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 October 31, 2017 by ManojBhoi

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 

Posted June 26, 2017 by CUNA Advocacy

Both Houses of Congress are in session this week and are expected to recess Friday for the Independence Day work period.  Last week, the Senate released its proposed legislation to repeal and replace Obamacare. The Republicans can only lose two GOP Senators on the vote for the bill in order for it to pass the chamber. Five Republican Senators (Cruz, Lee, Heller, Paul, and Johnson) have come out against the bill as written.  As no Democratic support is expected, the bill is likely doomed without significant changes.  

Posted June 27, 2017 by vgawali

CUNA staff attended an SBA Office of Advocacy Roundtable this week to discuss the Dodd-Frank required assessment of CFPB mortgage rules and the Small Business Lending Request for Information. In addition to SBA Office of Advocacy staff, staff from the CFPB, the Federal Reserve, and the House Small Business Committee also attended. During the roundtable, the group discussed ideas for reducing regulatory burdens on small entities, such as credit unions.

Posted June 28, 2017 by CUNA Advocacy

Chairman McWatters has been the Acting Chairman of the NCUA since the middle of January, but that changed on Tuesday when President Trump removed “Acting” from his title and named him Chairman of the NCUA Board.   

Posted June 28, 2017 by CUNA Advocacy

The Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit held a hearing today entitled, “Examining the BSA/AML Regulatory Compliance Regime.”  Faith Lleva Anderson, SVP and General Counsel for American Airlines Federal Credit Union, was a witness on behalf of CUNA.  Ms. Anderson also serves on the Consumer Protection Subcommittee for CUNA.

Posted June 28, 2017 by CUNA Advocacy

In partnership with the World Council of Credit Unions (WOCCU), CUNA sent a letter to Appropriations Committee and Subcommittee leadership in both the House and Senate.  

Posted June 29, 2017 by CUNA Advocacy

The House Appropriations Subcommittee on Financial Services and General Government will consider its FY2018 Appropriations bill this afternoon.  The Community Development Financial Institutions (CDFI) Fund and the Community Development Revolving Loan Fund (CDRLF) both fall under the subcommittee’s appropriations jurisdiction.   

Posted June 29, 2017 by vgawali

CUNA, along with the CUNA Mutual and NAFCU, filed an amicus brief in defense of NCUA’s revised Field of Membership (FOM) rule – the American Bankers Association brought suit against the rule at the end of 2016.  The brief supports NCUA’s cross-motion for summary judgement and has been filed with the U.S. District Court for the District of Columbia. 

Posted June 29, 2017 by vgawali
Last week a decision handed down in the Second Circuit Court of Appeals held that the Telephone Consumer Protection Act (TCPA) does not allow consumers to revoke consent to receive automated or prerecorded cell phone calls if consent was previously given as part of a binding contract.
Posted June 29, 2017 by CUNA Advocacy
Yesterday, the House Appropriations Subcommittee on Financial Services and General Government released its Fiscal Year 2018 draft legislation.  Today, the Subcommittee will mark up the bill and expect it to be considered by the full House Appropriations Committee on Thursday, July 13th.
Posted June 29, 2017 by CUNA Advocacy
The Senate Banking, Housing and Urban Affairs Committee met today for a hearing to discuss the principles of housing finance reform.   During the hearing, there was a strong, and bipartisan, focus on community based lenders like credit unions.
Posted June 30, 2017 by CUNA Advocacy
The House Appropriations Subcommittee on Financial Services and General Government passed its FY2018 appropriations bill on a voice vote.  One amendment related to Election Assistance Commission was offered and voted down.    The bill currently includes several provisions of serious concern to credit unions.
Posted June 30, 2017 by vgawali

In a recent article, Leah Dempsey, Senior Director of Advocacy and Counsel outlines, “The Current State of the Telephone Consumer Protection Act.” In the article, Dempsey notes that new leadership in place at the Federal Communications Commission (FCC or Commission) and ongoing litigation challenging aspects of its July 2015 Omnibus Ruling and Order (2015 Order or Order) concerning the Telephone Consumer Protection Act. 

Posted October 30, 2017 by CUNA Advocacy
The Consumer Financial Protection Bureau (CFPB) issued an interim final rule to clarify a provision in the 2016 Mortgage Servicing Final Rule, relating to Regulation X, the Real Estate Settlement Procedures Act (RESPA), regarding the time period within which written early intervention notices must be delivered to borrowers who have exercised their right to cease communications under the Fair Debt Collection Practices Act (FDCPA).
Posted July 05, 2017 by CUNA Advocacy

Last week the Department of Labor sent a Request for Information (RFI) to the OMB for the overtime rule which was finalized in 2016. CUNA previously commented on this rule and has been following the litigation surrounding it, which led to a nationwide injunction of the rule in December 2016. 

Posted July 07, 2017 by CUNA Advocacy

Last week, an Ohio League-championed budget bill that includes several provisions that would impact credit unions, including public deposits, a Good Funds correction and remote notarization was signed by Governor Kasich. 

Posted July 07, 2017 by vgawali

The Consumer Financial Protection Bureau (CFPB) announced the appointment of four credit union professionals to the Credit Union Advisory Council (CUAC).

