance Chairman Orrin Hatch (R-UT) in response to the letter he wrote to the NCUA asking a number of questions about credit unions and whether they are evolving beyond their original purpose. 

In the letter, CUNA reiterated that credit unions are Americans’ best option for financial services, and the credit union tax status represents one of the best investment that the government makes in its citizens.

Posted February 07, 2018 by CUNA Advocacy
CUNA joined a number of trade associations in sending a letter to Congress urging them to vote in favor of H.R. 1153 – the Mortgage Choice Act.
Posted February 07, 2018 by CUNA Advocacy

As previously reported, the CFPB listened to CUNA and others and decided to delay the effective date of the prepaid accounts rule to allow additional implementation time. The CFPB recently released a final rule that amends the prepaid accounts rule, including by extending the effective date until April 1, 2019.

Posted February 07, 2018 by CUNA Advocacy

A Vermont House member presented an anti-credit union bill at a committee hearing. Representative Fred Baser spoke in support of HB 737, which would apply the sales and use tax to state credit unions. The bill would also subject state chartered credit unions to Community Reinvestment Act like requirements. If enacted, credit unions would be required to file an annual report concerning their efforts to serve the needs of low and moderate income Vermonters. 

Posted February 06, 2018 by CUNA Advocacy
The Federal Reserve Bank of Kansas City gave conditional approval to a Colorado credit union to serve marijuana-related businesses. However, to obtain the Fed’s approval, Fourth Corner Credit Union will not serve state-licensed dispensaries, but will focus on individuals and companies that support legalized marijuana, including those who partner with vendors, such as accountants, lawyers and landlords. 
Posted February 05, 2018 by CUNA Advocacy
This week, both the House and Senate are in session.  Starting Wednesday, House Democrats will hold their winter retreat.  The House is expected to consider the “Mortgage Choice Act of 2017” (H.R. 1153); the “Common Sense Nutrition Disclosure Act of 2017” (H.R. 772); and a “Continuing Resolution” to fund the government. 
Posted February 02, 2018 by CUNA Advocacy

CUNA and the Defense Credit Union Council sent a formal petition to the DoD seeking immediate removal of language in recently released guidance that is causing confusion and making it difficult to offer certain products under the Military Lending Act regulation.

Posted February 02, 2018 by CUNA Advocacy

Earlier this week, Senate Finance Chairman Orrin Hatch (R-UT) wrote to the NCUA asking a number of questions about credit unions and whether they are evolving beyond their original purpose. 

CUNA respects the oversight role of the Senate Finance Committee but disagrees with the Senator’s position and will continue to promote the credit union difference on Capitol Hill. 

Posted February 01, 2018 by CUNA Advocacy

In a decision last week in the U.S. District Court for the Eastern District of Virginia, Northwest Federal Credit Union prevailed in a Motion for Summary Judgment. The decision had two important rulings. One that the plaintiff lacked standing because they could not be a member of the credit union, and the other that a website should not be considered a public accommodation.

Posted February 01, 2018 by CUNA Advocacy

In a decision stemming from an en banc review of the PHH Corporation v. CFPB in the U.S. Court of Appeals in D.C., the CFPB’s single director structure was upheld. CUNA participated as an Amici in the en banc review, with a brief focused not on the constitutional issues. The decision was 7-4. 

Posted January 31, 2018 by CUNA Advocacy
Earlier this week, the House Subcommittee on Financial Institutions and Consumer Credit met for a hearing entitled, “Examining Opportunities and Challenges in the Financial Technology (“Fintech”) Marketplace.” Prior to the hearing, CUNA sent a
Posted January 31, 2018 by CUNA Advocacy
The House of Representatives passed H.R. 1457, the Making Online Banking Initiation Legal and Easy Act (the MOBILE Act). This CUNA-backed legislation passed by a vote of 397-8.
Posted January 31, 2018 by CUNA Advocacy

NCUA issued a notice of proposed rulemaking to clarify the procedures applicable to the administration of claims against an insolvent credit union subject to involuntary liquidation by the agency. 

Posted January 31, 2018 by CUNA Advocacy
As part of NCUA’s Call Report Modernization initiative, which has been ongoing since May of 2016, the agency issued a Request for Information on January 31, 2018, to solicit comments on comprehensive Call Report modifications.
Posted January 30, 2018 by CUNA Advocacy
Credit union advocates from CUNA, the Ohio Credit Union League, and credit union representatives met with Department of Justice (DOJ) Assistant Attorney General John Gore and DOJ staff to discuss the drastic increase in litigation being brought and threatened against credit unions. 
Posted January 29, 2018 by CUNA Advocacy

CUNA joined the ICBA, ABA, and NAFCU in sending a letter to Majority Leader McConnell and Minority Leader Schumer urging the Senate to act on S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act.  The cosigners of the letter reiterated support for this important legislation that includes commonsense improvements to the nation's financial rules that will allow community banks and credit unions to better serve their customers and communities.   


Posted January 29, 2018 by CUNA Advocacy

The House and Senate are both in session this week.  However, the House will not be in session Thursday or Friday to accommodate the House Republican retreat.  The House Democratic retreat will occur next Thursday and Friday. 

On Tuesday, the President will give his annual State of the Union address.  As a reminder, federal spending authority ends on February 8th so Congressional leadership will be working on an agreement to fund the federal government for the remainder of fiscal year 2018. 


Posted January 26, 2018 by CUNA Advocacy

The Heartland Credit Union Association (HCUA) launched efforts to strengthen credit unions in Kansas and to protect credit unions in Missouri.

In Kansas, HCUA introduced a bill in the Senate that would update the state law regarding the member expulsion policy for credit unions. The bill comes at the request of HCUA members who recognized the need to modernize the law in order to continually protect the safety and soundness of credit union members and their assets.

Posted January 26, 2018 by CUNA Advocacy
The NCUA announced today that low income credit unions affected by 2017 Hurricanes Harvey, Irma, and Maria are eligible to seek certification as a Community Development Financial Institution (CDFI) through the agency.
Posted January 26, 2018 by CUNA Advocacy
CUNA’s Senior Director of Advocacy and Counsel – Leah Dempsey was interviewed by CUbroadcast’s Mike Lawson on his talk show.  Ms. Dempsey joined the program to discuss the threats and compliance challenges credit unions face surrounding website accessibility under the ADA.
Posted January 26, 2018 by CUNA Advocacy

CUNA filed a comment letter with NACHA addressing the association’s same day ACH questions.

Posted January 25, 2018 by CUNA Advocacy
Federal Communications Commission Chairman Pai recently responded to a letter sent by more than a dozen bipartisan Members of Congress in December supporting CUNA’s Telephone Consumer Protection Act Petition.  
Posted January 25, 2018 by CUNA Advocacy

The NCUA Board met to address four agenda items: the required annual Civil Monetary Penalty (CMP) inflation adjustment, a proposed rule to address severance payouts from insolvent credit unions under liquidation, adoption of the agency’s 2018-2022 Strategic Plan, and a briefing on Call Report Modernization. 

Posted January 24, 2018 by CUNA Advocacy

Following a two-page letter sent to staff outlining a new vision for the Consumer Financial Protection Bureau, Interim Director Mick Mulvaney detailed the mission in a Wall Street Journal Op-ed. In his piece, he made the following statements, 

“It’s fair to say that the bureau’s previous governing philosophy was to “push the envelope” aggressively, under the assumption that we were the good guys and the financial-service industry was the bad guys.” 

