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On October 30th, the Bureau of Consumer and Financial Protection (BCFP) released an updated HMDA Small Entity Compliance Guide to reflect changes made to reporting requirements by the Economic Growth, Regulatory Relief, and Consumer Protection Act (known as S. 2155) and the 2018 HMDA Interpretive Rule.
The Fourth Circuit of Appeals heard arguments in a case involving Department of Labor (DOL) FCU related to a frivolous lawsuit alleging website noncompliance with the Americans with Disabilities Act (ADA).
The BCFP issued a statement announcing an intent to issue a proposal revising the payday rule in January 2019.
The United States Court of the Appeals for the District of Columbia has finally set a briefing schedule for the field of membership litigation appeal. The briefing schedule required NCUA to submit a brief by December 5th with amicus briefs in support of NCUA due 7 days later, on December 12th.
The Bureau of Consumer and Financial Protection (BCFP or the Bureau) released its lookback report on the remittance rule. As a reminder, Section 1022(d) of Dodd-Frank requires the Bureau to conduct these reports within five years after finalizing a major rulemaking. The intent of the report is to evaluate the outcomes of the rule and determine the rule’s effect on the market (intended and unintended).
CUNA filed a follow-up letter to the National Credit Union Association (NCUA) in response to their proposed 2019-2020 budget. This letter reinforces the testimony provided to the NCUA by CUNA's Chief Economist, Mike Schenk, during their budget hearings on October 17th.
The Federal Reserve will host public town hall meetings in its 12 districts in late October and early November to discuss its Faster Payments Settlement Assessment notice in the Federal Register. CUNA continues to be a strong advocate for a secure faster payments system accessible to institutions of all sizes.
MSU Federal Credit Union's (MSUFCU) Chief Lending Officer, Jeff Jackson, has been elected to the Federal Home Loan Bank of Indianapolis (FHLBI) Board of Directors.
Credit Union Legislative Action Council (CULAC), the federal PAC of the Credit Union National Association (CUNA), launched its final independent expenditure (IE) for the 2018 midterm election cycle.
The National Credit Union Administration (NCUA) will host a webinar for credit unions on November 14th where they can learn more about recent changes to the Home Mortgage Disclosure Act and other federal consumer financial protection laws and regulations.
Credit Union National Association (CUNA) continues to seek clarity on several issues under the Telephone Consumer Protection Act (TCPA) to help reduce confusion for credit unions trying to comply with the law. In its reply comments filed to the Federal Communications Commission (FCC) Thursday, CUNA highlighted several credit unions and leagues emphasizing the critical importance of a narrow definition of an automated telephone dialing system (ATDS).
CUNA, the Financial Services Information Sharing and Analysis Center (FS-ISAC), and the Financial Services Sector Coordinating Council (FSSCC) conducted a webinar for credit unions that gave an overview of cyber-exercises and how credit unions could participate in cyber-exercises.
Credit Union Legislative Action Council (CULAC), the federal PAC of the Credit Union National Association (CUNA), launched its first round of independent expenditures (IEs) for the 2018 midterm election cycle. CULAC and CUNA have been the strong political backbone for credit unions for over 40 years, engaging in strategic partisan communications and IEs for nine elections cycles.
Both the House and Senate are in recess until after the midterm elections.
The National Credit Union Administration (NCUA) board voted to approve a final risk-based capital rule, which would secure important regulatory relief for credit unions and maintain an appropriate focus on safety and soundness.
CUNA submitted a comment responding to a FCC Public Notice issued to gather feedback after the Ninth Circuit Court of Appeals decision in Marks vs. Crunch San Diego, LLC. The Ninth Circuit’s ruling in Marks would substantially expand the TCPA definition of an “automatic telephone dialing system” (ATDS).
The Federal Financial Institutions Examination Council (FFIEC) launched the redesigned Bank Secrecy Act/Anti-Money Laundering (BSA/AML) InfoBase website, which is aimed at sharing bank examination procedure information with examiners, financial institutions, the public, and other stakeholders.
The National Credit Union Administration held its budget briefing and Credit Union National Association (CUNA) Chief Economist Mike Schenk testified on behalf of credit unions. Schenk applauded the NCUA decision to merge the Temporary Corporate Credit Union Stabilization fund into the Share Insurance Fund (NCUSIF), totaling $735 million, and urged for the equity distribution to credit unions and their members.
The BCFP released its Fall 2018 rulemaking agenda today. The agenda is a snapshot of the Bureau’s regulatory priorities over the coming months into 2019.
The Regulatory Flexibility Act requires executive branch federal agencies to publish their regulatory agendas twice a year, typically in the fall and spring. As an independent agency, the Bureau voluntarily participates in the Unified Agenda, which is coordinated by the Office of Management and Budget (OMB).
CUNA wrote to the Bureau of Consumer Financial Protection in support of their participation in the Global Financial Innovation Network (GFIN) in response to a document outlining the GFIN collaborative effort, but strongly encourages the bureau encourage the network to ensure a level playing field.
CUNA's Chief Advocacy Officer - Ryan Donovan, wrote an op-ed in the CU Times in response to the NCUA's proposed risk-based capital (RBC) rule. While the proposed RBC ruling is a positive and prudent step forward, the piece further urges the NCUA board to finalize the proposal at Thursday’s meeting.
The Bureau of Consumer Financial Protection has launched a new innovation webpage. Here you can find out how to apply to run a disclosure trial or pitch a pilot and learn more about the Global Financial Innovation Network.
