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President Trump signed S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act into law - enacting a major piece of CUNA-supported bipartisan regulatory relief legislation.
The NCUA Board proposed a rule to provide federal credit unions with an additional alternative option to offer payday alternative loans. Under the proposed framework, PAL II loans would be permitted up to $2000, with no minimum, and a maximum loan term of up to 12 months. Currently, PAL loans are restricted to $200-$1000 and a 6 month term. Comments on the proposal will be due 60 days following publication in the Federal Register.
The Senate Banking Committee met to hold a hearing entitled, "Cybersecurity: Risks to the Financial Services Industry and Its Preparedness.” Prior to the hearing, CUNA sent a letter to Chairman Crapo and Ranking Member Brown highlighting credit unions’ role in protecting member and consumer information.
Credit Union National Association Chief Advocacy Officer Ryan Donovan joined the CUBroadcast show to discuss the credit union industry's big win on Capitol Hill with the House of Representatives passing the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). Donovan talked about the initial reaction from the CUNA offices following the vote.
The Bureau of Consumer Financial Protection (BCFP) announced that along with FinCEN they will host a webinar on financial institutions and law enforcement efforts to combat elder financial exploitation.
Congress passed historic regulatory relief for community financial institutions in S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act this week. Today, the House Financial Services and General Government Appropriations Subcommittee released draft legislation that it intends to consider and vote on tomorrow. The Financial Services and General Government (FSGG) Appropriations Act for Fiscal Year 2019 funds critical government programs and also includes numerous regulatory relief provisions for credit unions and banks. While this legislation will face difficulty in the Senate, this bill continues to build upon CUNA’s Campaign for Common-Sense Regulation.
The Senate Banking Committee held a hearing entitled, “Ten Years of Conservatorship: The Status of the Housing Finance System.” Prior to the hearing, CUNA sent a letter to show support of an efficient, effective and fair secondary market with equal access to lenders of all sizes to Chairman Crapo and Ranking Member Brown.
Credit unions that elect to sell mortgages into the secondary market do so for a variety of reasons, but predominantly it is a tool to help them manage long term interest rate risk in order to continue to meet their members’ mortgage lending needs. Particularly today, with long term interest rates at or near historic lows but expected to rise, access to a highly liquid secondary market with relatively low transaction costs is vital for the health of credit union mortgage lending.
After the House passed the bipartisan regulatory relief bill, S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act late Tuesday afternoon CUNA took the opportunity to write to the House Financial Services Chairman and Ranking Member to highlight areas where credit unions need additional regulatory relief.
The victory achieved by CUNA, leagues and credit unions with House passage of S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act was made possible by months of 360-degree advocacy, as the credit union system engaged lawmakers on all levels to express the need for this important legislation.
The House Financial Services Committee met to markup several bills, including H.R. 5841, the Foreign Investment Risk Review Modernization Act of 2018 which contains the risk-based capital provision. Prior to the Committee's markup, CUNA sent a letter of support for Section 701 of H.R. 5841. The provision passed the Committee by a vote of 53-0. Specifically, the provision would delay the effective date to January 2021. It is currently scheduled for January 2019.
CUNA responded to the Bureau's request for information (RFI) regarding their supervision program. In the letter, CUNA wrote that the Bureau should transfer examination and enforcement authority of the largest credit unions to NCUA, CUNA wrote to the Bureau.
“CUNA supports this change as it will enable the Bureau to fully focus its examination and enforcement efforts on Wall Street banks and other abusers of consumers, while ensuring credit unions continue to be adequately supervised by the agency most proficient with its structure and operation,” the letter reads. “In addition, this change would streamline the examination and enforcement efforts for these largest credit unions, which are subject to duel examination or even triple examination for a federally insured state chartered credit union.”
The President signed into law a bipartisan resolution that effectively voids a BCFP rule that provided guidance on indirect auto lending. This resolution not only dissolves the Bureau's guidance on indirect auto financing, it also prohibits the BCFP from issuing any similar rule unless expressly permitted to do so, legally.