Posted January 24, 2018 by CUNA Advocacy
CUNA is seeking feedback from credit unions about the CFPB's Office of Financial Education Request for Information to learn more about the experience consumers are having with access to free credit scores and the experience of companies, and nonprofits, offering their customers and the general public free access to their credit scores.
Posted January 22, 2018 by CUNA Advocacy
As you likely know, Congress failed to come to an agreement to fund the government by January 19th.  The House was originally scheduled to be out of session this week, but stayed through the weekend until the Senate passed a short term funding bill earlier
Posted January 19, 2018 by CUNA Advocacy
The U.S. District Court for the District of Columbia ruled in favor of CUNA’s position Wednesday that President Donald Trump has the authority to appoint a director of the Consumer Financial Protection Bureau (CFPB). The case, English v. Trump, centered on whether Leandra English, picked
Posted January 19, 2018 by CUNA Advocacy

CUNA staff held a member webinar to discuss the threats and compliance challenges credit unions face surrounding website accessibility under the Americans with Disabilities Act (ADA).  The webinar had nearly 1000 registrants – if you missed it – you can register to watch the recorded version via this link!  

Posted January 19, 2018 by CUNA Advocacy

The Consumer Financial Protection Bureau (CFPB) announced its intention to engage in a rulemaking process to reconsider its short-term, small-dollar loan rule. CUNA and credit unions saw a major victory when the rule was finalized last year, as many provisions that would have negatively impacted consumers’ ability to access short-term, small-dollar credit were not finalized. 

Posted January 19, 2018 by CUNA Advocacy

The Consumer Financial Protection Bureau’s Acting Director Mulvaney announced the CFPB would be issuing a call for evidence to ensure the CFPB is fulfilling its proper functions to protect consumers.  

Posted January 19, 2018 by CUNA Advocacy
The NCUA board will vote on its 2018 2022 strategic plan at its Jan. 25 board meeting, according to the agenda released Thursday.
Posted January 19, 2018 by CUNA Advocacy

The House of Representatives passed H.R. 2954, the Home Mortgage Disclosure Adjustment Act by a vote of 243-184. 

Posted January 18, 2018 by CUNA Advocacy
Earlier this morning, the House Financial Services Committee completed a markup that began yesterday.  Prior to the start of the markup, CUNA sent a letter supporting four pieces of regulatory relief legislation – all four bills passed through Committee. 
Posted January 17, 2018 by CUNA Advocacy
The House of Representatives is scheduled to vote on H.R. 2954, the Home Mortgage Disclosure Adjustment Act this week.  Prior to the vote, CUNA sent a letter to Speaker Paul Ryan and Minority Leader Nancy Pelosi to reiterate support for the legislation. 
Posted January 17, 2018 by CUNA Advocacy
This week, CUNA filed a letter with the CFPB on an OMB request to conduct an online survey of consumers regarding ATM POS overdraft disclosure.
Posted January 16, 2018 by CUNA Advocacy
In response to the Department of Justice (DOJ) rescinding of an Obama-era policy that permitted legalized cannabis to expand in states across the country, Reps. Denny Heck (D-Wash.) and Ed Perlmutter (D-Colo.) circulated a Dear Colleague letter requesting that the Financial Crimes Enforcement Network (FinCEN) maintain its policy permitting financial institutions to engage with marijuana-related businesses.
Posted January 16, 2018 by CUNA Advocacy
This week, the House of Representatives will consider H.R. 2954, the Home Mortgage Disclosure Adjustment Act H.R. 3326, the World Bank Accountability Act of 2017  and H.R. 4712, the Born Alive Abortion Survivors Protection Act.
Posted January 16, 2018 by CUNA Advocacy
In the states, data breach legislation was front and center again last week. Only two states, Alabama and South Dakota, are without a data breach notification law.
Posted January 12, 2018 by CUNA Advocacy

NACHA has issued a Request for Comment regarding three proposed operating rule changes. These changes primarily relate to Same Day ACH; however, they carry implications for ACH processing at all institutions.

Rather than the usual call for comment letters, NACHA has posted an online survey in an effort gather specific feedback while also including freeform fields for general input.

Posted January 10, 2018 by CUNA Advocacy
The House Financial Services Committee held a hearing entitled, “Legislative Proposals for a More Efficient Federal Financial Regulatory Regime Part III.”  Prior to the hearing, CUNA sent a letter in support of two of the regulatory relief bills discussed.
Posted January 09, 2018 by CUNA Advocacy

CUNA and the state credit union leagues, representing all 50 states and the District of Columbia, wrote to Majority Leader McConnell and Minority Leader Schumer to encourage debate on the bipartisan S. 2155 – the Economic Growth, Regulatory Relief, and Consumer Protection Act.  

Posted January 09, 2018 by CUNA Advocacy
The Senate Banking, Housing, and Urban Affairs Committee held a hearing to discuss money laundering and other forms of illicit finance along with ways to reform and strengthen Bank Secrecy Act (BSA) enforcement.  Prior to hearing, CUNA sent a letter to Chairman Crapo and Ranking Member Brown that was entered into the record by the Chairman.
Posted January 02, 2018 by CUNA Advocacy

While Congress and the administration get back to work, I wanted to take some time to outline the credit union advocacy agenda for 2018. This isn't an agenda that has been cooked up here in Washington. It's an agenda that has been developed with the input, feedback and guidance of credit union leaders from across the country.

The foundation for our 2018 agenda is a new, bold advocacy goal: to revolutionize the operating environment for credit unions.

We seek to achieve this goal by:

Reducing regulatory burden so that credit union members have access to more efficient and affordable financial services from credit unions.

Expanding and protecting credit union powers so consumers and small businesses can more easily access the credit union services they need and demand.

Enhancing payment security to reduce the impact that merchant data breaches have on credit unions and their members.

Preserving the credit union tax status so that credit union members continue to enjoy not-for-profit cooperative financial services.


Posted January 08, 2018 by CUNA Advocacy
This week, both the House and Senate are in session but with relatively light legislative schedules.  Both bodies will resume negotiations on the omnibus appropriations bill.  Current government funding expires on January 19th so the clock is ticking.  In addition, the
Posted January 05, 2018 by CUNA Advocacy
Chairman Hensarling announced that the Committee’s staff director, Kristen Sutton Mork, will be leaving the Committee to take over as Chief of Staff at the Consumer Financial Protection Bureau.
Posted January 05, 2018 by CUNA Advocacy
CUNA, along with trade associations from a broad spectrum of stakeholders, sent a letter to Chairman Walden and Chairman Latta in support of federal legislation to protect personal information and, in the in the event of a data breach that could result in identity theft or other financial harm, ensure consumers are notified in a timely manner. 
Posted January 05, 2018 by CUNA Advocacy

CUNA joined other financial trade associations in sending a letter to Representatives Pearce and Luetkemeyer in support of their draft legislation the Counter Terrorism and Illicit Finance Act. 

Posted January 04, 2018 by CUNA Advocacy
The Department of Justice (DOJ) is rescinding the Obama era policy that permitted legalized cannabis to expand in states across the country.
Posted January 02, 2018 by CUNA Advocacy

The National Credit Union Administration (NCUA) is hosting a free (registration required) webinar at 2:00 PM Eastern on Wednesday, January 10, entitled “Welcome to CURE.” The webinar will feature Office of Credit Union Resources and Expansion (CURE) Director Martha Ninichuk and Deputy Director Jean Marie Komyathy discussing the agency’s realignment of offices and responsibilities.

Posted January 02, 2018 by CUNA Advocacy
2017 was a notable year in Washington and a fantastic year for credit union advocacy. Working together, CUNA, Leagues and credit unions accomplished so much in all areas of government.
Posted December 28, 2017 by CUNA Advocacy

The Department of Justice (DOJ) announced that it has rescinded two Advanced Notices of Proposed Rulemaking (ANPRM) related to website accessibility under Title II of the Americans with Disabilities Act (ADA) applicable to state and local governments and under Title III applicable to private businesses open to the public. 