Posted July 07, 2017 by CUNA Advocacy

Earlier this week, NCUA Chairman McWatters sent another letter to CFPB Director Cordray.  The letter requests that the CFPB provide an exemption for credit unions with more than $10 billion in assets from the CFPB’s examination and enforcement authority. 

Posted July 07, 2017 by CUNA Advocacy
The Consumer Financial Protection Bureau (CFPB) announced its finalized updates to the “Know Before You Owe” mortgage disclosure rule.   The changes are intended to formalize guidance and provide greater clarity and certainty.
Posted July 10, 2017 by CUNA Advocacy

The summer conference frenzy kicks off with the Iowa Credit Union League serving as a sponsor of the 2017 Midwestern Legislative Conference Annual Meeting, held this week in Des Moines. 

Posted July 10, 2017 by CUNA Advocacy

Congress was out of session last week and both the House of Representatives and the Senate return this week for a busy legislative schedule.  Intrigue surrounds whether Senate Majority Leader Mitch McConnell (R-KY) has enough votes to pass a bill to “repeal and replace” Obamacare.  

Posted July 11, 2017 by CUNA Advocacy

In June, Senators Rounds, Heitkamp, Tester, Hoeven, Donnelly, and Kennedy introduced S. 1310, the Home Mortgage Disclosure Adjustment Act.  If enacted, S. 1310 would raise the threshold that mandates the reporting requirements to 500 closed-end and 500 open-end mortgages.  This legislation would provide much needed relief to credit unions, especially to the smaller institutions. 

Posted July 11, 2017 by vgawali

The Consumer Financial Protection Bureau (CFPB) finalized its rule on arbitration.  While CUNA is currently analyzing the nearly 800-page final rule, we are disappointed that the CFPB continues to apply new rules to credit unions where there is no evidence of consumer abuse by credit unions. 

Posted July 12, 2017 by CUNA Advocacy

The Financial Services Subcommittee on Financial Institutions and Consumer Credit just wrapped their hearing where they examined legislative proposals to provide targeted relief to community financial institutions.  America’s credit unions had a seat at the table with Rick Nichols, President and CEO of River Region Credit Union, testifying before the committee. 

Posted July 13, 2017 by CUNA Advocacy
Today, the House Financial Services Subcommittee on Capital Markets, Securities and Investments is holding a hearing entitled, “Impact of the DOL Fiduciary Rule on the Capital Markets.”
Posted July 13, 2017 by CUNA Advocacy

The NCUA released the agenda for their July open Board meeting.  This meeting is scheduled for Thursday, July 20 at 10:00 AM and will be held at the NCUA’s headquarters in Alexandria, VA.

Posted July 14, 2017 by CUNA Advocacy
Late last night, the credit union movement scored critical wins in the House Appropriations Committee’s markup of the Financial Services and General Government (FSGG) Appropriations Act for Fiscal Year 2018.  The bill includes a number of provisions that were included
Posted July 14, 2017 by CUNA Advocacy
Next week, America’s credit unions will again have a seat in front of the Senate Banking Committee dais when they hold a hearing to discuss housing finance reform and maintaining access for small lenders.
Posted July 14, 2017 by vgawali
The CFPB on July 10, 2017 finalized its arbitration rule. The rule changes the scope of the ability to use arbitration clauses in consumer financial contracts.
Posted July 17, 2017 by CUNA Advocacy
The CFPB officially issued their Notice of Proposed Rulemaking to change the HMDA HELOC reporting requirements from 100 to 500 open end mortgages for 2018 and 2019.
Posted July 17, 2017 by CUNA Advocacy
This week, the House is expected to consider the “Ozone Standards Implementation Act of 2017” (H.R. 806) “21st Century Aviation Innovation, Reform, and Reauthorization Act” (H.R. 2997) (FAA Reauthorization) and “Promoting Interagency Coordination for Review of Natural Gas
Posted July 17, 2017 by CUNA Advocacy
At the request of Senate Finance Committee Chairman Orrin Hatch (R UT), CUNA sent a letter to both him and Ranking Member Wyden  earlier this morning in support of the credit union tax status.  The Committee requested stakeholders to submit comments and proposals to the Committee as they continue their work on tax reform.
Posted July 20, 2017 by vgawali
CUNA sent a letter of support to Senator Rounds and Senator King for their recently introduced legislation – S. 1579, the Bureau of Consumer Financial Protection Advisory Board Enhancement Act.
Posted July 20, 2017 by CUNA Advocacy
The Senate Finance Committee held a hearing entitled, “Comprehensive Tax Reform Prospects and Challenges.”    During the hearing Senators and panel members discussed ideas and suggestions on ways to proceed with comprehensive tax reform.
Posted July 20, 2017 by vgawali
Earlier this morning, lawmakers in the House Financial Services Committee announced that they have introduced a resolution of disapproval to nullify the CFPB’s recently published final rule on Arbitration.
Posted July 20, 2017 by CUNA Advocacy
On Wednesday, the House Appropriations Committee considered the Fiscal Year 2018 State,  Foreign Operations, and Related Programs Appropriations Act.  The legislation passed the Committee by a vote of 30 22.  The bill's report contains strong support for international credit unions.
Posted July 20, 2017 by CUNA Advocacy
CUNA’s witness, Tim Mislansky – SVP and Chief Lending Officer at Wright Patt Credit Union, discussed housing finance reform before the Senate Banking Committee.
Posted July 21, 2017 by CUNA Advocacy

NCUA just announced that the agency plans to reorganize its operations.  The agency will consolidate the five regional offices into three by closing the Albany, New York, and Atlanta, Georgia offices and eliminate four of the agency’s five leased facilities.

