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CUNA wrote to CFPB Director Kathy Kraninger to recommend the Bureau modify the Model Consent Form for Overdraft Services (§ 1005.17) provided in Regulation E. Today’s letter follows-up on an separate overdraft-related letter sent in response to the Bureau’s review of the 2009 Overdraft Rule pursuant to Section 610 of the Regulatory Flexibility Act (RFA).
The Bureau has expressly stated it has no plans to issue a rulemaking that would limit consumers access to overdraft services. However, under the statutorily-required RFA Review, the Bureau is re-examining the rule with an eye toward mitigating economic impact, reducing compliance costs, and clarifying requirements as necessary.
In case you missed this week’s CUNA’s webinar on USAA remote deposit capture lawsuits you can now access the recording via this registration link.
CUNA wrote to the Financial Technology Task Force reiterating that credit unions are deeply concerned that Americans’ financial wellness is compromised by inconsistent privacy and security standards applied to businesses that possess, process or transport consumers’ nonpublic personal information (NPI).
The letter notes that, while credit unions and other financial institutions follow requirements of the Gramm-Leach-Bliley Act (GLBA) and view applying those protections to others a “good first step,” there is more that should be done.
The NCUA Board issued a proposal on real estate appraisals, adopted a final “Second Chance IRPS,” and received a briefing on the status of the Share Insurance Fund.
The Bureau released its Fall 2019 Rulemaking Agenda, which is coordinated with the Office of Management and Budget’s (OMB) Unified Agenda. As an independent agency, the CFPB participates in the Unified Agenda on a voluntary basis.
This agenda represents the first rulemaking agenda prepared following CFPB Director Kathy Kraninger’s nationwide listening tour. During her tour, Director Kraninger met with credit unions, leagues, and CUNA on several occasions to hear our concerns and priorities.
While the specific dates are often aspirational in nature, the Rulemaking Agenda can serve as an indicator of the Bureau’s priorities and level-sets its rulemaking efforts for the near-term. The agenda reflects the Bureau’s plans for the time period October 1, 2019 through September 30, 2020.
CUNA filed an amicus brief in support of Facebook’s petition seeking the Supreme Court’s review of a ninth circuit decision in TCPA case Duguid vs. Facebook, Inc. As part of the amicus brief, CUNA emphasized the need for the Supreme Court to resolve the conflicting definitions of an autodialer in the TCPA and expressed concern about the ninth circuit’s overly broad definition of the term.
The NCUA Office of Consumer Financial Protection (OCFP)
hosted a webinar titled “Fair Lending and Consumer Compliance Regulatory
Update.” The webinar will be closed captioned and then archived online here approximately three
weeks following the live broadcast.
During the presentation, staff noted observations made during
the agency’s 2018 and 2019 reviews of HMDA and Regulation B. The webinar also
addressed the recently-finalized PAL II program, developments in identifying
and reporting elder financial abuse, and the agency’s consumer
This week, both the House and Senate will consider legislation to fund government operations beyond November 21st, the date when the government runs out of spending authority. The House is expected to act first with legislation extending that authority until December 20, 2019. In addition, the House will vote on H.R. 1309, the Workplace Violence Prevention for Health Care and Social Service Workers Act. Finally, the Senate will consider several judicial nominations.
Also, the House will consider the following bills under suspension of the rules
The NCUA Board will hold a public briefing to discuss its proposed 2020 - 2021 budget. CUNA will be presenting at the briefing to convey our concerns with and support of aspects of the proposed budget.
Google staff visited CUNA’s Washington, DC office to discuss the technology company’s plans to partner with credit unions and banks to offer checking accounts through Google Pay. Google also made news yesterday when these plans became public through several news stories providing some details on Google’s proposed partnership with credit unions.
Google provided details on the product that they are developing along with a timeline of when a Google co-branded checking account would be available to the public. Google is partnering through the first stages of development with Stanford Federal Credit Union and Citibank, but will likely add more partners as development progresses. Google’s goal is to make the product available to consumers in mid 2020.
CUNA marked Veterans Day this week with a communication sent to all 535 congressional offices highlighting the credit union commitment to serving military veterans and their families.