Posted December 27, 2017 by CUNA Advocacy

CUNA submitted a letter to NCUA in response to the proposed rule on capital planning and supervisory stress testing. CUNA maintained that credit unions should remain exempt from stress testing requirements, as Congress intended. Further, any stress testing supervisory requirements should continue to provide exemptions for small institutions, as measured on a scale other than fixed asset thresholds. 

Posted December 27, 2017 by CUNA Advocacy

Judge Timothy Kelly heard arguments on Friday, Dec. 22 for a preliminary injunction request from Leandra English challenging President Trump's appointment of Mick Mulvaney to serve as interim director of the Consumer Financial Protection Bureau (CFPB). 

Posted December 22, 2017 by CUNA Advocacy
The CFPB announced CUNA’s request for a delay in the effective date of the prepaid accounts rule has been granted to allow additional implementation time.
Posted December 21, 2017 by CUNA Advocacy
As credit unions continue to receive demand letters threatening class action litigation concerning website accessibility requirements under the Americans with Disabilities Act, CUNA remains engaged with Congress and the Department of Justice (DoJ) to seek relief on this issue.
Posted December 21, 2017 by CUNA Advocacy
The CFPB issued a statement to clarify Home Mortgage Disclosure Act (HMDA) compliance responsibilities taking effect on January 1, 2018.  The agency announced it does not intend to require resubmission of pre 2019 data for non material issues. CFPB shall
Posted December 21, 2017 by CUNA Advocacy

On December 20, 2017, the Congress passed the House-Senate tax reform conference committee of the compromise “Tax Cuts and Jobs Act” (TCJA), which would cut taxes by roughly $1.5 trillion over ten years and would make significant changes to and simplify our nation’s tax laws.  The President is expected to sign the bill into law the first week of January 2018.

Posted December 21, 2017 by CUNA Advocacy
Earlier this week, CUNA and other financial trade association joined together to highlight what data breach legislation should look like to leadership of the House Energy and Commerce Committee in response to the Committee’s request for comments on such legislation.
Posted December 21, 2017 by CUNA Advocacy

CUNA sent a letter this week in response to the Consumer Financial Protection Bureau’s (CFPB) proposal to renew the Office of Management and Budget (OMB) approval for an existing information collection titled, “Generic Information Collection Plan for Consumer Complaint and Information Collection System.”

Posted December 21, 2017 by CUNA Advocacy
CUNA sent a letter to Representative Tom Emmer in support of his recently introduced legislation, H.R. 4648 – the Home Mortgage Reporting Relief Act of 2017.
Posted December 21, 2017 by CUNA Advocacy

CUNA submitted a comment letter in response to NCUA’s Request for Information regarding Electronic Data Collection Modernization.

Posted December 18, 2017 by CUNA Advocacy
As reported last week, the DoD released long awaited guidance on the Military Lending Act that amends three comments included in last year’s DoD guidance and adds one additional comment.
Posted December 18, 2017 by CUNA Advocacy
On Friday evening, December 15, 2017, the House Senate tax reform conference committee reported its compromise “Tax Cuts and Jobs Act” (TCJA), which would cut taxes by roughly $1.5 trillion over ten years and would make significant changes to and simplify our nation’s tax laws.
Posted December 18, 2017 by CUNA Advocacy
ON THE FLOOR Both the House and Senate will consider the Conference Report for H.R. 1, the Tax Cuts and Jobs Act.  In addition, both chambers will consider another continuing resolution to continue government funding past its December 22nd deadline.  The
Posted December 15, 2017 by CUNA Advocacy
This week saw a special election that garnered attention from across the country and a Governor announcing the replacement for a resigning Senator.
Posted December 14, 2017 by CUNA Advocacy
This morning CUNA was in attendance at the Treasury’s Financial Literacy and Education Commission (the Commission) public meeting. The Secretary of the Treasury, Steven Mnuchin, and the newly appointed Interim Director of the CFPB, Mick Mulvaney, were both on
Posted December 14, 2017 by CUNA Advocacy

This week credit unions saw wins on the House floor as well as in the House Financial Services Committee. On the floor, the House passed three pieces of CUNA-backed legislation that if enacted will reduce the regulatory burdens faced by America’s credit unions.

Posted December 14, 2017 by CUNA Advocacy

CUNA staff attended the NCUA's final board meeting for 2017 at agency headquarters in Alexandria, Virginia. As anticipated, the Board unanimously approved to finalize the proposed rule, without modification, on emergency mergers—amending the definition of “in danger of insolvency” and creating a fourth category of existing net worth categories—giving the agency earlier authority to preserve asset values for an undercapitalized, failing credit union. 


Posted December 13, 2017 by CUNA Advocacy

The House Financial Services Committee passed three CUNA-backed regulatory relief bills.  Today was the second and final day of the 15-bill markup.  Prior to the start of the markup, CUNA sent a letter supporting three bills and reiterated the importance of regulatory relief for credit unions and their 110 million members.

Posted December 13, 2017 by CUNA Advocacy

The DoD has released long-awaited guidance on the Military Lending Act that will be published in tomorrow’s Federal Register. The guidance amends three comments included in last year’s DoD guidance and adds one additional comment.

Posted December 13, 2017 by CUNA Advocacy

Credit Union National Association, on behalf of America’s credit unions and their 110 million members, filed an amicus brief in the case, English v. Trump.  We filed this brief because credit unions have a strong interest in the operation and the leadership of the Consumer Financial Protection Bureau. And, credit unions’ structure, mission and history gives us a unique perspective on these matters.  

Posted December 12, 2017 by CUNA Advocacy
CUNA filed an amicus brief supporting the president’s authority to appoint an interim director under the Vacancies Reform Act. Leandra English a CFPB employee, who was appointed as Deputy Director by former Director Richard Cordray on his last day in the position, is challenging this presidential appointment authority and instead is seeking to create precedent enabling an outgoing CFPB director to select anyone they choose for this position in the U.S. District Court for the District of Columbia case English v. Trump. 
Posted December 12, 2017 by CUNA Advocacy
CUNA CEO Jim Nussle along with CUNA staff and staff from the Independent Community Bankers of American and the National Association of Federal Credit Unions met with Federal Reserve Bank of Kansas City President and CEO Esther George and key staff from the Federal Reserve banks to discuss the Federal’s Reserve’s roll in the payments system.
Posted December 11, 2017 by CUNA Advocacy
Last week, Congress passed and the President signed into law H.J. Res. 123, a continuing resolution to fund government operations through December 22, 2017.  This puts additional pressure on Congress to pass an omnibus spending bill for the rest of fiscal year 2018 at the same time as it is trying to enact the most comprehensive tax overhaul in thirty years. 
Posted December 08, 2017 by CUNA Advocacy
This week the Government Accountability Office issued a legal opinion that the CFPB’s Indirect Lending Guidance is a is a rule for purposes of the Congressional Review Act (CRA).
Posted December 07, 2017 by CUNA Advocacy

The Federal Housing Administration (FHA) announced it will no longer insure new mortgages on properties that include Property Assessed Clean Energy (PACE) assessments. 

Posted December 07, 2017 by CUNA Advocacy
On Thursday, December 14, the National Credit Union Administration (NCUA) Board will meet in open session to finalize their proposed rules on mergers, both voluntary and involuntary emergency, and agency reorganization.
Posted December 07, 2017 by CUNA Advocacy

CUNA sent a letter to Chairman Hensarling and Ranking Member Waters to express support for three regulatory relief measures that will be discussed before the Committee today. 

Posted December 06, 2017 by CUNA Advocacy

More than a dozen bipartisan Members of Congress sent a letter to the Federal Communications Commission (FCC) Chairman Pai in support of CUNA’s Telephone Consumer Protection Petition that was filed this fall. 

