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Governor Ivey signed legislation updating the Alabama Credit Union Act. The measure, H.B. 316, was championed by the League of Southeastern Credit Unions and received overwhelming support in both legislative chambers.
CUNA filed a comment letter on NCUA’s request for information relating to Call Report/Profile Content Modernization. The submission commended the agency’s use of working groups to develop recommendations to implement during the rulemaking process.
The U.S. District Court for the District of Columbia upheld two challenged portions of the National Credit Union Administration's field of membership (FOM) rule and struck down two provisions in a lawsuit filed against the agency by the American Bankers Association (ABA). CUNA, the National Association of Federally-Insured Credit Unions (NAFCU), and CUNA Mutual Group, in a joint statement, disagreed with the court's decision and reiterated their intent to continue to work in support of the agency's authority to issue this rule.
The Consumer Financial Protection Bureau (CFPB) issued its latest request for information(RFI) this week, on the bureau’s guidance and implementation support. This is the latest in the bureau’s series of RFIs on how it performs its functions.
CUNA and the Financial Services Information Sharing and Analysis Center (FS-ISAC) will host a webinar with NCUA examiners to explain the new Automated Cybersecurity Examination Tool (ACET). The free webinar is scheduled for April 5, from 3 to 5 p.m. (ET), and registration is now open.
CUNA’s Chief Advocacy Officer – Ryan Donovan, sent out a survey to credit union CEOs seeking input on ways the Consumer Financial Protection Bureau (CFPB) could make improvements. As part of several initiatives calling for evidence to ensure that the CFPB is fulfilling its functions to protect consumers, the CFPB is requesting feedback and suggestions on ways to improve outcomes for both consumers and the financial providers that serve them.
CUNA and the League of Southeastern Credit Unions filed an amicus brief in another frivolous lawsuit brought against a credit union alleging violations of the Americans with Disabilities Act. The brief was filed in Scott v. Naheola CU in the U.S. District Court for the Southern District of Alabama.
CUNA submitted a comment letter to the NCUA regarding the agency’s proposed rule to permit employees of an insolvent credit union subject to involuntary liquidation by NCUA to receive compensation earned in accordance with their contractual employment agreements.
Earlier this month the D.C. Circuit issued a long-awaited ruling for a legal challenge the Federal Communications Commission’s (FCC) 2015 Omnibus Telephone Consumer Protection Act (TCPA) order was finally released on March 16, 2018. CUNA participated in this litigation in a joint Amici brief with the ABA and ICBA.
CUNA's Senior Director of Advocacy and Counsel, Leah Dempsey, joined CUBroadcast to discuss the decision, what it means for credit unions and what could happen going forward.
The Consumer Financial Protection Bureau (CFPB) has issued a request for information (RFI) on the bureau’s inherited regulations and inherited rulemaking authorities. The CFPB is seeking comments and information parties to assist the bureau in considering whether it should amend the regulations or exercise the rulemaking authorities that it inherited from other federal government agencies.
South Dakota Governor Daugaard signed legislation, S.B. 62, requiring notification to consumers and the state attorney general when there is a “breach of system security.”
The Senate passed S. 2155, the bipartisan regulatory relief bill, by a vote of 67 – 31. This is an important step forward for much-needed regulatory relief. CUNA strongly supported the bill since it was introduced, and CUNA’s aggressive grassroots support of the bill resulted in millions of social media impressions and more than 50,000 messages sent to Senate offices.
This week, the House of Representatives will consider the “TAILOR Act of 2017” (H.R. 1116); the “Financial Examination Fairness and Reform Act” (H.R. 4545); the “Regulation At Improvement Act of 2017” (H.R. 4263); the “Stress Test Improvement Act of 2017” (H.R. 4293); and the “Financial Stability Oversight Council Improvement Act of 2017” (H.R. 4061).
The Senate will resume consideration of the “Economic Growth, Regulatory Relief, And Consumer Protection Act” (S.2155).
The House Subcommittee on Financial Institutions and Consumer Credit held a hearing entitled, “Legislative Proposals to Reform the Current Data Security and Breach Notification Regulatory Regime.” Prior to the hearing, CUNA sent a letter to Chairman Luetkemeyer and Ranking Member Clay showing support for the Chairman’s draft data breach legislation.
The NCUA Board posted the agenda for the March Board Meeting. It includes:
1. Advanced Notice of Proposed Rulemaking, Part 701, Appendix A, Federal Credit Union Bylaws.2. Request for Comment, Proposed Suspension and Debarment Procedures.
The Senate Special Committee on Aging held a hearing today entitled, “Stopping Senior Scams.” Prior to the hearing, CUNA sent a letter in support of efforts to help protect seniors from financial exploitation and to empower seniors to make responsible decisions regarding their financial lives.
CUNA and the Ohio Credit Union League filed an amicus brief supporting Dover-Phila Federal Credit Union, who is facing a frivolous lawsuit alleging non-compliance with website accessibility standards under the Americans with Disabilities Act (ADA). This is the latest of multiple briefs CUNA has filed in conjunction with state leagues in similar cases.
The Federal Reserve proposed changes to simplify Reg J (Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers through Fedwire) and to make it conform more closely with Reg CC (Availability of Funds and Collection of Checks). The proposed amendments are intended to align the rights and obligations of parties, including the Federal Reserve Banks, with the Fed’s 2017 amendments to Reg CC, which reflected the evolution of the nation’s check collection system from one that is largely paper-based to one that is virtually all electronic.
This morning the Senate passed a critical procedural vote to start debate on S. 2155, the Economic Growth, Regulatory Reform and Consumer Protection Act. Prior to this morning’s vote, CUNA sent a letter to Senate Majority Leader McConnell and Minority Leader Schumer in support of the important bipartisan legislation. In the letter, CUNA highlighted the common-sense regulatory reforms supported by America’s credit unions.
CUNA joined with other financial trade associations to write to Congress to correct a number of falsehoods contained in a recent retailer communication to Congress on data breaches. Retailers are attempting to push back against strong national data security standards, despite a lack of such standards causing major data breaches that bring additional costs to credit unions. CUNA strongly supports draft data breach legislation that would enact a strong security and notification standard and shift the costs of a data breach to the entity that caused it.
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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