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In updated guidance issued FEMA announced that “all NFIP insurers have been directed to resume normal operations immediately,” and advised “that the program will be considered operational since December 21, 2018.”
CUNA and the state CU leagues of Wisconsin and Illinois filed an amicus on Thursday, December 20, in the U.S. Court of Appeals for the 7th Circuit. The brief was submitted in support of a credit union facing a lawsuit related to ADA website accessibility.
At midnight on Friday, December 21, 2018, certain federal government agencies and functions shut down as Congressional lawmakers and the president could not come to an agreement over funding for border security.
CFPB Director Kathy Kraninger, in her first official act as director, has cancelled a plan to rebrand the agency as the “Bureau of Consumer Financial Protection” or “BCFP.”
During today’s FASB meeting, Board Chairman Russ Golden announced that FASB will host a public roundtable discussion on implementation issues related to the credit losses standard.
CUNA filed a letter today in response to the Small Business Administration’s proposal to amend the regulations pertaining to Express Loans and Affiliation Standards.
Both the House and Senate are in session this week. The Senate returns today and the House on Wednesday. The Congress passed a two-week continuing resolution that funds the federal government, and authorized the National Flood Insurance Program, for two weeks – until midnight on December 21st. The House and Senate are expected to try to reach an agreement this week on a bill to fund government operations for all or part of the remainder of fiscal year 2018. They may also vote on H.R. 88, the Retirement, Savings, and Other Tax Relief Act of 2018. Or, all or part of H.R. 88 may be included in year-end government funding legislation. The Senate is also scheduled to consider the “First Step Act.”
CUNA filed a comment letter with the Board of Governors of the Federal Reserve System (Fed) on their request for comment regarding potential Fed actions to support interbank settlement of faster payments.
Sen. Mike Rounds (R-S.D) introduced a Senate version of a CUNA-backed bill to delay implementation of NCUA’s risk-based capital (RBC) rule by two years, to January 2021.
CUNA Chief Advocacy Officer Ryan Donovan met with senior administration officials at the White House Tuesday to discuss credit union advocacy priorities for 2019 and beyond.
NCUA will return to its former practice of conducting rolling three-year reviews, and will post updates to its website every six months, following one recommendation from the task force.
CUNA President/CEO Jim Nussle and Chief Advocacy Officer Ryan Donovan were named to The Hill’s list of top lobbyists for 2018. This is the fifth consecutive year Nussle has appeared on the list.
The National Association of Federally-Insured Credit Unions (NAFCU), Credit Union National Association (CUNA) and CUNA Mutual Group jointly filed an amicus brief supporting the National Credit Union Administration (NCUA) in its appeal of the U.S. Court of Appeals for the D.C. Circuit’s decision in the American Bankers Association (ABA) lawsuit that challenged the agency’s field of membership (FOM) rule.
The NCUA Board lowered the Share Insurance Fund Normal Operating Level, reviewed a report from the Regulatory Reform Task Force, received a briefing on blockchain and distributed ledger technology, and approved a technical amendments final rule.
President Trump nominated Mark Calabria to serve as the next permanent director of the Federal Housing Finance Agency (FHFA). Calabria, who currently serves as chief economist to Vice President Mike Pence, is a known figure in the world of housing finance having previously served as Director of Financial Regulation Studies at the Cato Institute, a staffer on the Senate Banking, Housing, and Urban Development Committee, and as Deputy Assistant Secretary for Regulatory Affairs at the Department of Housing and Urban Affairs.
Kathy Kraninger was officially sworn in as the Director of the BCFP by Vice President Mike Pence.
House Ways and Means Committee Chairman Kevin Brady (R-TX) today released a 253-page bill that in many ways mirrors similar legislation he released last month. Last month’s bill was not considered by the full House of Representatives, but we do expect this legislation to be considered by the House this week. H.R. 88, the Retirement, Savings, and Other Tax Relief Act, is a broad bill that includes tax-related disaster relief, tax technical corrections, Internal Revenue Service (IRS) reform, retirement savings, and delay of certain healthcare related taxes.