CUNA wrote to Chairwoman Waters and Ranking Member McHenry to express views prior to the Committee' markup on four measures, including three related to the Fair Debt Collection Practices Act (FDCPA).
The day after Veteran's Day, Senators Dan Sullivan and Mazie Hirono introduced S. 2843, the Veteran's Member Business Loan Act. This legislation would exempt loans to veteran-owned businesses from the member business lending cap. Specifically, the bill would amend the Federal Credit Union Act to exclude extensions of credit made to veterans from the MBL definition. Credit unions are restricted in business lending by current law to 12.25% of their total assets.
“The NCUA is committed to supporting diversity and inclusion
in the credit union system, and part of that commitment is building a
database of credit unions’ activities related to diversity and
inclusion,” he wrote. “The data that credit unions voluntarily provide
helps the NCUA better understand areas where guidance would be useful
and, when appropriate, prompts us to issue guidance to help bridge the
gaps and assist credit unions with their diversity and inclusion
Hood notes that the self-assessment is voluntary and it not part of
NCUA’s or state regulators’ examination process, and has no impact on
This week, the House of Representatives will vote on H.R. 4863, the United States Export Finance Agency Act of 2019.
The Senate will continue to vote on judicial and executive branch nominations.
CUNA submitted comments to the Consumer Financial Protection Bureau (CFPB) in response to their Request for Information Regarding Tech Sprints. Tech Sprints gather regulators, technologists, financial institutions, and subject matter experts from key stakeholders for several days to work together to develop innovative solutions to clearly-identified challenges. These initiatives have been used by the Financial Conduct Authority (FCA) in the United Kingdom and several non-financial U.S. regulators, including the Census Bureau and Department of Health and Human Services.
CUNA and National Credit Union Foundation staff attended and presented at the NCUA's summit on diversity, equity and inclusion (DEI). CUNA Senior Policy Analyst Samira Salem and National Credit Union Foundation Chief Financial and Operations Officer Hannibal Brumskine both presented.
Salem participated in a discussion on how diversity efforts can be tracked by looking at data from sources such as call reports, the Federal Reserve's Survey of Consumer Finance, CUNA surveys of its membership, as well as from organizations such as the Filene Research Institute, Inclusiv and Coopera.
Brumskine was part of a panel on work being done to recruit, develop and train diverse talent in the credit union movement.
CUNA filed a comment letter supporting the Board of Governors of the Federal Reserve System (Board) in response to the request for comment regarding potential Board actions to support interbank settlement of faster payments. In the request for comment, the Board proposed to develop a real-time payments network to be called FedNow. CUNA strongly supports the Board’s decision to develop an interbank 24x7x365 real-time gross settlement service with integrated clearing functionality and looks forward to working with the Federal Reserve Banks on the development of the system.
USAA was awarded $200 million in a U.S. District Court jury trial in a patent infringement lawsuit against Wells Fargo yesterday. USAA filed suit in June 2018 against Wells Fargo alleging that the bank infringed on certain USAA patents for remote check capture (RDC), specifically patents related to mobile check capture.
According to USAA’s press release “Nearly every U.S. bank and credit union uses this [RDC] technology, benefiting some 87 million U.S. consumers. USAA continues to seek opportunities to create reasonable and mutually beneficial licensing agreements with banks and credit unions for use of USAA’s mobile remote deposit capture process.” The press release also noted that USAA has filed a separate suit for additional patents related to RDC against Wells Fargo in the U.S. District Court for the Eastern Division of Texas with a scheduled for January 2020.
The House of Representatives is in recess this week. However, the Senate remains in session and will consider several judicial nominations.
The House Financial Services Committee passed H.R. 4458, the Cybersecurity and Financial System Resilience Act by voice vote last week. CUNA wrote to Chairwoman Waters and Ranking Member McHenry in support of this legislation before the bill was marked-up.
If enacted, H.R. 4458 would require NCUA and other sectors’ regulators to each issue an annual report to Congress describing measures the respective agency has taken to strengthen cybersecurity with respect to its functions as a regulator, including the supervision and regulation of financial institutions and, where applicable, third-party service providers.
It would enhance the Federal Information Security Modernization Act through reporting requirements while also requiring the regulators to ensure robust oversight of their regulated entities, which is already a primary duty of the regulators.
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