Posted December 06, 2017 by CUNA Advocacy
Last week CUNA sent Interim CFPB Director Mick Mulvaney a letter outlining changes credit unions would like to see at the CFPB moving forward. As the CFPB leadership litigation disputes continue, CUNA believes that it is important for credit unions to have certainty in the financial services marketplace.
Posted April 14, 2017 by CUNA Advocacy
This morning, CUNA and the Leagues sent a letter to Chairman Crapo (R ID) and Ranking Member Brown (D OH) of the Senate Committee on Banking, Housing and Urban Affairs.  The letter is in response to the Committee’s hearing on fostering economic growth, held at
Posted December 06, 2017 by CUNA Advocacy
The Senate Banking Committee voted 16 7 to pass the CUNA backed, bipartisan S. 2155 Economic Growth, Regulatory Relief and Consumer Protection Act.  CUNA strongly supports the bill, which contains several regulatory relief provisions for credit unions.
Posted December 06, 2017 by CUNA Advocacy
December 1, 2017 - the Senate passed the “Tax Cuts and Jobs Act”, which would cut taxes by roughly $1.5 trillion over ten years and would make significant changes to and simplify our nation’s tax laws.
Posted December 06, 2017 by dyi

Beginning next year, lenders will need to report a number of additional data points to the CFPB under HMDA. Some of that data will then be made available to the public by the CFPB and other regulators.

Posted December 04, 2017 by CUNA Advocacy

The Wisconsin Credit Union League successfully advocated for the passage of bills permitting prize-linked savings raffles and requiring financial literacy standards in schools. The bills passed both chambers unanimously and were signed by Governor Walker.

Posted December 02, 2017 by CUNA Advocacy
Early Saturday morning, December 2, 2017, the Senate passed the “Tax Cuts and Jobs Act”, which would cut taxes by roughly $1.5 trillion over ten years and would make significant changes to and simplify our nation’s tax laws.
Posted December 03, 2017 by CUNA Advocacy
This week, the House is expected to vote on H.R. 477, the Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017; H.R. 3971, the Community Institution Mortgage Relief Act of 2017 and H.R. 38, the Concealed Carry Reciprocity Act of 2017. 
Posted December 01, 2017 by CUNA Advocacy
CUNA’s CEO Jim Nussle along with the President/CEO of the Consumer Bankers Association, Richard Hunt and Camden Fine the President/CEO of the Independent Community Bankers of America published an opinion piece in the Morning Consult on why a Commission is the best option to run the Consumer Financial Protection Bureau (CFPB) in a post-Cordray world.


Posted December 01, 2017 by CUNA Advocacy
CUNA submitted a comment letter in response to NCUA’s proposed Accuracy in Advertising rule.


Posted December 01, 2017 by CUNA Advocacy

CUNA wrote a letter to support ongoing supervisory modernization and regulatory relief under NCUA’s Strategic Plan 2018-2022.

Posted November 28, 2017 by CUNA Advocacy

CUNA sent a letter to Representative Bill Posey in support of his recently introduced legislation to repeal the NCUA’s risk-based capital rule – The Common Sense Credit Union Capital Relief Act of 2017.  

Posted November 28, 2017 by CUNA Advocacy

This afternoon, a U.S. District Court Judge threw out a request for a restraining order that would have blocked OMB Director Mulvaney from assuming the leadership position at the CFPB. 

Posted November 27, 2017 by CUNA Advocacy
Acting Consumer Financial Protection Bureau (CFPB) Director Mick Mulvaney announced a freeze of rulemaking actions at the bureau Monday, several hours after CUNA sent a letter requesting a freeze on new rules and requirements.
Posted November 27, 2017 by CUNA Advocacy

On the Friday after Thanksgiving, the CFPB Director Cordray officially resigned and subsequently named Leandra English as deputy director before resigning, indicating English would become acting director upon his resignation. Meanwhile, President Donald Trump named Office of Management and Budget Director Mick Mulvaney as interim director of the bureau. 

Posted November 27, 2017 by CUNA Advocacy

The Department of Labor officially announced that the Fiduciary rule will be delayed for 18 months. This means the applicability date will now be July 1, 2019.

Posted November 22, 2017 by CUNA Advocacy

In support of CUNA’s Petition with the Federal Communications Commission (FCC) seeking declaratory relief from credit unions subject to the Telephone Consumer Protection Act (TCPA), credit unions, other trade associations, and service organizations have filed comments corroborating the need for the common-sense Telephone Consumer Protection Act (“TCPA”) reforms set forth in the Petition. CUNA highlighted this support in Reply Comments filed on November 21.


Posted November 21, 2017 by CUNA Advocacy

This afternoon, the Senate Appropriations Committee released its draft spending package to fund agencies and government functions under the jurisdiction of the Senate Appropriations Subcommittee on Financial Services and General Government through the end of Fiscal Year 2018.  This bill includes many significant wins for credit unions! 

Posted November 20, 2017 by CUNA Advocacy

CUNA submitted a comment letter to NCUA regarding its comprehensive Regulatory Reform Agenda, issued by a Task Force charged with culling all relevant regulations, with recommendations to streamline and eliminate ineffective, outdated, and excessively burdensome regulations.  The agenda parses regulatory recommendations into multi-year efforts, and temporarily supersedes the agency’s standard one-third annual regulatory review, which is slated to re-commence in 2020.

Posted November 17, 2017 by CUNA Advocacy

 CUNA sent a letter to Chairman Orrin Hatch and Ranking Member Ron Wyden of the Senate Finance Committee in response to the Chairman’s mark of the Tax Cuts and Jobs Act.  In the letter, CUNA highlights the importance of credit unions and that they are American’s best option for financial services. 

Posted November 16, 2017 by CUNA Advocacy

The House passed legislation to reauthorize the National Flood Insurance Program, including changes that could limit future coverage and discounts for high-risk properties, modify premiums and surcharges paid by policyholders and expand opportunities for private insurers to sell policies. 

Posted November 16, 2017 by CUNA Advocacy

The NCUA held their November 2017 Open Board meeting.  The Board approved a final corporate credit union rule, the 2018-2019 operating fund budget, and the overhead transfer rate methodology.  The Board also received the final briefing on the Corporate Stabilization Fund before it was merged into the National Credit Union Share Insurance Fund. 

Posted November 15, 2017 by CUNA Advocacy

Consumer Financial Protection Bureau Director Richard Cordray announced to Bureau staff today that he will step down from the agency by the end of the month after serving since 2013.  

Posted November 15, 2017 by CUNA Advocacy

In a letter sent last week to the CFPB, CUNA supports a proposed change to the Reg Z mortgage servicing rules (effective April 2018). 

Posted November 15, 2017 by CUNA Advocacy

The House Judiciary Committee held an oversight hearing concerning the Department of Justice.  Prior to the hearing, CUNA sent a letter to Chairman Goodlatte and Ranking Member Conyers in order to bring attention to the fact that frivolous class action lawsuits brought under the American with Disabilities Act have become increasingly problematic for credit unions. 

Posted November 15, 2017 by CUNA Advocacy

The House Financial Services Committee started a multi-day markup of a number of bills.  Prior to the start of the markup, CUNA sent a letter supporting three of the bills

Posted November 14, 2017 by CUNA Advocacy

The CUNA Advocacy and Economics teams have broken down both the House and Senate tax reform bills into short white papers. 

Posted November 13, 2017 by CUNA Advocacy

A bipartisan group of Senate Banking Committee members have released a bill that could offer credit union regulatory relief. 