Today, CUNA filed a comment letter with NCUA regarding its request to OMB to continue with a data collection related to CUSOs. NCUA requires federally insured credit unions to enter into a written agreement with a CUSO that stipulates the CUSO will adhere to certain requirements, such as granting NCUA access to the CUSO’s books and annually reporting directly to NCUA via a CUSO registry.
Both the House and Senate are in session this week. Last week, the Congress passed a two-week continuing resolution that funds the federal government and authorized the National Flood Insurance Program, for two weeks – until midnight on December 21st. The House and Senate may vote on farm legislation, as well as H.R. 88, the Retirement, Savings, and Other Tax Relief Act of 2018. The House had been expected to consider the bill two weeks ago, but member absences forced Congressional leadership to postpone final consideration of the bill.
The FCC has officially established the Office of Economics and Analytics (OEA). The Commission noted the addition of the OEA is intended to “integrate the use of economics and data analysis into the Commission's various rulemakings and other actions in a more comprehensive and thorough manner.”
The BCFP Office of Innovation is slated to issue a proposal in the coming days that would revise its current No-Action Letter Policy.
President Trump signed H.J.Res. 143, legislation to avert a government shutdown and to fund federal government operations through December 21. The only other provision in the legislation is an extension of the authority of the National Flood Insurance Program, also to December 21.
President Trump is expected to nominate William P. Barr to be the next Attorney General of the United States.
CUNA President and CEO Jim Nussle pens an op-ed in CU Times congratulating Kathy Kraninger on her confirmation to lead the Bureau of Consumer Financial Protection.
The NCUA Board will vote on a final rule to make technical amendments to various parts of NCUA’s rules to correct minor errors and update and clarify definitions and other outdated provisions
The Senate confirmed Kathy Kraninger as permanent director of the Bureau of Consumer Financial Protection (BCFP). Kraninger, who served in the Office of Management and Budget, was nominated by President Donald Trump in June to take the place of Acting Director Mick Mulvaney.
The U.S. Department of the Treasury (Treasury) released a report on the future of the United States Postal System (USPS). The report offered several recommendations that would alter the USPS’s business model to increase the sustainability of the system without increasing costs to taxpayers.
Today, CUNA filed a comment letter in response to NCUA’s proposal to amend part 722 on real estate appraisals.
CUNA staff, state credit union leagues, and individual credit unions participated in a Department of Justice (DOJ) roundtable in Washington, D.C. on the Americans with Disabilities Act (ADA).
As a result of a working group established by the U.S. Department of the Treasury’s Office of Terrorism and Financial Intelligence and the Federal depository institutions regulators, the Financial Crimes Enforcement Network (FinCEN) and its regulatory partners today issued a joint statement to encourage banks and credit unions to take innovative approaches to combating money laundering, terrorist financing, and other illicit financial threats.
CUNA staff met with leadership at the U.S. Department of Labor (DOL or the Department) to discuss credit unions’ impact on the American labor market, the Department’s latest jobs initiatives, and rulemakings effecting credit unions.
Both the House and Senate are in session this week. With government funding expiring on Friday at midnight, the Congress is expected to focus most of its energy on reaching a spending agreement, either another short-term measure or a bill to finish out fiscal year 2019. In addition, the authorization for the National Flood Insurance Program expires on Friday. Also, the House may vote on H.R. 88, the Retirement, Savings, and Other Tax Relief Act of 2018. The House had been expected to consider the bill last week, but member absences forced Congressional leadership to postpone final consideration of the bill.
The BCFP is nearing a settlement with D&D Marketing, Inc. in a case before the U.S. Court of Appeals for the Ninth Circuit. A settlement could potentially remove one of several lawsuits questioning the constitutionality of the Bureau’s single-director structure.
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ADA Compliance / Terms & Conditions
© 2019 Credit Union National Association
ADA Compliance / Terms & Conditions