Posted July 21, 2017 by CUNA Advocacy
CUNA’s Senior Director of Advocacy and Counsel, Leah Dempsey, submitted comments to the Department of Labor in response to their Request for Information (RFI) on the Fiduciary Rule and Prohibited Transaction Exemptions.
Posted July 21, 2017 by CUNA Advocacy
The House Subcommittee on Terrorism and Illicit Finance held a hearing entitled, “Managing Terrorism Financing Risk in Remittance and Money Transfers."  The Committee discussed the role remittances play and the potential solutions to stop the flow of illicit money and financing.
Posted July 21, 2017 by CUNA Advocacy
Today, the Federal Reserve’s Faster Payments Task Force released its final paper on the future of payments in the U.S. The Task Force, of which CUNA is a member, has been working on the paper since 2015.  Part One of the Faster Payments Task Force Final
Posted July 24, 2017 by CUNA Advocacy
Lots of heat and drama will make this a busy week in Congress.  The House is expected to recess for five weeks once it has completed its work for the week.
Posted July 26, 2017 by vgawali
The House of Representatives passed a CUNA backed resolution of disapproval for the Consumer Financial Protection Bureau’s arbitration rule that would restrict the use of arbitration agreements by a partisan vote of 231-190.
Posted July 27, 2017 by CUNA Advocacy
The NCUA’s plan to close the Temporary Corporate Credit Union Stabilization Fund and setting the share insurance fund’s operating level was published in the Federal Register Thursday.
Posted July 27, 2017 by CUNA Advocacy
Members of Congress and the administration released a statement on tax reform today, in which the credit union tax status was not addressed. This follows a broad outline of tax reform released by Treasury Secretary Steven Mnuchin in April.
Posted July 27, 2017 by vgawali
While rumors continue to swirl about CFPB Director Cordray leaving his post at the CFPB to run as the Democratic nominee for the Ohio gubernatorial race, the CFPB has not missed a beat.
Posted July 28, 2017 by CUNA Advocacy
Earlier this month, the CFPB proposed changes to the HMDA HELOC reporting requirements.  The proposed rule changes the HMDA HELOC reporting requirements from 100 to 500 open end mortgages for 2018 and 2019.
Posted July 31, 2017 by CUNA Advocacy
CUNA’s Senior Director of Advocacy and Counsel, Luke Martone, sent a letter to the CFPB in response to its Request for Information (RFI) on its proposed assessment of the Ability to Repay and Qualified Mortgage Rule (ATR QM Rule).
Posted July 31, 2017 by CUNA Advocacy

Wow - what a week! Even by Washington DC standards, this week was dramatic. The House of Representatives has left town and will reconvene September 5th. Upon returning, we expect the House to consider the remaining eight appropriations bills that remain after passage of the first four bills last week. No significant committee action of interest to credit unions is expected to be considered this week in the Senate.

Posted July 31, 2017 by CUNA Advocacy
Today, CUNA Senior Director of Advocacy and Counsel Leah Dempsey, sent a letter to the U.S. Department of the Treasury (Treasury) outlining areas where regulatory burdens are harming the ability of credit unions to serve their members.  The Treasury’s inquiry into this issue is in
Posted October 30, 2017 by CUNA Advocacy
Both the House and Senate are in session this week.  The House is expected to take up the H.R. 2936, the Resilient Federal Forests Act of 2017, and H.R. 849, Protecting Seniors' Access to Medicare Act of 2017.
Posted October 27, 2017 by CUNA Advocacy
As a follow up to the testimony presented by CUNA economist Mike Schenk at NCUA’s Budget Hearing on October 18, CUNA CEO Jim Nussle sent a letter to NCUA, applauding the agency’s effort to functionally administer its safety and soundness regulation with efficient cost allocations.
Posted August 31, 2017 by CUNA Advocacy
CUNA filed a comment letter with the NCUA supporting the agency’s plan to close the Corporate Stabilization Fund and return a portion of the corporate special assessments charged to credit unions in 2018.
Posted August 31, 2017 by CUNA Advocacy
Today, CUNA filed a comment letter with the NCUA fully supporting NCUA’s proposal to close the Corporate Stabilization Fund, merge the fund assets in to the National Credit Union Share Insurance Fund (NCUSIF), and repay credit unions a portion of corporate stabilization premiums in 2018.
Posted August 30, 2017 by CUNA Advocacy
The Office of Management and Budget (OMB) approved the DOL’s proposal for pushing the Fiduciary Rule’s effective date by 18 months, from January 1, 2018 to July 1, 2019.
Posted August 30, 2017 by ManojBhoi
The CFPB’s much anticipated rule on payday and small dollar lending is expected out in the next few weeks. CUNA and the Leagues have been highly active in seeking changes to the CFPB’s rule which was proposed last summer.
Posted August 29, 2017 by ManojBhoi
CUNA submitted comments to the Federal Communications Commission’s (FCC) Second Notice of Inquiry on Advanced Methods to Target and Eliminate Unlawful Robocalls. Compliance concerns under the Telephone Consumer Protection Act (TCPA) for calling reassigned numbers were exacerbated by the FCC's July 2015 Order. The Order makes clear that callers can make only one call under a safe harbor before they are considered to have actual or constructive knowledge that the number was reassigned.
Posted August 25, 2017 by ManojBhoi
CUNA is seeking four credit unions to participate in a discussion with the Small Business Administration (SBA) Office of Advocacy about the CFPB’s RFI concerning small business lending. Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act amends the Equal Credit Opportunity Act (ECOA) to require financial institutions to compile, maintain, and report information concerning credit applications made by women-owned, minority-owned, and small businesses. 
Posted August 25, 2017 by ManojBhoi
CUNA President CEO Jim Nussle responded to a recent op ed from Consumer Financial Protection Bureau (CFPB) Director Richard Cordray in a LinkedIn post Friday. Cordray wrote in the New York Times defending the CFPB’s arbitration rule, leading Nussle to respond that the bureau’s
Posted August 24, 2017 by CUNA Advocacy