Posted November 13, 2017 by CUNA Advocacy

Ahead of the 2018 implementation of legalized adult-use cannabis in CA, State Treasurer John Chiang released a report from the Cannabis Banking Working Group, which the California Credit Union League was a member of. The findings in the report were the culmination of 6 hearings of the Treasurer’s 18-person Working Group, whose members included representatives from local and state government, the cannabis industry, financial institutions and law enforcement.

Posted November 13, 2017 by CUNA Advocacy

With CUNA’s Member Activation Program (MAP), CUNA, the Cornerstone Credit Union League (CCUL) and credit unions successfully supported an amendment to the Texas constitution that will lead to Texas to becoming the 22nd state to permit prize-linked savings programs.

Posted November 10, 2017 by CUNA Advocacy

The House Ways and Means Committee Chairman Kevin Brady (R-TX) unveiled a 429-page tax reform bill.  H.R. 1, the “Tax Cuts and Jobs Act,” would cut taxes by roughly $1.5 trillion over ten years and would make significant changes to and simplify our nation’s tax laws.  On November 9, 2017, after a four-day markup, the Committee passed the bill and it is expected to be considered by the full House of Representatives the week of November 13, 2017.

Posted November 10, 2017 by CUNA Advocacy

CUNA sent a letter following a meeting with Assistant Attorney General John Gore, outlining steps the DoJ should take to limit litigation threats to credit unions for website accessibility under the cover of the Americans with Disabilities Act (ADA). 

Posted November 15, 2017 by CUNA Advocacy

CUNA responded to the CFPB’s interim final rule clarifying that mortgage servicing compliance with the Real Estate Settlement Procedures Act (RESPA) for a borrower who has invoked cease communication rights under the Fair Debt Collection Practices Act (FDCPA) is satisfied when notice has been provided within 10 days following the 180th day after initial written notice. 

Posted November 09, 2017 by CUNA Advocacy

The National Credit Union Administration (NCUA) published the Agenda for its November 2017 Board Meeting, which will be held at NCUA headquarters in Alexandria, Virginia at 10:00 a.m. on Thursday, November 16.  

Posted November 09, 2017 by CUNA Advocacy

The Senate Judiciary Committee held a hearing entitled, “The Impact of Lawsuit Abuse on American Small Businesses and Job Creators.” CUNA sent a letter highlighting our concern about a recent uptick in litigation threats against credit unions brought under the cover of the Americans with Disability Act (ADA).  

Posted November 08, 2017 by CUNA Advocacy

The Department of Labor has officially indicated that the Department of Labor Fiduciary rule will be delayed for 18-months. This means the applicability date will now be July 2019. 

Posted November 06, 2017 by Janel Buckley

CUNA filed a letter with the CFPB in response to its release of prototypes of the overdraft disclosure form, along with its most recent report on overdraft practices. While we noted a few substantive concerns with the prototypes themselves, our bigger issue is with the data the CFPB continues to rely on as it pursues potential changes in the area of overdraft programs. 

Posted November 06, 2017 by CUNA Advocacy

What a week we had last week.  Senate Banking Committee Ranking Member Sherrod Brown (D-OH) “walked away” from negotiations with Chairman Mike Crapo (R-ID) on a package of regulatory relief for smaller financial institutions, including credit unions.  While disappointing, we are encouraging all parties to return to the negotiating table and craft a package that will remove unnecessary and unneeded regulatory burdens on credit unions.  

Posted November 03, 2017 by CUNA Advocacy

CUNA, the Cornerstone Credit Union League and credit unions are using CUNA’s Member Activation Program (MAP) to build support for two credit-union supported amendments to the Texas constitution that are on the ballot Tuesday. The measures would modernize home equity lending laws and allow for prize-linked savings accounts in Texas.

Posted November 02, 2017 by CUNA Advocacy

Earlier this week, The Hill newspaper has once again named CUNA’s President/CEO, Jim Nussle, to its annual list of Washington’s top lobbyists!  

Posted November 02, 2017 by vgawali

Yesterday, two House subcommittees held hearings of a similar nature that unfortunately has become much too common – data security!  

Posted November 02, 2017 by ManojBhoi
The need for the FCC to exempt credit unions from the onerous TCPA regulations was showcased in The Hill newspaper this morning.  Katie McAuliffe, the Federal Affairs Manager at Americans for Tax Reform published an opinion piece where she highlighted the need to modernize telemarketing laws – especially for credit unions. 
Posted November 02, 2017 by CUNA Advocacy
The long anticipated tax reform legislation was released by the House Ways and Means Committee earlier today.  The CUNA Advocacy Team, including President/CEO Jim Nussle, is closely analyzing the text of the bill for any mention of credit unions or any provisions that have the potential to impact credit union operations. 
Posted November 02, 2017 by ManojBhoi

It’s official – the resolution to repeal the Consumer Financial Protection Bureau’s Arbitration rule has been signed into law by the President. 

Posted November 02, 2017 by CUNA Advocacy

CUNA joined a number of financial trade associations in sending a letter in support of strong data security legislation to Chairman Blaine Luetkemeyer and Ranking Member Lacy Clay of the House Financial Services Subcommittee on Financial Institutions and Consumer Credit. 

Posted April 24, 2017 by CUNA Advocacy

Check the Calendar… It’s Not Groundhog Day… Stop me if you’ve heard this before:  The House of Representatives is expected to vote this week on legislation to repeal and replace Obamacare.  You may recall the House’s failed effort to pass a new healthcare law last month, but they’re back at it again this week after weeks of negotiations between leaders in the House, Senate and the White House.  Here is why it is important to us:  time on the House floor is valuable, and unexpected changes to the calendar tend to have a butterfly effect on other priorities.  If consideration of this legislation takes much time it may displace or delay other matters, including financial regulatory reform legislation. 

Posted April 24, 2017 by CUNA Advocacy

This week the Congress will, among other items, be considering legislation to fund government operations through September 30th 2017, the end of this fiscal year. Current government funding ends Friday and at midnight and action is necessary to avert a government shutdown.

Posted April 25, 2017 by CUNA Advocacy

Tomorrow, the House Financial Services Committee will hold its hearing on the CHOICE 2.0 Act.  As mentioned last week, CUNA has been busy working its way through the nearly 600 pages of legislation since it was released on Wednesday.  This afternoon, CUNA sent a letterto Chairman Jeb Hensarling and Ranking Member Maxine Waters outlining CUNA’s position on CHOICE 2.0 in its current form

Posted April 25, 2017 by CUNA Advocacy

This week, CUNA and the World Council of Credit Unions (WOCCU) wrote a joint letter to Congressman Mark Meadows (R-NC), Chairman of the House Oversight and Government Reform Subcommittee on Government Operations, and Senator Rand Paul, in support of their legislation (S. 869 and H.R. 2054) to repeal the Foreign Account Tax Compliance Act (FATCA).  The House Oversight and Government Reform Subcommittee on Government Operations will hold a hearing tomorrow entitled, "Reviewing the Unintended Consequences of the Foreign Account Tax Compliance Act."  This joint CUNA/WOCCU letter will be included in the official hearing record.  Senator Rand Paul is scheduled to testify at the hearing.

Posted April 26, 2017 by ManojBhoi

In addition to a string of recent enforcement actions, the CFPB today announced that its recent supervisory work has found that some student loan and mortgage servicers are violating consumer financial laws.

Posted April 27, 2017 by CUNA Advocacy

CUNA joined a number of trade associations and sent two letters in support of legislation introduced in the House and Senate that would require Property Assessed Clean Energy (PACE) lenders to make important consumer disclosures to potential borrowers about the impact these loans could have on the marketability of their homes. 

Posted April 27, 2017 by CUNA Advocacy

Yesterday, the House Financial Services Committee held a hearing to discuss the CHOICE 2.0 Act. Prior to the hearing, CUNA sent a letter to Chairman Hensarling and Ranking Members Waters outlining the position of America’s credit unions on this legislation.

