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CUNA continues active engagement on advocacy efforts at the Federal Communications Commission, urging the Commission to modernize the 1991-enacted Telephone Consumer Protection Act (TCPA). As the agency has issued public notice for comments on definitions used within TCPA, including what constitutes an automatic telephone dialing system (ATDS), who is a called party, and how a party may revoke prior express consent under TCPA,
CUNA hosted a webinar with the World Council of Credit Unions (WOCCU) to discuss the European Union's (EU) General Data Protection Regulation (GDPR) - which became effective on May 25th.
CUNA continues to stand with credit unions in the wake of frivolous litigation targeting credit unions under the guise of ADA website accessibility. In the last two weeks, CUNA has worked with state credit union league partners to file amici briefs in several circuits: with the Ohio Credit Union League in Mitchell v. BMI FCU in the Southern District of Ohio, and Thurston v. KBR Heritage FCU in the Southern District of Texas.
Last week’s passage of S. 2155 was a huge victory for credit unions! This landmark regulatory relief bill benefits credit unions in a variety of ways, from increasing the MBL cap by removing 1-to-4 family non-owner occupied residential property from the cap, to rolling back the onerous HMDA data points imposed by Dodd-Frank.
The NCUA Board issued a final rule to amend part 709 to update and clarify the procedures that apply to claims administration for federally insured credit unions that enter involuntary liquidation. The rule permits employees of an insolvent credit union subject to involuntary liquidation by NCUA to receive compensation earned in accordance with their contractual employment agreements. Compensation would include accrued but unpaid sick and vacation leave, as well as any severance to which the employee was entitled, provided such terms were documented and objectively-applied. Under prior law, employee claims regarding compensation for work performed and accrued while in liquidation were assigned secondary priority, subordinate among unsecured creditor claims.
CUNA submitted a comprehensive white paper to the Bureau of Consumer Financial Protection to further ensure regulations are tailored and streamlined. CUNA's "Common-Sense Reforms to Bureau of Consumer Financial Protection Rules and Procedures,” is a part of the our continued advocacy efforts following last week's victory with the passage and signing of S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act into law.
President Trump signed S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act into law - enacting a major piece of CUNA-supported bipartisan regulatory relief legislation.
The NCUA Board proposed a rule to provide federal credit unions with an additional alternative option to offer payday alternative loans. Under the proposed framework, PAL II loans would be permitted up to $2000, with no minimum, and a maximum loan term of up to 12 months. Currently, PAL loans are restricted to $200-$1000 and a 6 month term. Comments on the proposal will be due 60 days following publication in the Federal Register.
The Senate Banking Committee met to hold a hearing entitled, "Cybersecurity: Risks to the Financial Services Industry and Its Preparedness.” Prior to the hearing, CUNA sent a letter to Chairman Crapo and Ranking Member Brown highlighting credit unions’ role in protecting member and consumer information.
Credit Union National Association Chief Advocacy Officer Ryan Donovan joined the CUBroadcast show to discuss the credit union industry's big win on Capitol Hill with the House of Representatives passing the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). Donovan talked about the initial reaction from the CUNA offices following the vote.
The Bureau of Consumer Financial Protection (BCFP) announced that along with FinCEN they will host a webinar on financial institutions and law enforcement efforts to combat elder financial exploitation.
Congress passed historic regulatory relief for community financial institutions in S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act this week. Today, the House Financial Services and General Government Appropriations Subcommittee released draft legislation that it intends to consider and vote on tomorrow. The Financial Services and General Government (FSGG) Appropriations Act for Fiscal Year 2019 funds critical government programs and also includes numerous regulatory relief provisions for credit unions and banks. While this legislation will face difficulty in the Senate, this bill continues to build upon CUNA’s Campaign for Common-Sense Regulation.
The Senate Banking Committee held a hearing entitled, “Ten Years of Conservatorship: The Status of the Housing Finance System.” Prior to the hearing, CUNA sent a letter to show support of an efficient, effective and fair secondary market with equal access to lenders of all sizes to Chairman Crapo and Ranking Member Brown.