Today, the CFPB issued a final rule that temporarily increases the threshold for collecting and reporting HELOC data under HMDA. Under the Regulation C rules that are scheduled to take effect in January 2018, credit unions and other financial institutions would have been required to report HELOCs if they made 100 such loans in each of the last two years. 

Posted August 23, 2017 by ManojBhoi
The Consumer Financial Protection Bureau recently announced that the Credit Union Advisory Council (CUAC) will be holding a public meeting on September 7 at 3 30 PM at CFPB Headquarters in Washington, D.C.
Posted August 21, 2017 by ManojBhoi
Recently, Pennsylvania Attorney General Josh Shapiro announced the launch of a Consumer Financial Protection Unit designed to “better protect Pennsylvania consumers from financial scams.”   According to Shapiro’s office, the state’s Consumer Financial Protection Unit has the following duties
Posted August 21, 2017 by CUNA Advocacy
In response to a letter sent by CUNA and other financial services trades back in February, the Federal Housing Finance Agency (FHFA) offered an update to their alternative credit score model project, noting the complexity of the analysis and that no changes would go into effect prior to the implantation of the Common Securitization Platform in mid-2019. The FHFA is the federal agency responsible for overseeing the Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac. 
Posted August 17, 2017 by ManojBhoi

Today, the CFPB announced a change to the process for submitting questions to the Bureau on regulations. 

Posted August 16, 2017 by CUNA Advocacy
Today NCUA released a package of possible regulatory reforms that could be implemented over a four year time period. According to the agency, the reforms were recommended by an internal NCUA task force.
Posted August 14, 2017 by ManojBhoi
Today, House Armed Services Committee Member Cook (R CA) circulated a Dear Colleague letter that would request the Dept of Defense exempt credit unions from its Military Lending Act regulation, as amended in July 2015.
Posted August 14, 2017 by ManojBhoi
Today, CUNA’s Senior Director of Advocacy and Counsel Luke Martone, sent a letter to the CFPB in response to proposed amendments to the prepaid accounts rule under Regulations E and Z. While we support the Bureau’s attempt to provide flexibility related
Posted August 14, 2017 by CUNA Advocacy
The House and Senate remain in recess and will both return on September 5th.  However, that doesn’t mean that Washington is quiet.  Your CUNA advocacy team is meeting with Congressional staff regarding regulatory relief, tax reform, and appropriations legislation.
Posted August 11, 2017 by CUNA Advocacy
Earlier today, CUNA’s Senior Director of Advocacy and Counsel Luke Martone, sent a letter to the NCUA in regard to the Office of General Counsel’s list of regulations scheduled for review this year.
Posted August 11, 2017 by CUNA Advocacy
Earlier this week, representatives of CUNA, credit union leagues, AACUL and CUNA Mutual joined more than 5,000 attendees in Boston at the National Conference of State Legislatures (NCSL) Legislative Summit to promote credit union awareness.
Posted August 10, 2017 by ManojBhoi
The Department of Labor (DOL) in a brief filed Wednesday indicated that it is proposing an 18 month delay for its Fiduciary rule. The DOL has sought comment on several aspects of the rule over the past several months. CUNA has sent several comment letters
Posted August 07, 2017 by CUNA Advocacy
Earlier today, CUNA filed three comment letters with the NCUA.  The letters were in response to NCUA proposed rules to update the agency’s voluntary merger rule, appeals for material supervisory determinations and appeals procedures.
Posted August 07, 2017 by CUNA Advocacy
The Senate left Washington last Thursday for its abbreviated August recess.  Both the House and Senate will return to Washington on September 5th.
Posted August 04, 2017 by ManojBhoi
Early this morning, the Consumer Financial Protection Bureau released a prototype for “Know Before You Owe” overdraft disclosure prototypes following an agency report that included research on only the nation’s largest banks.    Consumers remain highly satisfied with overdraft
Posted August 04, 2017 by CUNA Advocacy
As predicted, the Senate recessed for August yesterday evening.  Prior to recessing, the Senate passed a package with a number of much needed appointments for Executive Branch nominees.
Posted August 03, 2017 by CUNA Advocacy
Beginning this weekend, representatives from the credit union industry will descend upon Boston, MA for the Legislative Summit of the National Conference of State Legislatures (NCSL). At the Summit, CUNA, CUNA Mutual, AACUL, the leagues and local credit unions will lead a campaign to increase awareness of credit unions among state lawmakers. The campaign will include the America’s Credit Unions logo blazoned on the conference Wi-Fi splash page, the conference hotel key cards and the conference lanyards.
Posted August 02, 2017 by ManojBhoi
Earlier today, CUNA’s Senior Director of Advocacy and Counsel Leah Dempsey, sent a letterto the Consumer Financial Protection Bureau’s Paperwork Reeducation Act Officer in response to the Agency’s request for comment on “Debt Collection Quantitative Disclosure Testing.”  In the middle
Posted August 01, 2017 by CUNA Advocacy
Earlier today, CUNA joined a number financial trade associations in sending a comment letter to the Board of Governors of the Federal Reserve System in support of a proposal to amend Regulation CC – Availability of Funds and Collection of Check.
Posted September 29, 2017 by CUNA Advocacy