The House of Representatives will consider S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act. In addition, the House will vote on H.R. 5515, the National Defense Authorization Act for Fiscal Year 2019 and S. 204, the Trickett Wendler, Frank Mongiello, Jordan McLinn, and Matthew Bellina Right to Try Act of 2017.
The Senate will consider the nomination of Dana Baiocco to be a Commissioner of the Consumer Product Safety Commission. The Senate will also consider, “Veterans Choice.”
CUNA sent a letter to Speaker Paul Ryan and House Minority Leader Nancy Pelosi in support of S. 2155 citing several provisions with bipartisan support in both House and Senate.
As mentioned many times before, support for S. 2155 by credit unions is a no-brainer as this bill would:
There is still time to contact your Member of Congress and urge them to vote 'Yes' on S. 2155. Call, tweet, or email your Representative today.
The Bureau of Consumer Financial Protection (BCFP) announced it will host a public forum in Topeka, Kansas to discuss elder financial exploitation on June 8th.
CUNA has heard from multiple sources that the House of Representatives will vote on S. 2155 early next week! There is still time to reach out to Members of Congress and urge them to vote YES on S. 2155.
The Federal Communications Commission (FCC) issued a public notice requesting comments on several issues CUNA has raised regarding the Telephone Consumer Protection Act (TCPA). CUNA has asked the FCC to take action to clarify several aspects of the TCPA after several parts were overturned by the D.C. Court of Appeals in March.
The House Financial Service Subcommittee on Terrorism and Illicit Finance held a hearing entitled, “Implementation of FinCEN’s Customer Due Diligence Rule.” Prior to the hearing, CUNA sent a letter to Chairman Pearce and Ranking Member Perlmutter for the record. In the letter, CUNA wrote that the Treasury’s Financial Crimes Enforcement Network (FinCEN) should continue to work with the financial services industry as any issues with implementation of its customer due diligence (CDD) rule arise.
CUNA commented on the Bureau of Consumer Financial Protection's (BCFP) request for information on enforcement practices. In the letter, CUNA urged the Bureau to delegate to the NCUA primary examination and enforcement of consumer protection laws for credit unions with more than $10 billion in assets.
This week, both chambers of Congress will be in session. The House will consider H.R. 5698, the Protect and Serve Act of 2018; S. 2372, the VA MISSION Act of 2018; and H.R. 2, the Agriculture and Nutrition Act of 2018.
The Senate is expected to continue its consideration of judicial nominations.
The Bureau of Consumer Financial Protection (BCFP) recently released its Spring 2018 Rulemaking Agenda.
CUNA wrote to House and Senate Appropriations Committee leadership in opposition to any recessions from the Capital Magnet Fund (CMF). This fund provides grants to Community Development Financial Institutions (CDFI) credit unions to finance affordable housing.
The Federal Financial Institutions Examination Council (FFIEC) announced the availability of data on mortgage lending transactions at 5,852 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. Released this week are loan-level HMDA data that cover 2017 lending activity submitted by financial institutions on or before April 18, 2018.
CUNA President/CEO Jim Nussle continues to urge credit unions to keep up the momentum of support for S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act. Coming off the heels of House Republican leadership committing to bring the Senate-passed bill to the floor soon. CUNA issued another action alert to more than 60,000 credit union leaders this week! Now's the time to reach out to your Member of Congress and make your voice heard.
CUNA submitted comments to the NCUA on their proposed suspension and debarment procedures. CUNA supports the NCUA taking administrative action to address due process in the agency's procurement processes.
The House voted in favor of a CUNA-supported joint resolution of disapproval against the Bureau of Consumer Financial Protection’s indirect auto lending bulletin. Prior to the vote, CUNA wrote in support of S.J.Res 57 to House Leadership.