Posted April 27, 2017 by ManojBhoi

In honor of National Financial Literacy Month, CUNA and the National Credit Union Foundation (the Foundation) sent a letter to CFPB Director Cordray encouraging the CFPB to work with credit unions to empower consumers with financial knowledge.  

Posted April 27, 2017 by ManojBhoi

The CFPB has scheduled a public field hearing in Los Angeles, CA to discuss small business lending.  The hearing will include remarks from Director Cordray, a panel discussion with consumer advocates and industry representatives, and will end with testimony from members of the public. 

Posted April 28, 2017 by CUNA Advocacy

Prior to the House Financial Services Committee hearing on the CHOICE 2.0 Act, 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.   

Posted November 01, 2017 by ManojBhoi

The Consumer Financial Protection Bureau announced the launch of a new mortgage performance trends tool that will track delinquency rates throughout the nation.

Posted November 01, 2017 by vgawali

Chairman Jeb Hensarling announced that he will not be seeking reelection in 2018.   

Posted October 31, 2017 by CUNA Advocacy

Earlier today, CUNA’s President/CEO Jim Nussle, Chief Advocacy Officer Ryan Donovan, Chief Compliance Officer Jared Ihrig, Senior Director of Advocacy & Counsel Leah Dempsey, and CUNA Mutual Sr. Consultant Joe Luedke met with senior officials at the Department of Justice requesting clarification on how credit unions’ websites should comply with requirements surrounding website accessibility under the Americans with Disabilities Act (ADA). 

Posted April 28, 2017 by CUNA Advocacy

Yesterday, 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 as it prepares a paper in response to the President’s Executive Order, issued on February 3, on Core Principles in Regulating the United States Financial Systems. 

Posted April 28, 2017 by CUNA Advocacy

Recently, the League of Southeastern Credit Unions (LSCU) successfully championed an Alabama bill, S. 27, that extends the credit union examination period to 18 months. After an extensive League lobbying effort, Governor Kay Ivey signed the bill this week. 

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 today to continue their debate of CHOICE 2.0 (which they referred to as the Wrong CHOICE 2.0).   

Posted April 30, 2017 by CUNA Advocacy

The House of Representatives is expected to vote on FY 2017 omnibus appropriations legislation.  The House is also scheduled to vote on the “Working Families Flexibility Act of 2017” (H.R. 1180).

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.  

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 current federal spending authorization ends. 

Posted May 02, 2017 by CUNA Advocacy

Today, 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 (outlined in a letter sent last week).  

Posted May 02, 2017 by CUNA Advocacy

As predicted, 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 is nearly 600 pages (and is expected to take 6 hours to read). 

Posted May 03, 2017 by CUNA Advocacy

Over the weekend, the 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 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 year and, while we will not host a booth, we will attend key committee meetings as well as the general sessions to represent our members and monitor any discussions impacting credit unions.   

Posted May 03, 2017 by vgawali

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. 

Posted May 03, 2017 by vgawali

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 working families – particularly low- and middle-income families to save for their retirement years.” But, noted the rule could detrimentally impact this demographic of consumers.

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 purchased residential mortgage-backed securities to $5.1 Billion. 

Posted May 04, 2017 by CUNA Advocacy

After two full days of mark-up and this morning’s amendment votes, 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 of Members from both parties cite the negative effects that overly broad rules stemming from the Consumer Financial Protection Bureau have had on credit unions and their members. 

Posted May 04, 2017 by vgawali

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 their potential exposure to class action lawsuits stemming from the anti-discrimination provisions of Fair Housing Act.  CUNA has been active in this case originally filing an Amici Curiae brief to convince the Court to hear the case, and subsequently filing an Amici Curiae brief on the merits of the case.  

Posted May 04, 2017 by CUNA Advocacy

Earlier today, the 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 05, 2017 by vgawali

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.  

Posted May 05, 2017 by CUNA Advocacy

Earlier this week, 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.” 

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 Fund (NCUSIF) and the Temporary Corporate Credit Union Stabilization Fund (TCCUSF).  They also urged the Board to issue a dividend to any credit union with amounts over the mandated 1.3% in the NCUSIF. 

Posted May 05, 2017 by CUNA Advocacy

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 (ECOA) Regulation B Ethnicity and Race Information Collection. 

Posted May 07, 2017 by CUNA Advocacy

The House of Representatives will reconvene next week.  The Senate reconvened today to consider former Representative Heather Wilson to be Secretary of the Air Force.  Following the disposition of the Wilson nomination, the Senate will proceed to a consider Scott Gottlieb, of Connecticut, to be Commissioner of the Food and Drug Administration.

Posted May 08, 2017 by CUNA Advocacy

Recently, the Ohio House passed the budget (Sub. H. 49) by a 58-37 vote. The bill contains several provisions that would impact credit unions, including public deposits, a Good Funds correction and remote notarization.  The Ohio League is working diligently to strengthen those provisions as the measure heads to the Senate.

Posted May 08, 2017 by CUNA Advocacy

Last week, CUNA continued its effort to achieve faster payments in the U.S., participating in a two-day meeting of the Federal Reserve’s Faster Payments Task Force in Chicago.  

Posted May 09, 2017 by CUNA Advocacy

Earlier this month, 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.

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 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. 

Posted May 11, 2017 by CUNA Advocacy

Today the 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 interest in the current and future structure of the housing finance system.   

Posted May 11, 2017 by vgawali

As many of you are aware, Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amends the Equal Credit Opportunity Act (ECOA) to require financial institutions to compile, maintain, and submit to the CFPB certain data on credit applications by women-owned, minority-owned, and small businesses.  This is one of the last remaining required rulemakings in the Dodd-Frank Act.  You may also recall that at Director Cordray was criticized at a recent House Financial Services Committee hearing by Chairman Hensarling for not proceeding more quickly to issue a regulation implementing Section 1071.  

Posted May 11, 2017 by CUNA Advocacy

Earlier this week, 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. 

Posted May 11, 2017 by CUNA Advocacy

Earlier this week, 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. 

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 roadmap for a risk management review.  This review must be conducted within 90 days with the ultimate goal of modernizing and protecting federal agency’s IT infrastructure.  

Posted May 11, 2017 by vgawali

Today, 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.   

Posted May 12, 2017 by CUNA Advocacy

While, eight states and the District of Columbia have legalized recreational marijuana by voter referendum; earlier this week, Vermont’s Legislature becomes the first in the nation to approve a recreational marijuana legalization bill, S. 22.  The measure will now be considered by Governor Phil Scott. If signed, it would become effective July 1, 2018.

Posted May 12, 2017 by CUNA Advocacy

Yesterday, 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 Mae and Freddie Mac. Prior to the hearing, CUNA sent a letter highlighting credit unions’ interest in the current and future structure of the housing finance system. 

Posted May 14, 2017 by CUNA Advocacy

The House is expected to consider “Probation Officer Protection Act of 2017” (H.R. 1039) and “Thin Blue Line Act” (H.R. 115).  The Senate will consider the nomination Jeffrey Rosen to be Deputy Secretary of Transportation and Rachel Brand to be Associate Attorney General. 

Posted October 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 are with SBA loan programs. 

Posted May 18, 2017 by CUNA Advocacy

This morning the 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 and Ranking Member Gregorio Sablan.   

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 a letter to the leadership of the  Committee, Chairman Kevin Brady and Ranking Member Richard Neal, urging the Committee to protect the federal tax status of credit unions in the context of comprehensive  tax reform. 

Posted May 18, 2017 by vgawali

Earlier today, CUNA’s Senior Director of Advocacy and Counsel, Leah Dempsey, submitted a comment letter in response to 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 like rent, utility payments, etc. to determine credit worthiness. These types of payments, which are not usually included in credit bureau calculations could help credit invisible individuals obtain mortgages and other credit.  