Earlier this week, CUNA sent a letter to Representative Tom Emmer thanking him for his introduction of H.R. 2954 – the Home Mortgage Disclosure Adjustment Act.  The CFPB finalized amendments to Regulation C that will significantly increase the amount of data mortgage lenders will need to provide. 

Posted September 29, 2017 by ManojBhoi
CUNA thanks Representatives Bruce Poliquin and Krysten Sinema for the introduction of H.R. 3758, the Senior Safe Act of 2017 in a letter sent this week.  If enacted, this legislation would provide important legal protections to credit union employees who report suspected financial elder abuse.
Posted September 29, 2017 by CUNA Advocacy

Congress heard from credit unions on behalf of the Community Development Financial Institution (CDFI) Fund this week when two letters were sent from CUNA and from CDFI-designated credit unions throughout the country.  

Posted September 29, 2017 by CUNA Advocacy

During the NCUA Board Meeting on September 28, the Board unanimously approved to move forward with a proposed rule to amend Part 740 of the Federal Credit Union Act (FCUA) regarding accuracy of advertising. The proposed rule would expand a current exemption for the advertising statement requirement for television and radio advertisements, as well as eliminate the requirement to include the official advertising statement on published statements of condition. 

Posted September 28, 2017 by CUNA Advocacy
This session, the California Credit Union League continued its push for Property Accessed Clean Energy (PACE) loans protections. Building off last year’s enaction of League supported legislation requiring truth in lending disclosures for these types of loans, another CCUL supported
Posted September 28, 2017 by CUNA Advocacy
The NCUA just wrapped their September board meeting, and as predicted and supported by CUNA, the Board voted to close the Corporate Stabilization Fund.
Posted September 27, 2017 by CUNA Advocacy
CUNA supports NCUA closing the Temporary Corporate Credit Union Stabilization Fund (TCCUSF), merging the funds with the National Credit Union Share Insurance Fund (NCCUSF) and distributing these funds to members in 2018.  We disagree with NCUA that the normal operating level (NOL) should be set permanently above 1.3%, but do not take issue with them holding 4 basis points temporarily for risk management.  CUNA’s comment letter and direct meetings with NCUA staff have repeatedly stressed the importance of a path to a 1.3% NOL. The NCUA board is set to vote on this Thursday.
Posted September 27, 2017 by CUNA Advocacy

CUNA sent a letter to the CFPB requesting it re-propose changes to Reg CC (Expeditated Funds Availability Act) issued by the Federal Reserve in 2011. The proposed changes would update Reg CC regarding the availability of funds and collection of checks.

Posted September 26, 2017 by ManojBhoi
Yesterday, CUNA sent a letter of support to Representatives Sean Duffy and Gwen Moore for their recently introduced legislation, H.R. 3746 – the Business of Insurance Regulatory Reform Act. If enacted, H.R. 3746 would clarify that Title X of
Posted September 26, 2017 by CUNA Advocacy

Today the Senate Banking Committee held an oversight hearing on the U.S. Securities and Exchange Commission (SEC). The recently reported cyber breach of the SEC was the main focus of SEC Chairman Clayton's testimony. 

Posted September 26, 2017 by CUNA Advocacy

CUNA filed a comment letter with the Department of Labor (DOL) this week concerning its finalized rule on overtime pay. The rule amended the Fair Labor Standards Act (FLSA) to increase the threshold salary level for overtime pay to the 40th percentile of weekly earnings for full-time salaried workers. 

Posted September 26, 2017 by ManojBhoi
Credit unions traveled from throughout the country to discuss the CFPB’s request for information (RFI) about collecting additional data on small business lending at a Small Business Administration (SBA) Office of Advocacy Roundtable.  The CFPB’s RFI stems from Section 1071 of the Dodd Frank Wall Street
Posted September 24, 2017 by CUNA Advocacy
Both the House of Representatives and the Senate are back in session this week after taking some time off in observance of Rosh Hashanah.
Posted September 24, 2017 by CUNA Advocacy

Judge Thomas W. Thrash Jr. approved a settlement Friday between Home Depot and financial institutions in a lawsuit brought in the wake of a 2014 data breach. CUNA, state leagues and a number of credit unions are among the plaintiffs.