The House passed CUNA-supported H.R. 4743, the Small Business 7(a) Lending Oversight Reform Act of 2018 by a voice vote. Prior to the vote, CUNA sent a letter to Committee leadership in support of the legislation.
Credit unions in Iowa saw a major victory Saturday as the state’s legislative session wrapped up when a bill passed without a provision that would have taxed credit unions in the same manner as banks. The victory is the result of CUNA, CUNA Mutual Group and a host of partners from across the credit union system standing with the Iowa Credit Union League and Iowa credit union advocates in waging battle against the provision.
This week, both chambers of Congress will be in session. The House of Representatives is scheduled to consider H.R. 4743, the Small Business 7(a) Lending Oversight Reform Act of 2018; H.R. 2152, the Citizens' Right to Know Act of 2017; H.R. 5645, the Standard Merger and Acquisition Reviews Through Equal Rules Act of 2018; S.J.Res. 57, providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by Bureau of Consumer Financial Protection relating to "Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act"; and H.R. 3053, the Nuclear Waste Policy Amendments Act of 2018.
The Senate is expected to consider the nomination of Kurt D. Engelhardt to be a United States Circuit Judge for the Fifth Circuit.
CUNA filed a comment letter with the Bureau of Consumer Financial Protection in response to their latest Request for Information (RFI) on Adjudication Proceedings. CUNA’s comments were sent in response to the latest deadline for feedback in the bureau’s series of requests for information on its functions.
CUNA is actively preparing for this summer’s state legislator conferences. We will join the California and Nevada Credit Union Leagues and the American Association of Credit Union Leagues in a credit union awareness campaign at the Legislative Summit of the National Conference of State Legislator in Los Angeles July 29 – August 2. We will also participate in conference sessions on state and local taxation and financial services.
CUNA staff will be on hand at the American Legislative Exchange Council’s Annual Meeting in New Orleans August 8 – 10 where will participate on the Financial Services Subcommittee, the Tax and Fiscal Policy Working Group and the Commerce, Insurance and Economic Development Working Group.
CUNA joined ACA, ABA, MBA, the Chamber and others in requesting FCC Board action, following the DC Circuit’s ruling that the existing automatic telephone dialing system (ATDS) interpretation was overbroad. The petition was filed at the FCC and requests the Commission to take action to clarify the definition of ATDS for purposes of the Telephone Consumer Protection Act (TCPA).
PHH Corporation has decided against appealing the U.S. Court of Appeals decision. The Bureau of Consumer Financial Protection’s (BCFP) single director structure was upheld by the U.S. Court of Appeals in Washington, DC in the en banc review of the PHH Corporation v. CFPB.
CUNA's President and CEO issued an action alert to credit union advocates to make their voices heard on the bipartisan legislation - S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act. It is expected that this important piece of legislation will receive a vote on the House floor by the end of May.
CUNA submitted a comment letter the Bureau of Consumer Financial Protection in response to their Request for Information (RFI) on its Civil Investigative Demand (CID) process. The bureau investigates potential violations by issuing CIDs and compelling testimony at investigative hearings. A CID permits the Bureau to demand production of documents, written responses and oral testimony, among other things.
The Bureau of Consumer Protection announced the finalized amendments to the "Know Before You Owe" mortgage disclosure rule that addresses when mortgage lenders with a valid justification may pass on increased closing costs to consumers and disclose them on a Closing Disclosure. The update is intended to provide greater clarity and certainty to the mortgage industry.
The House Energy and Commerce Subcommittee on Digital Commerce and Consumer Protection will hold a hearing entitled, “Do Not Call: Combating Robocalls and Caller ID Spoofing.” Prior to tomorrow's hearing, CUNA joined a number of trades in sending a letter to Chairman Latta and Ranking Member Schakowsky of the Subcommittee.
CUNA and the trades are seeking clarity from the Federal Communications Commission (FCC) on the definition of an Automatic Telephone Dialing System (ATDS) and looking for new telephone consumer protection guidelines for the industry.