Posted May 18, 2017 by vgawali

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.

Posted May 19, 2017 by CUNA Advocacy

Earlier this week, 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, unfair or unconscionable debt-collection practice. The ruling reversed a lower court decision, in a 5-3 decision.

Posted May 19, 2017 by CUNA Advocacy

Yesterday, the 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 Mac, housing finance reform, financial regulation, community banks and credit unions, and tax reform.

Posted May 19, 2017 by CUNA Advocacy

Today, CUNA’s Senior Director of Advocacy and Counsel, Luke Martone sent a letter 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 to increase the threshold from 100 to 1,000 remittances annually. 

Posted May 21, 2017 by CUNA Advocacy
The House and Senate are in session this week.  When they complete their business for the week, both chambers will be in recess until June 5th.
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 this case, and the requirements of the Administrative Procedure Act, and have found no principled legal basis to change the June 9 date while we seek public input. Respect for the rule of law leads us to the conclusion that this date cannot be postponed.” 

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 Community Development Revolving Loan Fund (CDRFL) was also zeroed out this time around.  These cuts in FY 18 would amount to $248 million and $2 million, respectively.  That is a relatively small sum in a $4.1 trillion proposed budget that includes $57.3 billion in cuts to various domestic discretionary spending programs.

Posted May 24, 2017 by CUNA Advocacy

At the behest of the credit unions leagues in Maine and North Carolina, bills granting credit unions parity were passed by legislatures in both states and now await signatures from the governors. 

Posted May 24, 2017 by vgawali

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 RFI is the first step in the rulemaking process, but the CFPB has imposed a very short comment deadline of July 14, 2017. CUNA and the other trade associations urged the CFPB to extend the comment period 60 days past the current deadline to September 12, 2017.

Posted May 24, 2017 by vgawali

Earlier today, 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 the NCUA. They were tasked with developing a national financial education website and a national strategy on financial education. 

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 of eight employees – specifically remarking that it can be a struggle to stay abreast of complex and evolving compliance requirements without the retention of often cost prohibitive counsel, accountants, financial advisors, and other professionals. 

Posted May 24, 2017 by vgawali

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, among other questions was the constitutionality of the CFPB with its independent director appointed for a five-year term and only removable by the President “for cause”.  The original three-judge panel opinion removed the “for cause” requirement declaring the structure unconstitutional. 

Posted May 24, 2017 by CUNA Advocacy

CUNA’s Senior Director of Advocacy and Counsel, Andy Price, 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 Rule. 

Posted May 25, 2017 by CUNA Advocacy

Representative Jeb Hensarling (R-Texas), 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. 

Posted May 25, 2017 by CUNA Advocacy

Earlier today, 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 Credit Unions. The closed portion of the meeting contained three Supervisory Actions.

Posted May 26, 2017 by CUNA Advocacy

Earlier this spring, 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 two-thirds of Americas are living paycheck to paycheck and more than half of Americans have no savings to withstand an economic set back – like a broken-down car or a trip to the emergency room.

Posted June 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).   

Posted May 30, 2017 by CUNA Advocacy

The American Bankers Association (ABA) filed a motion for summary judgment Friday in its suit against NCUA and its revised membership (FOM) rule.  The ABA filed the lawsuit in U.S. District Court for the District of Columbia last December contending that the FOM rule finalized in October 2016 “expands the field of membership of community-based credit unions far beyond the limits imposed by Congress and previously recognized by NCUA.”

Posted May 31, 2017 by vgawali

CUNA and several credit unions met yesterday with the CFPB to discuss the recently released Request for Information (RFI) regarding the small business lending market. This RFI is the pre-rule stage for implementing Section 1071 of the Dodd-Frank Reform and Consumer Protection Act that amends the Equal Credit Opportunity Act requiring financial institutions to compile and submit information concerning credit applications made by women-owned, minority-owned, and small businesses. 

Posted June 01, 2017 by CUNA Advocacy

The National Credit Union Administration joined other regulatory agencies to take steps to address the growing concerns credit unions, especially in rural areas, face when an appraisal is needed.   

Posted June 01, 2017 by vgawali

CUNA sent CFPB Director Cordray a detailed list of suggestions, accompanied by a letter, highlighting the ways the CFPB’s rulemaking have adversely affected the way credit unions operate and serve their members.  In addition to outlining the issues, CUNA also included recommendations on how the CFPB should improve its regulations and rulemakings to provide much needed relief to credit unions and their members.  

Posted June 01, 2017 by vgawali

The Telephone Consumer Protection Act (TCPA) has added a number of compliance burdens to credit unions and has adversely affected the way credit unions can communicate with the members they serve.   

Posted June 02, 2017 by CUNA Advocacy

On June 8, the Senate Banking Committee will hold a hearing titled “Fostering Economic Growth: The Role of Financial Institutions in Local Communities.” Dallas Bergl, CEO of INOVA FCU and CUNA Board Member, will be a witness at the hearing.   

Posted June 05, 2017 by CUNA Advocacy

The House and Senate are both in session this week after their Memorial Day district work period.

Posted June 06, 2017 by CUNA Advocacy

Tomorrow, the House Financial Services Committee will hold a hearing entitled, “Flood Insurance Reform: A Taxpayer’s Perspective.”  Earlier today, CUNA sent a letter supporting the reauthorization of the National Flood Insurance Program (NFIP) to Chairman Hensarling and Ranking Member Waters.  At the beginning of May, the Senate Banking Committee also met to discuss the Reauthorization of the NFIP which is set to expire in September. 

Posted June 06, 2017 by CUNA Advocacy

CUNA sent a letter of support to Representative Luetkemeyer for his recently introduced legislation, H.R. 2706, the Financial Institution Customer Protection Act of 2017.

Posted June 07, 2017 by vgawali

The Small Business Administration’s Office of Advocacy has announced they will host a Financial Issues Roundtable on June 26th at 2:00 PM (ET) at their office in Washington, D.C. 

Posted June 08, 2017 by CUNA Advocacy

CUNA filed a letter with the CFPB providing information on the credit card market in response to the CFPB’s request for information (RFI). 

Posted June 08, 2017 by CUNA Advocacy

CUNA has issued its Comment Call on NCUA’s proposed rule proposed rule to revise the procedures a Federal Credit Union (FCU) must follow to merge voluntarily with another credit union.

Posted June 08, 2017 by CUNA Advocacy

The Senate Banking, Housing, and Urban Development Committee hearing on Fostering Economic Growth: the Role of Financial Institutions in Local Communities just wrapped and CUNA’s witness Dallas Bergl did a great job representing America’s Credit Unions! 

Posted June 08, 2017 by CUNA Advocacy

The Maine Legislature voted overwhelmingly in favor of overriding Governor Le Page's veto of L.D. 1055 - An Act to Update the State Credit Union Charter.  On Tuesday, the House voted 141-5 in support of overriding the veto, and the Senate voted unanimously today to override the veto.  

Posted June 08, 2017 by CUNA Advocacy

Recently, the Connecticut League was instrumental in Governor Malloy signing legislation, H. 6520, that will further enhance the ability of smaller Connecticut financial institutions to invest in local communities and provide financial services in under-served markets.

Posted June 08, 2017 by CUNA Advocacy

The House has passed H.R. 10 – the Financial CHOICE Act by a partisan vote of 233-186.  Prior to today’s vote, CUNA sent a letter to House Leadership thanking them for considering the legislation and urging Members to vote in favor of passage.  

Posted June 09, 2017 by vgawali

Yesterday, the CFPB announced it would be granting CUNA’s request for a 60-day extension to the comment period for their Request for Information (RFI) Regarding the Small Business Lending Market.  The new deadline will be September 17, 2017, rather than the original July 14, 2017.