Posted September 22, 2017 by ManojBhoi
In March, the FCC proposed a rule that would codify the “Do Not Originate” initiative proposed by the FCC and launched by the industry strike force.  The initiative does not impact credit unions but rightfully targets illegal bad actors.
Posted September 22, 2017 by ManojBhoi
This week, CUNA took to the media to continue advocacy efforts urging the Senate to take action on the Congressional Review Act of the Consumer Financial Protection Bureau’s Arbitration Rule.
Posted September 21, 2017 by CUNA Advocacy
CUNA joined with CUNA Mutual Group and the Financial Services Information Sharing Center (FS ISAC) Thursday for a webinar on how credit unions can deal with the fallout after a data breach.
Posted September 21, 2017 by CUNA Advocacy
Earlier this week, Politico published an article citing a recently released poll by the Cato Institute that “Americans don’t want more rules placed on the financial industry, but rather more enforcement of existing rules and better rules.”
Posted September 21, 2017 by CUNA Advocacy
The Consumer Financial Protection Bureau (CFPB) finalized CUNA supported changes to its Equal Credit Opportunity Act (ECOA) regulations, while issuing a separate proposal seeking input on proposed Home Mortgage Disclosure Act (HMDA) policy guidance.
Posted September 21, 2017 by ManojBhoi

The HMDA proposed policy guidance issued Wednesday describes the loan-level HMDA data the bureau proposes to make available to the public starting in 2019. 

Posted September 21, 2017 by CUNA Advocacy

The NCUA released the agenda for the public Board meeting to be held on September 28.  The NCUA board will discuss closing the Temporary Corporate Credit Union Stabilization Fund at the meeting.  CUNA strongly supports closure of the fund and for NCUA to begin issuing refunds starting in 2018, the only national trade association for credit unions to hold that position.  

Posted September 18, 2017 by CUNA Advocacy

The House is in recess this week but will return next week to advance its busy schedule.  The Senate will be in session today and recess on Wednesday. 

Posted September 15, 2017 by ManojBhoi
CUNA’s Senior Director of Advocacy and Counsel Leah Dempsey, submitted comments to the CFPB in response to their Request for Information (RFI) Regarding the Small Business Lending Market.  In the letter, CUNA outlines concerns about the likely unintended consequences of having to collect additional data for small business loans, which because of their diverse and unique fields of membership would not align with practices for collecting data by the large Wall Street banks and other financial service providers.
Posted September 14, 2017 by ManojBhoi
CUNA Chief Compliance Officer Jared Ihrig joined with the Defense Credit Union Council for a meeting with the Department of Defense (DoD) to reiterate credit union concerns and urge for more clarification for member credit unions on the changes to the MLA.
Posted September 14, 2017 by CUNA Advocacy

Earlier today, the House in favor of H.R. 3354, an appropriations bill that contains several major victories for credit unions. The bill keeps NCUA out of the appropriations process, a provision the CUNA/League system advocated heavily for on Capitol Hill, and contains significant regulatory relief, including changes to the Consumer Financial Protection Bureau (CFPB).   