The National Taxpayer's Union (NTU) wrote to the Senate Finance Committee urging them to evaluate the income tax status for large credit unions. CUNA wrote to Chairman Hatch and responded and corrected several falsehoods about the credit union tax status and reiterated that any change to the status would be a direct tax increase on 110 million Americans.
CUNA and the Independent Community Bankers Association (ICBA) wrote a letter to House Speaker Paul Ryan and Minority Leader Nancy Pelosi to request timely floor consideration of S. 2155 – the Economic Growth, Regulatory Relief and Consumer Protection Act.
Chairman Hatch of the Senate Finance Committee wrote to Acting Internal Revenue Service (IRS) Commission David Kautter asking him to consider whether the “largest federal credit unions” should be required to file an annual IRS Form 990. Yesterday evening, CUNA responded to Chairman Hatch stating, “There is no question that credit unions are complying with their tax-exempt purpose, as determined by the Congress in the Federal Credit Union Act. This makes such additional disclosure unnecessary.”
CUNA wrote to the National Credit Union Administration (NCUA) in response to the agency’s advanced notice of proposed rulemaking (ANPR) on ways to streamline, clarify, and improve standard Federal Credit Union Act bylaws. In the letter, CUNA acknowledged the limitations that the Federal Credit Union Act imposes upon NCUA and the credit union industry as a whole. Each recommendation included a statement as to permissibility under the Act.
NCUA Board Chairman J. Mark McWatters’ response letter to the Senate Finance Committee was publicly released. Specifically, the letter was a detailed response to Senate Finance Committee Chairman Orrin Hatch's (R-UT) recent letter to NCUA, questioning the continued policy case for the federal tax exemption for credit unions.
CUNA President/CEO Jim Nussle released the following statement regarding the NCUA response letter:
“We appreciate Senate Finance Committee Chairman Hatch and NCUA Chairman McWatters’ exchange of letters related to the credit union tax status and NCUA’s implementation of the Federal Credit Union Act. America’s credit unions are proud of the service they provide consumers, small businesses and communities, and we welcome the dialogue and awareness. Chairman Hatch asked very reasonable questions related to our tax status and various NCUA actions and procedure. In response, Chairman McWatters correctly states that Congress has conveyed the credit union tax status based on credit unions’ structure as not-for-profit financial cooperatives and their mission to promote thrift and provide access to credit for provident purposes. We are confident that credit unions earn this status every day through the service to their members and communities.”
The CFPB is looking for 12 people to join its credit union advisory council. This is a great opportunity to influence the rulemaking process and represent the credit union movement.
The CFPB extended the application window by one week. The new deadline is April 30, 2018!
This week, the House is expected to consider H.R. 4, the FAA Reauthorization Act of 2018. The Senate is expected to consider S. 140, the Coast Guard Reauthorization Act. In addition, the Senate may consider the nominations of Stuart Kyle Duncan to be United States Circuit Judge for the Fifth Circuit and Mike Pompeo to be Secretary of State.
The CFPB is looking for 12 people to join its credit union advisory council. This is a great opportunity to influence the rulemaking process and represent the credit union movement.
The Consumer Financial Protection Bureau (CFPB) announced a settlement with Wells Fargo for a violation of the Consumer Financial Protection Act (CFPA) in the way Wells Fargo administered a mandatory insurance program related to its auto loans.
Over the past few months CUNA and state credit union leagues have been actively engaged in combating frivolous lawsuits and demand letters that credit unions are facing concerning website accessibility requirements under the Americans with Disabilities Act (ADA). Together, CUNA and state credit union Leagues in Texas, Illinois, Ohio, and Alabama have filed multiple amicus briefs supporting credit unions facing litigation.
NCUA issued a notice to the Court regarding implementing the ruling in ABA’s FOM challenge (not requiring de-listing of members in existence as of April 4) by not granting new charters.