Credit unions that elect to sell mortgages into the secondary market do so for a variety of reasons, but predominantly it is a tool to help them manage long term interest rate risk in order to continue to meet their members’ mortgage lending needs. Particularly today, with long term interest rates at or near historic lows but expected to rise, access to a highly liquid secondary market with relatively low transaction costs is vital for the health of credit union mortgage lending.
After the House passed the bipartisan regulatory relief bill, S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act late Tuesday afternoon CUNA took the opportunity to write to the House Financial Services Chairman and Ranking Member to highlight areas where credit unions need additional regulatory relief.
The victory achieved by CUNA, leagues and credit unions with House passage of S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act was made possible by months of 360-degree advocacy, as the credit union system engaged lawmakers on all levels to express the need for this important legislation.
The House Financial Services Committee met to markup several bills, including H.R. 5841, the Foreign Investment Risk Review Modernization Act of 2018 which contains the risk-based capital provision. Prior to the Committee's markup, CUNA sent a letter of support for Section 701 of H.R. 5841. The provision passed the Committee by a vote of 53-0. Specifically, the provision would delay the effective date to January 2021. It is currently scheduled for January 2019.
CUNA responded to the Bureau's request for information (RFI) regarding their supervision program. In the letter, CUNA wrote that the Bureau should transfer examination and enforcement authority of the largest credit unions to NCUA, CUNA wrote to the Bureau.
“CUNA supports this change as it will enable the Bureau to fully focus its examination and enforcement efforts on Wall Street banks and other abusers of consumers, while ensuring credit unions continue to be adequately supervised by the agency most proficient with its structure and operation,” the letter reads. “In addition, this change would streamline the examination and enforcement efforts for these largest credit unions, which are subject to duel examination or even triple examination for a federally insured state chartered credit union.”
The President signed into law a bipartisan resolution that effectively voids a BCFP rule that provided guidance on indirect auto lending. This resolution not only dissolves the Bureau's guidance on indirect auto financing, it also prohibits the BCFP from issuing any similar rule unless expressly permitted to do so, legally.
The House of Representatives will consider S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act. In addition, the House will vote on H.R. 5515, the National Defense Authorization Act for Fiscal Year 2019 and S. 204, the Trickett Wendler, Frank Mongiello, Jordan McLinn, and Matthew Bellina Right to Try Act of 2017.
The Senate will consider the nomination of Dana Baiocco to be a Commissioner of the Consumer Product Safety Commission. The Senate will also consider, “Veterans Choice.”
CUNA sent a letter to Speaker Paul Ryan and House Minority Leader Nancy Pelosi in support of S. 2155 citing several provisions with bipartisan support in both House and Senate.
As mentioned many times before, support for S. 2155 by credit unions is a no-brainer as this bill would:
There is still time to contact your Member of Congress and urge them to vote 'Yes' on S. 2155. Call, tweet, or email your Representative today.
The Bureau of Consumer Financial Protection (BCFP) announced it will host a public forum in Topeka, Kansas to discuss elder financial exploitation on June 8th.
CUNA has heard from multiple sources that the House of Representatives will vote on S. 2155 early next week! There is still time to reach out to Members of Congress and urge them to vote YES on S. 2155.
The Federal Communications Commission (FCC) issued a public notice requesting comments on several issues CUNA has raised regarding the Telephone Consumer Protection Act (TCPA). CUNA has asked the FCC to take action to clarify several aspects of the TCPA after several parts were overturned by the D.C. Court of Appeals in March.
The House Financial Service Subcommittee on Terrorism and Illicit Finance held a hearing entitled, “Implementation of FinCEN’s Customer Due Diligence Rule.” Prior to the hearing, CUNA sent a letter to Chairman Pearce and Ranking Member Perlmutter for the record. In the letter, CUNA wrote that the Treasury’s Financial Crimes Enforcement Network (FinCEN) should continue to work with the financial services industry as any issues with implementation of its customer due diligence (CDD) rule arise.
CUNA commented on the Bureau of Consumer Financial Protection's (BCFP) request for information on enforcement practices. In the letter, CUNA urged the Bureau to delegate to the NCUA primary examination and enforcement of consumer protection laws for credit unions with more than $10 billion in assets.
This week, both chambers of Congress will be in session. The House will consider H.R. 5698, the Protect and Serve Act of 2018; S. 2372, the VA MISSION Act of 2018; and H.R. 2, the Agriculture and Nutrition Act of 2018.