Posted September 13, 2017 by CUNA Advocacy
In an unexpected turn of events, the bipartisan Amodei Aguilar amendment passed the House of Representatives by voice vote this afternoon.
Posted September 13, 2017 by CUNA Advocacy
Last week, CUNA’s President and CEO issued an Action Alert on the bipartisan amendment introduced by Representatives Amodei and Aguilar to strike Section 906 of H.R. 3354 in order to keep the NCUA out of the appropriations process.
Posted September 13, 2017 by CUNA Advocacy
Today PenFed Credit Union issued a statement in support of NCUA merging the Corporate Stabilization Fund into the National Credit Union Share Insurance Fund and providing a rebate to credit unions in 2018.
Posted September 13, 2017 by CUNA Advocacy
CUNA President & CEO Jim Nussle sent a letter to Equifax requesting that the credit reporting agency notify all consumers who have been impacted by the data breach.
Posted September 13, 2017 by CUNA Advocacy
The CFPB’s final rule that amends Regulation C regarding HELOCs was published in the Federal Register. The rule, which the Bureau issued late last month, temporarily increases the threshold for collecting and reporting HELOC data under HMDA.
Posted September 12, 2017 by CUNA Advocacy
The NCUA announced that the agency will hold a budget briefing in Alexandria at the agency’s boardroom.  The budget briefing will be on Wednesday, Oct. 18, from 2 p.m. to 4 p.m. EST.
Posted September 12, 2017 by ManojBhoi
CUNA joined the Independent Community Bankers (ICBA) and the National Association of Federally insured Credit Unions (NAFCU) in sending a letter to Senate and Committee leadership in support of H.J. Res 111.
Posted September 11, 2017 by CUNA Advocacy
The House and Senate were both scheduled to be in session all week, but due to Hurricane Irma and the aftermath there will not be any legislative work done today, however they are currently scheduled to come back tomorrow evening.
Posted September 08, 2017 by ManojBhoi
The House Financial Services Subcommittee on Financial Institutions and Consumer Credit held a hearing entitled, “Legislative Proposals for a More Efficient Federal Financial Regulatory Regime.”  Prior to the hearing, CUNA sent a letter to Chairman Luetkemeyer and Ranking Member Clay outlining CUNA’s position on three of the bills that were discussed during the hearing.
Posted September 07, 2017 by ManojBhoi
In July, the Consumer Financial Protection Bureau finalized its rule on arbitration.  After analyzing the nearly 800 page rule, CUNA was extremely disappointed that the CFPB once again decided to apply new rules to credit unions where there was no evidence of consumer abuse.
Posted September 07, 2017 by CUNA Advocacy
Last month, the NCUA’s Chairman McWatters sent a letter to Chairman Frelinghuysen and Ranking Member Lowey of the House Appropriations Committee to express the NCUA’s position on provisions included in FY2018 Financial Services and General Government (FSGG) Appropriations Act. 
Posted September 07, 2017 by CUNA Advocacy
n June, the House Appropriations Subcommittee on Financial Services and General Government passed its Fiscal Year 2018 Appropriations Bill by a voice vote.  The bill included language putting federal banking regulators, including the NCUA, under the appropriations process.  This legislation was then passed by the full Committee in the middle of July.
Posted September 07, 2017 by ManojBhoi
Last week, Kathleen Smith, Acting Assistant Secretary of the Office of Postsecondary Education, wrote to Director Cordray of the Consumer Financial Protection Bureau (CFPB) to terminate the Memoranda of Understanding (MOU) between the Department of Education and the CFPB regarding the sharing of information in connection with oversight of federal student loans.
Posted September 06, 2017 by CUNA Advocacy
Tomorrow the House Financial Services Subcommittee on Financial Institutions and Consumer Credit will hold a hearing entitled, “Legislative Proposals for a More Efficient Federal Financial Regulatory Regime.”
Posted September 05, 2017 by CUNA Advocacy
Today CUNA filed a comment letter with NCUA providing input on how the agency should amend is share insurance rule to provide for equity distributions. The proposed share insurance fund equity distribution rule would modify the rule for normal equity distributions and
Posted October 26, 2017 by CUNA Advocacy
The House Financial Services Subcommittee held a hearing to discuss housing reform. As we’ve stated in the past, CUNA appreciates Congress taking the time to focus on the importance of housing finance reform and looks forward to working with them to ensure the credit union perspective is understood.
Posted October 26, 2017 by CUNA Advocacy

The House Financial Services Committee held a minority day hearing to continue its discussion on the examination of the Equifax data breach. During the hearing, discussions were had on ideas to ensure the integrity of consumer reporting and safeguards for consumer data.  

Posted October 26, 2017 by CUNA Advocacy
Credit unions won several big victories this week in the obscure details of the Congressional Budget Resolution, as well as the emergency disaster supplemental funding legislation.
Posted September 05, 2017 by CUNA Advocacy
CUNA filed a letter with the Federal Housing Finance Agency in support of its proposed 2018 2020 Enterprise Housing Goals.  We recognize that the FHFA’s objective is to set the benchmarks to their market projections, not to actually
Posted September 05, 2017 by CUNA Advocacy
A busy week is expected on Capitol Hill as lawmakers return from their states and districts to work on the first of many supplemental appropriations bills to provide disaster funds to cope with the disastrous situation from Hurricane Harvey.
Posted September 01, 2017 by CUNA Advocacy
CUNA filed a letter of support of proposed changes to NCUA's corporate credit union regulation regarding provisions on retained earnings and Tier 1 capital.
Posted September 01, 2017 by ManojBhoi

The US District Court of the Eastern District of Texas ruled against the Department of Labor’s Overtime Rule in Nevada v U.S. Department of Labor (DOL). 

Posted September 01, 2017 by CUNA Advocacy

The Illinois Credit Union League successfully championed the enactment of an amendment to the state’s credit union act, HB 1792. The amendment includes parity provisions that would ensure state chartered credit unions remain on par with their federal counterparts. 

Posted October 02, 2017 by ManojBhoi
The DoD responded to a June 21 letter  sent jointly by CUNA and several other financial trade associations detailing ongoing issues with the Military Lending Act regulation regarding extensions of credit to servicemembers and their families.
Posted October 03, 2017 by CUNA Advocacy
CUNA participated in the Treasury Department’s “Cut the Red Tape” summit to discuss ways the agency might facilitate regulatory relief for financial institutions and other entities.
Posted October 04, 2017 by CUNA Advocacy
League leaders that represent credit unions in Region 2 recently met with NCUA Region 2 Leadership in Harrisburg, Pa. to discuss critical exam and regulatory issues facing credit unions.
Posted October 04, 2017 by CUNA Advocacy
CUNA and outside counsel discussed credit unions’ legal rights in the wake of the Equifax data breach, including potential participation in class action lawsuits, with more than 500 credit unions in a call on Tuesday.
Posted October 05, 2017 by ManojBhoi

The Consumer Financial Protection Bureau (CFPB) issued an interim final rule to provide flexibility to mortgage servicers about when they can communicate foreclosure options to borrowers who have requested a cease in communications. The interim final rule goes into effect October 19th. 

