Learn more about Member Benefits
The 6th Circuit just issued an opinion in the ADA website accessibility case they heard earlier this month – it’s a victory! The court reversed the District Court and held the plaintiff does not have standing because she did not suffer an injury-in-fact.
The credit union movement gained an absolutely momentous victory as the D.C. Court of Appeals upheld the NCUA's field of membership (FOM) rule. The implications for this decision are huge. But ultimately, it confirms rules NCUA established in 2016 that allow credit unions to serve more members, especially in rural communities.
“Today’s opinion by the D.C. Court of Appeals is a resounding victory for credit unions, their members, and communities across the country,” said CUNA President/CEO Jim Nussle. “That the court has recognized the benefits of an expanded field of membership speaks to the important role credit unions play in advancing financial inclusion. This is the second major recent legal victory for credit unions in the face of ill-conceived bank attacks, and speaks to the power of cooperation between CUNA, NAFCU, and CUNA Mutual Group.”
Under new interim guidance released by the National Credit Union Administration, federally insured credit unions can provide certain financial services to legally operating hemp businesses. The move comes on the heels of a request for clarification by Senate Majority Leader Mitch McConnell.
“We appreciate that Chairman Hood and Majority Leader McConnell recognized the need for this guidance on how credit unions can serve hemp businesses. This has been an area of interest for credit unions since Congress legalized hemp at the federal level, and we believe this guidance will help alleviate concerns that may have existed,” said CUNA Chief Advocacy Officer Ryan Donovan.
NCUA will issue additional guidance once upcoming regulations and guidelines are approved by the Department of Agriculture. Hemp, defined as cannabis containing less than 0.3% THC, was legalized at the federal level as part of the 2018 Farm Bill.
The CFPB announced the appointment of Robert Cameron to serve as the Bureau’s private education loan ombudsman. He fills a role that has been vacant since August 2018.
The Dodd-Frank Act created a private education loan ombudsman position within the Bureau. The ombudsman is responsible for investigating and resolving complaints from private student loan borrowers, compiling and analyzing complaint data on private education loans, and making appropriate recommendations to policy makers.
Mr. Cameron is a Colonel and Staff Judge Advocate for the Pennsylvania Army National Guard. He joins the Bureau from the Pennsylvania Higher Education Assistance Agency where he was responsible for litigation, compliance, and risk mitigation.
The FASB Board issued an exposure draft for public comment regarding the effective dates of several different standards as they apply to each type of reporting entity. Under the proposal, as it applies to credit unions, the plan would:
In addition, the proposal would change the current three bucket effective date structure of CECL to a two bucket structure. Currently, the standard differentiates between public business entities that are SEC filers, public business entities that are not SEC filers, and non-public business entities (which includes credit unions).
CUNA and credit union leagues from around the country wrote to House and Senate Armed Services Committee leadership expressing concern over a provision in the Senate-passed version of the National Defense Authorization Act (NDAA) for fiscal year 2020. TheHouse version passed in July without the provision, the differences will be handled by conference committee after the August recess.“The CUNA/League System and our credit union members are extremely concerned over Section 2821 of the Senate-passed NDAA that would provide rent-free access to military installations for more complex, profit-centered financial institutions. The House-passed NDAA contains no similar language. As conference negotiations begin, we urge all conferees to reject the inclusion of Section 2821.”
CUNA, along with the Ohio Credit Union League, attended arguments before a three-judge panel of the U.S. Court of Appeals for the Sixth Circuit in Cincinnati. The cases are Brintley v. Aeroquip CU and Brintley v. Belle River Community Credit Union, two Michigan-based credit unions hit with frivolous lawsuits claiming website noncompliance with the Americans with Disabilities Act (ADA).CUNA filed amicus briefs with the Michigan Credit Union League supporting the credit unions’ appeal of the denial of their motion to dismiss.CUNA, Leagues and credit unions have achieved two previous appellate-level victories in similar suits, the first in the Fourth Circuit in January and the second in the Seventh Circuit in July. Such victories create binding precedent in their respective circuits.
The Federal Reserve Board ended months of speculation with Monday’s announcement that it plans to develop a “round-the-clock, real-time payment and settlement service.” Branded FedNow, the service will offer US financial institutions an alternative to the RTP rails launched by The Clearing House in late 2018.
According to the Fed, over 90 percent of the responses to its Request for Comment supported its participation in this arena. CUNA had submitted a comment letter endorsing the Fed’s entry, as did the Independent Community Bankers of America and the Merchant Advisory Group.
The Consumer Financial Protection Bureau (CFPB) has extended the comment period for its proposal on debt collection to September 18, past the original deadline of Augugst 19. According to the CFPB, this will allow “interested persons more time to consider and submit their comments.”
CUNA submitted comments to the Federal Trade Commission (FTC) proposed changes to its Safeguards Rule, which requires financial institutions to develop, implement and maintain a comprehensive security system to protect consumer information. The FTC is reviewing the rule in the wake of recent data breaches.
"Enhanced data security requirements should help safeguard consumers’ private information. We generally support FTC’s amendments to the Safeguards Rule; although, as shown from our comments above we think that the definition of financial institution should be broadened as much as possible to maximize consumer protection. Unfortunately, more needs to be done so that data is properly secured no matter what type of entity possesses it.
It is for this reason that CUNA and our members believe Americans’ privacy will not have the protection Americans deserve until Congress passes a law with both strong privacy and data security protections that regulates based on the type of information handled or maintained."
Several U.S. Senators wrote to Attorney General William Barr on Tuesday following up on a letter the group sent to the Department of Justice (DOJ) last year.
Champion for the Credit Union Movement
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