Posted June 12, 2017 by vgawali

On Tuesday, June 13 the House Judiciary Subcommittee on the Constitution and Civil Justice is holding a hearing about the Telephone Consumer Protection Act (TCPA) lawsuit abuse. CUNA plans to submit a letter for the record of the hearing outlining credit union concerns with litigation abuse.  

Posted June 12, 2017 by vgawali

This week Secretary Alexander Acosta stated that the Department of Labor (DOL) will issue a Request for Information (RFI) in the next few weeks seeking input on its new Overtime rule. The rule increased the threshold for overtime pay eligibility by approximately double the previous rate, from $23,600 annually to $47,476 annually. There is currently litigation, which has halted the overtime rule from going into effect. 

Posted June 12, 2017 by vgawali

At the Consumer Advisory Board (CAB) meeting at the CFPB this week, Director Cordray indicated that the debt collection proposals that were discussed in a SBREFA panel last August could be altered. He noted that the CFPB has now decided to consolidate all the issues of right consumer, right amount into the separate rule we will be developing for first-party creditors. 

Posted June 12, 2017 by CUNA Advocacy
The House and Senate are both in Session this week.
Posted June 13, 2017 by vgawali

The U.S. Treasury released a report titled, “A Financial System That Creates Economic Opportunities Banks and Credit Unions.” The report was issued in response to Executive Order 13772 on Core Principles for Regulating the United States Financial System. A number of credit unions and CUNA staff met with Treasury in April to outline areas where regulatory burdens are harming the ability of credit unions to serve their members. Much of what was discussed in that meeting and in follow-up letters sent afterwards is reflected in the Treasury’s report. CUNA appreciates that Treasury listened to, and understands that changes should be made to allow them to have greater ability to provide members with safe and affordable products and services. 

Posted June 14, 2017 by CUNA Advocacy

CUNA filed its comment letter today in response to the Department of Housing and Urban Development’s request for information to implement Executive Orders 13771 on Reducing Regulation and Controlling Regulatory Costs and Order 13777 on Enforcing the Regulatory Reform Agenda.  HUD requested comments in identifying existing regulations that may be outdated, ineffective, or excessively burdensome. 

Posted June 14, 2017 by CUNA Advocacy

Today, CUNA sent a letter to Senators Rounds, Heitkamp, Tester, Hoeven, Donnelly and Kennedy thanking them for sponsoring S. 1310, The Home Mortgage Disclosure Adjustment Act.   

Posted June 14, 2017 by CUNA Advocacy

The NCUA released the agenda for their June Board meeting.  This meeting is scheduled for Friday, June 23 at 10:00 AM (previously scheduled for June 22) and will be held at the NCUA’s headquarters in Alexandria, VA.

Posted June 15, 2017 by vgawali

Prior to the House Judiciary Committee’s Constitutions and Civil Justice Subcommittee hearing on “Lawsuit Abuse and the Telephone Consumer Protection Act” (TCPA), CUNA sent a letter to Chairman Steve King and Ranking Member Steve Cohen that was entered into the record.  

Posted June 15, 2017 by vgawali

Today, the CFPB issued proposed changes to the prepaid accounts final rule published last November. The final rule requires financial institutions to limit consumers’ losses when funds are stolen or cards are lost, investigate and resolve errors, provide free and easy access to account information, and give prepaid consumers new “Know Before You Owe” disclosures. 

Posted June 16, 2017 by vgawali

On his regulation blog, Henry Meier, New York Credit Union Association’s General Counsel, recently discussed the need for debt collectors and also posted about the Federal Reserve raising the Federal Funds Rate.   

Posted June 16, 2017 by CUNA Advocacy

The Small Business Administration’s Office of Advocacy has announced they will host a Financial Issues Roundtable on June 26th at 2:00 PM (ET) at their office in Washington, D.C.

Posted June 16, 2017 by CUNA Advocacy

Yesterday, the Senate Foreign Relations Committee held its confirmation hearing for Mark Green, former Member of Congress from Wisconsin, for the top spot at the U.S. Agency for International Development (USAID).   

Posted June 16, 2017 by CUNA Advocacy

Today, CUNA sent letters of support for the NCUA’s Community Development Revolving Loan Fund (CDRFL) to members of both the House and Senate Appropriations Committees.  The letter urges Congress to fully fund the CDRFL program at $2 million, which was zeroed out in the President’s proposed FY 2018 budget

Posted June 19, 2017 by CUNA Advocacy

The House and Senate are both in Session this week.

Posted June 19, 2017 by CUNA Advocacy

On January 30, 2017, the President signed Executive Order 13771, Reducing Regulation and Controlling Regulatory Costs, to direct agencies to eliminate two regulations for each new regulation issued and to limit costs for this fiscal year to zero. On February 24, 2017, the President issued Executive Order 13777, Enforcing the Regulatory Reform Agenda, which requires agencies to convene a regulatory reform task force to assist in the implementation of Executive Order 13771. 

Posted June 21, 2017 by CUNA Advocacy

CUNA sent letters to both the House and Senate Appropriations Committee, urging Congress to fully fund the Community Development Financial Institution (CDFI) Fund at $248 million in FY 2018.  The President’s proposed FY 2018 budget zeros out both the CDFI Fund and the Community Development Revolving Loan Fund (CDRLF). 

Posted June 21, 2017 by CUNA Advocacy

The Senate Banking, Housing and Urban Affairs Committee will hold a hearing entitled, “Fostering Economic Growth: Regulator Perspective.”  The hearing’s witness list includes NCUA’s Acting Chairman Mark McWatters along with the FDIC Chairman, a Member of the Board of Governors of the Federal Reserve System, the Acting Comptroller of the Office of the Comptroller of the Currency, and Commissioner of the Texas Department of Banking. 

Posted June 22, 2017 by vgawali

The Small Business Administration’s Office of Advocacy will be hosting two regulatory reform roundtables in Idaho, the first in Boise on July 11th and the second in Coeur d’Alene on July 13th.

Posted June 22, 2017 by vgawali

CUNA joined a number of other financial services trade associations in sending a letter to Leadership of the House and Senate Appropriation’s Financial Services and General Government Subcommittees to express strong support for the inclusion of language that would transition the structure of the CFPB to a five-person bipartisan commission.   

Posted June 22, 2017 by CUNA Advocacy

The NCUA filed a cross-motion for summary judgment and an opposition to the American Bankers Association’s (ABA) motion for summary judgement yesterday in the ABA’s lawsuit against the NCUA.  

Posted June 23, 2017 by CUNA Advocacy

Earlier today CUNA attended the NCUA's June Board Meeting.  During the meeting, the NCUA adopted a Final Rule on the Statutory Inflation of Civil Money Penalties, adopted a Final Rule on Freedom of Information Act, adopted a Final Rule on Safe Harbor, issued a Proposed Rule on Corporate Credit Unions, approved Request for Comments on the Overhead Transfer Rate Methodology, and received a Board Briefing on the Enterprise Solution Modernization Program.

Posted June 23, 2017 by CUNA Advocacy

The Senate Banking, Housing and Urban Affairs Committee held a hearing entitled, “Fostering Economic Growth: Regulator Perspective.”   

Posted June 26, 2017 by vgawali

In a letter to the Department of Defense concerning the implementation of the Department of Defense’s amended Military Lending Act (MLA) Regulation, CUNA and the American Bankers Association, the American Financial Services Association, the Association of Military Banks of America, the Consumer Bankers Association, the Independent Community Bankers of America, and the National Association of Federally-Insured Credit Unions outlined ways to improve upon unintended negative consequences of the rule with suggested recommendations and clarifications