The NCUA Board held their monthly open meeting. As expected, the Board unanimously approved a rule on capital planning and stress testing. The rule provides for tiered application of stress tests, permits credit unions that are required to conduct the exercises to do so on their own, rather than agency-conducted. Additionally, credit unions holding less than $15 billion (increased from $10 billion in the proposed rule) in assets would not be required to perform stress tests, and those credit unions that reach the $15 billion threshold would have three years to begin stress testing. There are 3 credit unions with over $20 billion in assets (Tier 3). The due date for capital plan submissions remains May 31.
CUNA wrote to Senators Scott, Baldwin, Manchin, and Rounds in support of their recently introduced legislation - S. 2702, the Business of Insurance Regulatory Reform Act to clarify the Consumer Financial Protection Bureau’s (CFPB) regulation of insurance products.
The Senate approved its resolution of disapproval for the Consumer Financial Protection Bureau’s (CFPB) indirect auto lending bulletin. CUNA wrote a letter of support for the resolution, which would void the bulletin using the Congressional Review Act (CRA).
CUNA joined a number of trade associations in sending a letter to Chairman Thune and Ranking Member Nelson prior to the Senate Commerce Committee's hearing entitled, "Abusive Robocalls and How We Can Stop Them.” In the letter, the signers noted that it is important to distinguish between robocalls and legitimate businesses seeking to communicate with their customers.
CUNA wrote to Senators Moran and Toomey in support of S.J.Res 57, a joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Consumer Financial Protection Bureau (CFPB) relating to “Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act.”
This week, the House of Representatives will consider a number of tax-related bills that passed out of the Ways and Means Committee last week. These bipartisan and unanimously approved bills aim to combat identity theft, repair shortcomings at the IRS, and protect taxpayers. Several of these bills will affect the operations of credit unions and other financial institutions. It is likely that many or all of these bills will easily pass the House and Senate and be enacted into law.
This week, the House of Representatives and the Senate will be in session.
In response to Attorney General Sessions rescinding the Cole Memo (the Obama-era policy that permitted legalized cannabis to expand), Senator Corey Gardner (R-CO) placed a hold on Department of Justice (DOJ) nominees until he received a commitment that Colorado’s legal cannabis industry would not be impacted.
The Consumer Financial Protection Bureau issued its latest Request for Information (RFI). The CFPB requests information on its handling of consumer complaints and inquiries.
Protection Bureau Director Mulvaney was on both sides of the Capitol for
Congressional hearings this week. The
House Financial Services Committee held the first hearing on Wednesday
entitled, “The 2018 Semi-Annual Report of the Bureau of Consumer Financial
Protection.” The Senate Banking Committee’s hearing took place
yesterday. Prior to both hearings, CUNA
sent letters to Chairman Hensarling and Ranking Member Waters and to Chairman
Crapo and Ranking Member Brown highlighting a number of issues with the
CFPB and ways improvements could help credit unions.
The NCUA board will meet next Thursday to finalize proposed rules relating to stress testing/capital planning and advertising/notice of insured status. CUNA issued comment letters on both proposals, indicating that credit unions should not be subject to stress testing, and that credit unions should enjoy the same allowances in radio advertising that banks are afforded.
The CFPB’s Payday and Small dollar lending rule was officially challenged in federal court in the United States District Court for the Western Division of Texas Austin Division. Additionally, the CFPB previously announced it may further review the final rule. It stated, “January 16, 2018 is the effective date of the Bureau of Consumer Financial Protection’s final rule entitled 'Payday, Vehicle Title, and Certain High-Cost Installment Loans' ('Payday Rule'). The Bureau intends to engage in a rulemaking process so that the Bureau may reconsider the Payday Rule.”
Five financial regulators, including the NCUA, issued a joint statement on the use of cyber insurance for credit unions and banks. The statement “describes matters that financial institutions should consider if they are determining whether to use cyber insurance as a component of their risk management programs.” They key takeaway is that credit unions and banks should not to view cyber insurance as a substitute for having strong controls to protect against cyberattacks.
