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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.
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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.
© 2019 Credit Union National Association
ADA Compliance Notice & Legal
© 2019 Credit Union National Association
ADA Compliance Notice & Legal