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The BCFP’s Ombudsman’s office released its 2018 annual report. The report, which is required to be developed on an annual basis, summarizes initiatives undertaken by the office in fiscal year 2018.
Nine Members of California’s delegation to the House of Representatives sent a letter yesterday to Acting Director of the Bureau of Consumer Financial Protection Mick Mulvaney, encouraging prompt implementations of regulations required by Section 307 of S. 2155, related to Property Assessed Clean Energy (PACE) lending.
Credit Union National Association (CUNA) wrote to Senate leadership to spotlight the difficulties credit unions face to comply with Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) requirements.
CUNA President and CEO Jim Nussle wrote to Ways and Means Chairman Kevin Brady (R-TX), Ranking Member Richard Neal (D-MA), Senate Finance Committee Chairman Orrin Hatch (R-UT), and Ranking Member Ron Wyden (D-OR) regarding H.R. 88, the Retirement, Savings, and Other Tax Relief Act.
Today, the Federal Housing Finance Agency (FHFA) released its final rule amending requirements of the Affordable Housing Program operated by the Federal Home Loan Banks (FHLBanks).
The BCFP, along with the Federal Reserve Board, updated the dollar thresholds in Regulation Z (Truth in Lending or TILA) and Regulation M (Consumer Leasing) that will apply for determining exempt consumer credit and lease transactions in 2019.
The Bureau is currently searching for an Assistant Director to lead a new Office of Cost Benefit Analysis (OCBA).
CUNA wrote to Senate Majority Leader McConnell and Minority Leader Schumer on Kathy Kraninger's nomination to be the next Director of the Bureau of Consumer and Financial Protection.
The House of Representatives is in session this week, but no schedule has been released. However, the National Flood Insurance Program expires on November 30 and government funding expires December 7. Therefore, it is likely that the House will consider legislation in these areas, as well as possible tax legislation to reform the IRS, extend certain tax provisions, and make technical corrections to last year’s Tax Cuts and Jobs Act.
The Senate reconvenes this week and will consider the nomination of Kathleen Kraninger to be the Director of the Bureau of Consumer Financial Protection.
Credit Union Advisory Council (CUAC) will have a meeting on December 6, 2018, via conference call. During the meeting, the group will discuss artificial intelligence in consumer financial services and consumer access to financial records.
CUNA filed a comment letter with the Office of the Comptroller of the Currency on Modernizing the Regulatory Framework of the Community Reinvestment Act (CRA).
The Financial Accounting Standards Board (FASB) released an update amending the CECL effective date for credit unions and other non-public business entities (PBE).
The SBA’s Office of Advocacy will host a listening session on Monday, December 3, 2018, in Washington, D.C. focused on the Americans with Disabilities Act (ADA).
CUNA participated at a joint trades meeting with BCFP senior staff to discuss the impact of the 2013 Ability-to-Repay and Qualified Mortgage Rule (ATR/QM Rule)
CUNA filed the two attached comment letters with the Federal Housing Finance Agency
At today’s meeting, the NCUA Board was briefed on the status of the Share Insurance Fund, approved the 2019 - 2020 budgets, and issued a proposed rule on fidelity bonds.
The "NCUA HMDA and Consumer Compliance Regulatory Update Webinar" is scheduled for November 14, beginning at 2 p.m. Eastern time. Hosted by the NCUA, the webinar will cover amendments to the Home Mortgage Disclosure Act and other consumer financial protection laws made by the 2018 Economic Growth, Regulatory Relief and Consumer Protection Act.
CUNA released a whitepaper highlighting the 2018 midterm elections impact on credit unions. The in-depth analysis provides details on credit union involvement in the election, what the results mean for Main Street institutions and CUNA’s advocacy plans for the 116th Congress.
This week the House of Representatives returns to consider H.R. 6784, the Manage our Wolves Act. House Republicans are also expected to hold leadership elections this week.
The Senate also returns this week to consider the motion to concur in the House amendment with a further amendment to accompany S.140, Coast Guard Reauthorization. The Senate will also consider the nomination of Michelle Bowman, of Kansas, to be a Member of the Board of Governors of the Federal Reserve System.
CUNA attended the Federal Reserve Board’s latest town hall, held at the Federal Reserve Bank of Minneapolis, to discuss issues surrounding real-time payments. The Fed is currently seeking input through a RFC on potential actions the Federal Reserve can take to support interbank settlement of faster payments.
CUNA filed a comment letter with the National Telecommunications and Information Administration (NTIA or Administration) which is part of the U.S. Department of Commerce in response to the NTIA’s request for comment on “Developing the Administration's Approach to Consumer Privacy.”
CUNA participated in a roundtable led by the Small Business Administration's Office of Advocacy to discuss the latest BCFP rulemaking agenda, which was released last month.
Next week (Nov. 15 at 10 AM ET), the NCUA Board will vote to approve its 2019 - 2020 operating budget.
The Bureau of Consumer Financial Protection (BCFP) and the Federal Housing Finance Agency (FHFA) today released for public use a new loan-level dataset collected through the National Survey of Mortgage Originations (NSMO) that provides insights into borrowers’ experiences in getting a residential mortgage.
The Tax Cuts and Jobs Act of 2017 (TCJA) requires the separate computation of UBIT for tax-exempt organizations with more than one unrelated trade or business. Before the TCJA, when a tax-exempt organization operated more than one unrelated trade or business activity, losses generated by one business could be used to offset income derived from another. Now, losses generated by one unrelated trade or business cannot be used to offset income derived from another unrelated trade or business.
The Tax Cuts and Jobs Act of 2017 (TCJA) imposes an excise tax on certain executive compensation provided by tax-exempt organizations. Tax-exempt entities are now required to pay a 21% excise tax on the five highest paid employees’ compensation that individually exceed $1 million annually.
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© 2019 Credit Union National Association
ADA Compliance Notice & Legal
© 2019 Credit Union National Association
ADA Compliance Notice & Legal