CUNA joined more than 20 financial services trade organizations in support of legislation to replace the Consumer Financial Protection Bureau’s (CFPB) single director with a bipartisan, five-member commission. The bill was introduced by Representatives Dennis Ross, Kyrsten Sinema, Ann Wagner and David Scott and would create a bipartisan, five-member commission to lead the Consumer Financial Protection Bureau (CFPB). H.R. 5266, The Financial Product Safety Commission Act of 2018 is consistent with one of the primary goals of CUNA’s bipartisan, pro-consumer Campaign for Common-Sense Regulations.
The House Financial Services Committee will meet for a hearing entitled "The 2018 Semi-Annual Report of the Bureau of Consumer Financial Protection.” The hearing will feature the first testimony from CFPB Director Mick Mulvaney. Prior to the hearing, CUNA sent a letter to Chairman Hensarling and Ranking Member Waters highlighting a number of issues with the CFPB and ways improvements could help credit unions.
This week, both houses of Congress will be in session. The House will consider several financial services bills.
CFPB Acting Director Mulvaney responded to Senator Elizabeth Warren’s lengthy letter that was sent to the Acting Director in the middle of March. In the letter from March 16, Senator Warren asked more than 100 questions to the Acting Director and raised concerns about the dual role he has by leading both the CFPB and the Office of Management and Budget (OMB).
Acting Director Mulvaney and Senator Warren have been known to spar in the press and public comments, and their letters are no exception. Even Mulvaney’s speech at CUNA’s GAC was noted and highlighted by a number of publications across the country.
A lawsuit against a Texas credit union was voluntarily dismissed by the plaintiff, only days after CUNA and the Cornerstone Credit Union League filed an amicus brief in defense of Local 20 IBEW FCU of Grand Prairie, Texas.
CUNA's Senior Director of Advocacy and Counsel, Leah Dempsey, appeared on the Brownstein Client Conversations podcast to discuss the state of frivolous lawsuits hitting credit unions due to uncertainty with how the Americans with Disabilities Act (ADA) applies to websites.
The Treasury Department released recommendations to reform the Community Reinvestment Act (CRA), a 40-year old law meant to increase access to banking services to low- and moderate-income communities. Credit unions are not subject to CRA, as the law only applies to financial institutions insured by FDIC. The report’s only relevant credit union mention is a statement noting that CRA “does not apply” to credit unions. Among Treasury’s recommendations are updates to how banks are examined for compliance including the definitions of geographic boundaries for CRA exams.
Governor Ivey signed legislation updating the Alabama Credit Union Act. The measure, H.B. 316, was championed by the League of Southeastern Credit Unions and received overwhelming support in both legislative chambers.
CUNA filed a comment letter on NCUA’s request for information relating to Call Report/Profile Content Modernization. The submission commended the agency’s use of working groups to develop recommendations to implement during the rulemaking process.
The U.S. District Court for the District of Columbia upheld two challenged portions of the National Credit Union Administration's field of membership (FOM) rule and struck down two provisions in a lawsuit filed against the agency by the American Bankers Association (ABA). CUNA, the National Association of Federally-Insured Credit Unions (NAFCU), and CUNA Mutual Group, in a joint statement, disagreed with the court's decision and reiterated their intent to continue to work in support of the agency's authority to issue this rule.
The Consumer Financial Protection Bureau (CFPB) issued its latest request for information(RFI) this week, on the bureau’s guidance and implementation support. This is the latest in the bureau’s series of RFIs on how it performs its functions.
CUNA and the Financial Services Information Sharing and Analysis Center (FS-ISAC) will host a webinar with NCUA examiners to explain the new Automated Cybersecurity Examination Tool (ACET). The free webinar is scheduled for April 5, from 3 to 5 p.m. (ET), and registration is now open.