Posted October 05, 2017 by ManojBhoi
The Consumer Financial Protection Bureau released its final rule on payday and small dollar lending. CUNA is analyzing the rule but it appears that many of our concerns and specific recommendations have been addressed.
Posted October 06, 2017 by CUNA Advocacy
It’s been nearly a month since Equifax announced that their data had been compromised over the summer and this week, Richard Smith, former CEO Chairman of Equifax, was the lone witness in four Congressional hearings.
Posted October 06, 2017 by ManojBhoi
Members of CUNA’s Consumer Protection Subcommittee were in Washington, DC for an in person meeting where they had the chance to discuss the need for regulatory relief amongst each other and with the both the NCUA and the CFPB.
Posted October 06, 2017 by ManojBhoi
Earlier this week, the Senate voted to confirm Chairman Pai to serve a second five year term at the Federal Communications Commission (FCC).
Posted October 06, 2017 by ManojBhoi
Big news coming out of the Federal Communications Commission (FCC) this afternoon!   The FCC opened CUNA’s Telephone Consumer Protection Act (TCPA) Petition for comment.
Posted October 06, 2017 by CUNA Advocacy
The NCUA posted their 2018 2019 Budget Justification to their website. The document provides detailed information on NCUA’s 2018 2019 budget and justifications for the budget.
Posted October 09, 2017 by CUNA Advocacy
The Senate is in recess this week but the House of Representatives is open and we expect a busy week.   Last week, the House of Representatives passed a budget resolution for fiscal year (fy) 2018 by a vote of 219 206.
Posted October 09, 2017 by ManojBhoi

In a letter in response to the CFPB’s Request for Information concerning small business loan data collection, the Small Business Administration Office of Advocacy raised several concerns about a rulemaking in this area’s potential impact on small businesses and small financial institutions. 

Posted October 10, 2017 by ManojBhoi
The Americans with Disabilities Act (ADA) was enacted in 1990 and since that time our society and the way we live our lives have become increasingly dominated by the internet.  While the ADA is important and necessary for the wellbeing of
Posted October 11, 2017 by CUNA Advocacy
CUNA filed a letter with the CFPB in support of a proposal to remove the “four business day limit” from the TILA RESPA Integrated Disclosures (TRID) rule under Regulation Z.
Posted October 12, 2017 by CUNA Advocacy
The House Financial Services Committee passed 8 CUNA supported regulatory relief bills in a markup earlier today. CUNA wrote to committee leadership supporting the bills leading up to the markup.
Posted October 26, 2017 by ManojBhoi
CUNA wrote to the House Energy and Commerce Subcommittee on Communications and Technology to request the Committee to consider issues CUNA has raised with the Telephone Consumer Protection Act as they conduct their markup to amend the Communications Act of 1934.
Posted October 12, 2017 by CUNA Advocacy

The Nevada Credit Union League (NCUL) submitted a comment letter to the Nevada Secretary of State’s Securities Division public workshop on proposed regulations relating to the implementation of SB 383. SB 383, authored by Senator Aaron Ford, subjects broker-dealers, investment advisers and sales representatives to the fiduciary standard previously applied to financial planners. 

Posted October 13, 2017 by ManojBhoi
CUNA and counsel addressed the Telephone Consumer Protection Act (TCPA) petition recently filed with the FCC with more than 230 credit union professionals in a member webinar on Wednesday afternoon.
Posted October 13, 2017 by CUNA Advocacy
The House of Representatives passed a budget resolution and we expect the Senate will debate its resolution, and many amendments, this week.
Posted October 16, 2017 by CUNA Advocacy

This week the Senate is in session with the House of Representatives going back to their home districts for the week.  The Senate will be busy considering the Senate Budget Committee-passed Budget Resolution for Fiscal Year 2018.  This budget resolution is necessary for the Congress to move forward on tax reform.

Posted October 17, 2017 by ManojBhoi

CUNA sent a letter to Representatives Ted Poe, Scott Peters, Ami Bera, Ken Calvert, Jackie Speier, and Mike Conway in support of legislation they introduced to address litigation abuse under the Americans with Disability Act (ADA) – H.R. 620, the ADA Education and Reform Act of 2017. 

Posted October 18, 2017 by CUNA Advocacy
This week the Senate Banking Committee held a hearing entitled, “Consumer Data Security and the Credit Bureaus.”  This was the second hearing held on data security since the Equifax data breach in September.  The first hearing had Equifax’s
Posted October 19, 2017 by CUNA Advocacy
CUNA staff attended yesterday's NCUA October Board Meeting.  During the meeting, the NCUA adopted final rules for two rules impacting appeals procedures and appeal and composition of the supervisory review committee.
Posted October 19, 2017 by ManojBhoi
The CFPB released principles intended to protect consumers when consumers authorize third parties access to financial data.
Posted October 20, 2017 by CUNA Advocacy
On October 19, the NCUA Board unanimously approved a final rule (Part 746, Subpart B) relating to existing appeals procedures.
Posted October 20, 2017 by CUNA Advocacy
On October 19, the NCUA Board unanimously approved adoption of a final rule relating to existing appeals procedures. The final rule, in seeking to enhance due process and align appellate practices with other federal financial regulators, expands the number of