Acting Director Mick Mulvaney announced the BCFP plans to pursue in the near future a rulemaking creating standards for unfair, deceptive, or abusive acts or practices (UDAAP).
The committee and panelists covered the positive and negative repercussions of the technology, the validity of the various key tenants that make blockchain a unique tool, concerns over crime and illicit transfer of funds via cryptocurrencies, and expectations for the future from an economic and regulatory perspective.
Richard Gose, Chief Political Officer, and Jennifer Kelly, Director of State Affairs, attended the State Policy Network’s (SPN) annual conference in Salt Lake City, UT. For the first time, credit union advocates were on hand to explain the credit union difference to state policy leaders. The State Policy Network promotes state-based solutions and coalition efforts to help achieve a national impact.
The article does a disservice to consumers, focusing on the negative experiences of a several credit union members. But credit unions deliver big financial benefits to the 110 million credit union members. CUNA’s latest member benefits report shows that average credit union overdraft fees are lower than banks by around $3.00. Independent market research clearly and consistently shows that credit union pricing is substantially more consumer-friendly than that found at other financial institutions. For example, nearly two-thirds of credit unions offer free checking accounts whereas only 38% of banks do so. Credit unions are seven times more likely than banks to offer free interest-bearing checking accounts. Studies show that bank NSF fees are 10% to 20% higher than those at credit unions.
The NCUA board will vote on finalizing changes to its risk-based capital at its Oct. 18 meeting, according to the agenda released by the agency Thursday. CUNA supports the proposal, but has expressed numerous concerns about the agency’s RBC approach in general.
CUNA hosted a webinar on October 10th with Bureau of Consumer Financial Protection staff on changes to Home Mortgage Disclosure Act (HMDA) reporting requirements. A recording of the webinar is available for free to CUNA members, and will be available shortly.
In an article published by Bloomberg News, it was reported that the Consumer Financial Protection Bureau took only three enforcement actions in the third quarter of 2018 and is on pace for the lowest yearly total in its seven years of existence.
CUNA attended the Senate Commerce Committee hearing with representatives from California and the EU to discuss the implications of the California Consumer Privacy Act (CCPA) and the General Data Protection Regulation (GDPR) on Congress’ efforts to develop a federal framework for consumer data privacy.
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the state regulators recognize the serious impact of Hurricane Michael on the customers, members, and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision.
CUNA filed a letter with the NCUA regarding its proposed amendments to Part 701, Loans to Members and Lines of Credit to Members. The letter supports proposed changes to improve clarity and make compliance easier by reorganizing a few provisions within the regulation.
CUNA will be hosting a webinar in conjunction with the BCFP to discuss technical implementation of the new HMDA rule. In August 2018, the BCFP released the 2018 HMDA Interpretive Rule, which provides partial exemptions for some insured depository institutions and insured credit unions from certain HMDA requirements as a result of the passage of S.2155.
FinCEN and the federal depository institution regulators issued a joint statement on October 3rd to address the benefits of financial institutions entering into collaborative arrangements to help manage their Bank Secrecy Act (BSA) and anti-money laundering (AML) obligations more efficiently and effectively.
The House is in recess until after the November midterm elections.
The Senate is expected to consider executive and judicial nominations.
CUNA attended the Financial Literacy and Education Commission’s public meeting where the Commission reinforced their commitment to new and innovative methods for developing public financial education.
The first rule in achieving success with cyber-incidents is to have a documented response plan. The second rule is to practice that plan. However, knowing how to conduct a cyber-exercise and what resources are available to help practice the plan can be a challenge for credit unions.
Join the Credit Union National Association (CUNA), the Financial Services Information Sharing and Analysis Center (FS-ISAC) and the Financial Services Sector Coordinating Council (FSSCC) on Wednesday, October 17, 2018 for a webinar designed to:
The NCUA along with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network and the Office of the Comptroller of the Currency issued a joint statement on banks and credit unions sharing resources to improve efficiency and effectiveness of Bank Secrecy Act compliance. Read the press release below and the entire statement via this link.
CUNA's Chief Advocacy Officer - Ryan Donovan, wrote an op-ed in The Hill in response to Senator Warren’s recently introduced legislation that contains a provision placing credit unions under the CRA.
"Sen. Elizabeth Warren’s (D-Mass.) proposal to place credit unions under the Community Reinvestment Act would be a step backward in access to affordable mortgage credit,"
While S. 3503 has a laudable goal, its provision to extend the Community Reinvestment Act (CRA) to credit unions runs counter to the goal of increasing access to credit. On Wednesday, CUNA wrote a letter to Senator Warren and a separate letter to all US Senators opposing Section 203 that would expand the reach of the CRA to credit unions.
The CRA was enacted in 1977 to combat discriminatory bank lending practices. Since it was enacted, Wall Street banks have fought to include credit unions, despite a complete lack of evidence of systematic lending discrimination.
As currently written, Senator Warren’s legislation seeks to impose CRA requirements, which were enacted as a result of bank redlining and disproportionate discriminatory lending practices—explicitly not intended to apply toward credit unions, who by definition, serve their community as a cooperative non-profit entity.
CUNA wrote to Chairman Crapo and Ranking Member Brown prior to the Senate Banking Committee's hearing entitled, "Implementation of the Economic Growth, Regulatory Relief, and Consumer Protection Act."
On behalf of America's credit unions, CUNA strongly supported S. 2155 during the legislative process and applauded its enactment into law in May.
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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