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 February 26, 2020 by CUNA Advocacy
This week, credit union advocates will hike the hill to discuss ways Congress and credit unions work in tandem to advance your community and empower your constituents' financial well being.
Posted February 26, 2020 by jbrunson

The CUNA Governmental Affairs Conference brought 5500 credit union advocates to Washington, DC.  It was a great week all around.  We heard from amazing speakers including a few of our movement's regulators and Members of Congress.  

There were three credit union charter enhancement bills introduced in Congress this week – one was even announced by Representative Katie Porter right on the GAC mainstage!

S. 3323, the Credit Union Governance Modernization Act of 2020
Sponsors:  Senators Tina Smith (D-MN) and Ben Sasse (R-NE) 
If enacted, this would to allow a credit union board to expel a member for just cause.

S. 3326, the Credit Union Fairness Act 
Sponsors: Senators Thom Tillis (R-NC) and Richard Burr (R-NC)
If enacted, this would remove outdated duties for credit union boards and remove the requirement for credit unions to provide NCUA with the names of its loan officers from the Federal Credit Union Act.

The Board Governance Modernization Act
Sponsors: Representatives Katie Porter (D-CA) and Mark Amodei (R-NV)
If enacted, the Board Governance Modernization Act would modify the Federal Credit Union Act requirement that credit union boards meet once a month to not less than six times per year.

Posted February 21, 2020 by CUNA Advocacy

This week the House of Representatives will vote on H.R. 2339, the “Protecting American Lungs and Reversing the Youth Tobacco Epidemic Act of 2019.” 

The Senate is expected to consider S. 3275, the “The Pain-Capable Unborn Child Protection Act” and S. 311, the “Born-Alive Abortion Survivors Protection Act.”  The Senate will also continue its consideration of judicial nominations. 

Posted February 21, 2020 by CUNA Advocacy

The CFPB will host a symposium on Consumer Access to Financial Records and Section 1033 of the Dodd-Frank Act on Wednesday, February 26. Section 1033 addresses consumers’ rights to access information about their financial accounts.    

The event will feature remarks by CFPB Director Kathy Kraninger and consist of three panels of experts. The panels will assess the current landscape of holders of consumer data and the benefits and risks of consumer-authorized data access, market developments in consumer-authorized data access, the future state of the market, and considerations for policymakers on how to ensure consumer data is safeguarded while ensuring that consumers have continual access to their data.  

Posted February 20, 2020 by CUNA Advocacy

the NCUA Board issued a proposal on corporate credit unions, adopted a final policy statement on allowances for credit losses, and received briefings on credit union mortgage rates and the Share Insurance Fund.

Posted February 19, 2020 by CUNA Advocacy

CUNA and the 35 Credit Union Leagues sent a letter to the FCC urging them to take action on CUNA's 2017 Petition for TCPA relief for credit unions. In particular, CUNA’s petition asked the FCC to clarify the TCPA applicability to information calls made to a wireless phone by either:  

  • Adopting an establishing business relationship (EBR) exemption from the prior consent requirement for credit union informational calls and text messages to cell phones; or alternatively  
  • Exempting credit union information calls or texts from the prior consent requirement if they are in fact free to the called party under the called party’s wireless plan.

Posted February 18, 2020 by CUNA Advocacy

CUNA wrote to all 535 Congressional offices to remind them of the ore than 5,000 credit union professionals will be in Washington, D.C. for CUNA’s Governmental Affairs Conference (GAC). 

Posted February 12, 2020 by CUNA Advocacy

CUNA wrote to Chairwoman Beatty and Ranking Member Wagner prior to the House Financial Services Subcommittee's hearing discussing diversity and inclusion (DEI) accountability at large banks.  The letter reiterated that the credit union system has a shared commitment to advancing diversity and inclusion, but has concerns about proposals that would require employment diversity data from all institutions regardless of size.

The House Financial Services Committee also released a report in conjunction with the hearing that evaluates bank and savings and loans holding companies with more than $50 billion in assets. However, CUNA is concerned that the legislative recommendations and proposed bills stemming from the report would apply to all financial institutions regardless of their size.

Posted February 10, 2020 by CUNA Advocacy

The President delivered his Fiscal Year 2021 budget to Congress.  The Administration’s budget is an explanation of its spending priorities and does not have the force of law.   

The president’s budget always has a section, as required by law, in which Treasury rescores all tax expenditures, including the ten-year cumulative “cost” of the credit union “tax expenditure.”  Basic scoring off the tax expenditure is the credit union movement’s retained earnings multiplied by the corporate income tax rate.  In the 2017 tax reform law, the corporate rate was lowered from 35% to 21%.  That likely accounts for the drop in the estimated “cost” of the credit union tax expenditure … $1.7 billion in 2020.

Posted February 09, 2020 by CUNA Advocacy

This week, the Senate will consider several judicial nominations. 

The House of Representatives will vote on H.R. 2546, the Colorado Wilderness Act of 2019 [Protecting America's Wilderness Act] and H.J. Res. 79, the Removing the deadline for the ratification of the equal rights amendment. 

In addition, today the administration will submit to Congress the President’s Fiscal Year 2021 budget request.

Posted February 07, 2020 by Chandler Schuette

The CFPB is currently conducting an assessment of the TILA-RESPA Integrated Disclosures (TRID) Rule.