The Senate is expected to continue its consideration of judicial nominations.
The Bureau of Consumer Financial Protection (BCFP) recently released its Spring 2018 Rulemaking Agenda.
CUNA wrote to House and Senate Appropriations Committee leadership in opposition to any recessions from the Capital Magnet Fund (CMF). This fund provides grants to Community Development Financial Institutions (CDFI) credit unions to finance affordable housing.
The Federal Financial Institutions Examination Council (FFIEC) announced the availability of data on mortgage lending transactions at 5,852 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. Released this week are loan-level HMDA data that cover 2017 lending activity submitted by financial institutions on or before April 18, 2018.
CUNA President/CEO Jim Nussle continues to urge credit unions to keep up the momentum of support for S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act. Coming off the heels of House Republican leadership committing to bring the Senate-passed bill to the floor soon. CUNA issued another action alert to more than 60,000 credit union leaders this week! Now's the time to reach out to your Member of Congress and make your voice heard.
CUNA submitted comments to the NCUA on their proposed suspension and debarment procedures. CUNA supports the NCUA taking administrative action to address due process in the agency's procurement processes.
The House voted in favor of a CUNA-supported joint resolution of disapproval against the Bureau of Consumer Financial Protection’s indirect auto lending bulletin. Prior to the vote, CUNA wrote in support of S.J.Res 57 to House Leadership.
The House passed CUNA-supported H.R. 4743, the Small Business 7(a) Lending Oversight Reform Act of 2018 by a voice vote. Prior to the vote, CUNA sent a letter to Committee leadership in support of the legislation.
Credit unions in Iowa saw a major victory Saturday as the state’s legislative session wrapped up when a bill passed without a provision that would have taxed credit unions in the same manner as banks. The victory is the result of CUNA, CUNA Mutual Group and a host of partners from across the credit union system standing with the Iowa Credit Union League and Iowa credit union advocates in waging battle against the provision.
This week, both chambers of Congress will be in session. The House of Representatives is scheduled to consider H.R. 4743, the Small Business 7(a) Lending Oversight Reform Act of 2018; H.R. 2152, the Citizens' Right to Know Act of 2017; H.R. 5645, the Standard Merger and Acquisition Reviews Through Equal Rules Act of 2018; S.J.Res. 57, providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by Bureau of Consumer Financial Protection relating to "Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act"; and H.R. 3053, the Nuclear Waste Policy Amendments Act of 2018.
The Senate is expected to consider the nomination of Kurt D. Engelhardt to be a United States Circuit Judge for the Fifth Circuit.
CUNA filed a comment letter with the Bureau of Consumer Financial Protection in response to their latest Request for Information (RFI) on Adjudication Proceedings. CUNA’s comments were sent in response to the latest deadline for feedback in the bureau’s series of requests for information on its functions.
CUNA is actively preparing for this summer’s state legislator conferences. We will join the California and Nevada Credit Union Leagues and the American Association of Credit Union Leagues in a credit union awareness campaign at the Legislative Summit of the National Conference of State Legislator in Los Angeles July 29 – August 2. We will also participate in conference sessions on state and local taxation and financial services.
CUNA staff will be on hand at the American Legislative Exchange Council’s Annual Meeting in New Orleans August 8 – 10 where will participate on the Financial Services Subcommittee, the Tax and Fiscal Policy Working Group and the Commerce, Insurance and Economic Development Working Group.
CUNA joined ACA, ABA, MBA, the Chamber and others in requesting FCC Board action, following the DC Circuit’s ruling that the existing automatic telephone dialing system (ATDS) interpretation was overbroad. The petition was filed at the FCC and requests the Commission to take action to clarify the definition of ATDS for purposes of the Telephone Consumer Protection Act (TCPA).
PHH Corporation has decided against appealing the U.S. Court of Appeals decision. The Bureau of Consumer Financial Protection’s (BCFP) single director structure was upheld by the U.S. Court of Appeals in Washington, DC in the en banc review of the PHH Corporation v. CFPB.
CUNA's President and CEO issued an action alert to credit union advocates to make their voices heard on the bipartisan legislation - S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act. It is expected that this important piece of legislation will receive a vote on the House floor by the end of May.
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