CUNA’s Chief Advocacy Officer – Ryan Donovan, sent out a survey to credit union CEOs seeking input on ways the Consumer Financial Protection Bureau (CFPB) could make improvements. As part of several initiatives calling for evidence to ensure that the CFPB is fulfilling its functions to protect consumers, the CFPB is requesting feedback and suggestions on ways to improve outcomes for both consumers and the financial providers that serve them.
CUNA and the League of Southeastern Credit Unions filed an amicus brief in another frivolous lawsuit brought against a credit union alleging violations of the Americans with Disabilities Act. The brief was filed in Scott v. Naheola CU in the U.S. District Court for the Southern District of Alabama.
CUNA submitted a comment letter to the NCUA regarding the agency’s proposed rule to permit employees of an insolvent credit union subject to involuntary liquidation by NCUA to receive compensation earned in accordance with their contractual employment agreements.
Earlier this month the D.C. Circuit issued a long-awaited ruling for a legal challenge the Federal Communications Commission’s (FCC) 2015 Omnibus Telephone Consumer Protection Act (TCPA) order was finally released on March 16, 2018. CUNA participated in this litigation in a joint Amici brief with the ABA and ICBA.
CUNA's Senior Director of Advocacy and Counsel, Leah Dempsey, joined CUBroadcast to discuss the decision, what it means for credit unions and what could happen going forward.
The Consumer Financial Protection Bureau (CFPB) has issued a request for information (RFI) on the bureau’s inherited regulations and inherited rulemaking authorities. The CFPB is seeking comments and information parties to assist the bureau in considering whether it should amend the regulations or exercise the rulemaking authorities that it inherited from other federal government agencies.
South Dakota Governor Daugaard signed legislation, S.B. 62, requiring notification to consumers and the state attorney general when there is a “breach of system security.”
The Senate passed S. 2155, the bipartisan regulatory relief bill, by a vote of 67 – 31. This is an important step forward for much-needed regulatory relief. CUNA strongly supported the bill since it was introduced, and CUNA’s aggressive grassroots support of the bill resulted in millions of social media impressions and more than 50,000 messages sent to Senate offices.
This week, the House of Representatives will consider the “TAILOR Act of 2017” (H.R. 1116); the “Financial Examination Fairness and Reform Act” (H.R. 4545); the “Regulation At Improvement Act of 2017” (H.R. 4263); the “Stress Test Improvement Act of 2017” (H.R. 4293); and the “Financial Stability Oversight Council Improvement Act of 2017” (H.R. 4061).
The Senate will resume consideration of the “Economic Growth, Regulatory Relief, And Consumer Protection Act” (S.2155).
The House Subcommittee on Financial Institutions and Consumer Credit held a hearing entitled, “Legislative Proposals to Reform the Current Data Security and Breach Notification Regulatory Regime.” Prior to the hearing, CUNA sent a letter to Chairman Luetkemeyer and Ranking Member Clay showing support for the Chairman’s draft data breach legislation.
The NCUA Board posted the agenda for the March Board Meeting. It includes:
1. Advanced Notice of Proposed Rulemaking, Part 701, Appendix A, Federal Credit Union Bylaws.2. Request for Comment, Proposed Suspension and Debarment Procedures.
The Senate Special Committee on Aging held a hearing today entitled, “Stopping Senior Scams.” Prior to the hearing, CUNA sent a letter in support of efforts to help protect seniors from financial exploitation and to empower seniors to make responsible decisions regarding their financial lives.
CUNA and the Ohio Credit Union League filed an amicus brief supporting Dover-Phila Federal Credit Union, who is facing a frivolous lawsuit alleging non-compliance with website accessibility standards under the Americans with Disabilities Act (ADA). This is the latest of multiple briefs CUNA has filed in conjunction with state leagues in similar cases.
The Federal Reserve proposed changes to simplify Reg J (Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers through Fedwire) and to make it conform more closely with Reg CC (Availability of Funds and Collection of Checks). The proposed amendments are intended to align the rights and obligations of parties, including the Federal Reserve Banks, with the Fed’s 2017 amendments to Reg CC, which reflected the evolution of the nation’s check collection system from one that is largely paper-based to one that is virtually all electronic.
This morning the Senate passed a critical procedural vote to start debate on S. 2155, the Economic Growth, Regulatory Reform and Consumer Protection Act. Prior to this morning’s vote, CUNA sent a letter to Senate Majority Leader McConnell and Minority Leader Schumer in support of the important bipartisan legislation. In the letter, CUNA highlighted the common-sense regulatory reforms supported by America’s credit unions.
CUNA joined with other financial trade associations to write to Congress to correct a number of falsehoods contained in a recent retailer communication to Congress on data breaches. Retailers are attempting to push back against strong national data security standards, despite a lack of such standards causing major data breaches that bring additional costs to credit unions. CUNA strongly supports draft data breach legislation that would enact a strong security and notification standard and shift the costs of a data breach to the entity that caused it.
The CUNA-supported TRID Improvement Act of 2018 passed the House of Representatives. The bill would amend the Real Estate Settlement Procedures Act to require the Consumer Financial Protection Bureau to allow the accurate disclosure of title insurance premiums and any potential available discounts to homebuyers.
CUNA and the Cornerstone Credit Union League filed a motion for leave to file a brief supporting the BCM Federal Credit Union that is facing a frivolous lawsuit alleging website noncompliance under the ADA. The brief supports Houston-based credit union’s motion to dismiss the lawsuit brought against it.
Credit unions are being hit with virtually identical frivolous lawsuits from plaintiffs' firms exploiting a law designed to protect those with disabilities. CUNA anticipates taking similar actions in several cases in the coming weeks to maximize our impact on behalf of all credit unions and to ensure we preserve our arguments for any litigation that makes it to the appellate level.
CUNA and NAFCU sent a letter to Chairman Hatch in response to a letter sent by the state banking trade associations. In the letter, CUNA and NAFCU reiterated that credit unions have been, and will continue to be, the best avenue for Americans to gain access to affordable financial services and products.
“Banking lobbyists would like the tax status to be limited based on the products or services credit unions offer, the size of credit unions individually and as a sector of the financial services industry, their efforts to support their community and raise overall awareness, and other factors,” the letter reads. “But these factors have nothing to do with why Congress originally conveyed the tax status, nor why it continues to be extended. The fact is credit unions’ structure has not changed and they continue to fulfill their mission.”
The Consumer Financial Protection Bureau (CFPB) issued a Request for Information (RFI) on the bureau’s external engagements. Specifically, the bureau is seeking comments and information from interested parties on ways to engage the public and receive feedback on the work of the agency.
The Consumer Financial Protection Bureau (CFPB) announced it will issue a Request for Information (RFI) on the Bureau's enforcement processes.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
CUNA filed a comment letter with NACHA addressing the association’s same day ACH questions.
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.
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.”
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!
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.
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.
The House of Representatives passed H.R. 2954, the Home Mortgage Disclosure Adjustment Act by a vote of 243-184.
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.
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.
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.
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.
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.
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.
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.
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.
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).
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
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.”
CUNA submitted a comment letter in response to NCUA’s Request for Information regarding Electronic Data Collection Modernization.
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.
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.
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.
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.
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.
The Federal Housing Administration (FHA) announced it will no longer insure new mortgages on properties that include Property Assessed Clean Energy (PACE) assessments.
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.
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.
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.
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.
CUNA wrote a letter to support ongoing supervisory modernization and regulatory relief under NCUA’s Strategic Plan 2018-2022.
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.
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.
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.
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.
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.
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!
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.
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.
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.
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.
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Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.
© 2018 Credit Union National Association
ADA Compliance Notice & Legal
© 2018 Credit Union National Association
ADA Compliance Notice & Legal