Comment Letter Writing

Writing an effective comment letter is a critical part of your advocacy efforts. NJCUL encourages credit unions to submit comment letters on proposed regulations because you have a right to have your voice heard. Telling the credit union’s and your members’ ‘story’ of how new or proposed regulations will impact you, positively and/or negatively, is the best way to tell your regulator, or the proposing agency, in terms they can use to come to a thoughtful decision when adjusting or finalizing a rule.

For tips on writing an effective, impactful comment letter, watch this video from NCUA. NJCUL works continuously to effectively advocate on your behalf and work to remove the regulatory barriers that impede your ability to serve your members. Have questions? Need guidance on interpreting proposed regulations? Need help putting your thoughts on paper? You can always contact NJCUL’s Vice President of Compliance and Regulatory Affairs, Nicola Foggie, at nfoggie@njcul.org. Thank you for being an important part of our advocacy efforts.

Upcoming Proposed Rulemaking:

Issue Date Agency Current Status
RFI regarding the Small Business Lending Market 09/14/2017 CFPB Open
National Credit Union Share Insurance Fund Equity Distributions 09/05/2017 NCUA Open
Corporate Credit Union Proposal 09/01/2017 NCUA Open
Availability of Funds and Collection of Checks (Reg CC) 08/01/2017 Fed Open
DOL Fiduciary Rule RFI 07/21/2017 Other Open
Notice of Assessment of 2013 RESPA Servicing Rule 07/10/2017 CFPB Open
 
Stabilization Fund Closure Plan and Equity Distributions – Proposed Rules and Comment Letter Resources 

NCUA plans to close the Temporary Corporate Credit Union Stabilization Fund (Stabilization Fund) in 2017 and transfer assets to the National Credit Union Share Insurance Fund (NCUSIF).  This proposed rule would amend NCUA's share insurance rule to allow for an equity distribution from the NCUSIF.  More specifically, the proposed rule would provide federally insured credit unions (FICUs) with greater transparency regarding the calculation of a FICU's proportionate share of a declared equity distribution from the and to add a temporary provision to govern NCUSIF equity distributions resulting from the Corporate System Resolution Program. Now is the time to have your voice heard by submitting comment letters today.  The deadline to comment is close-of-business September 5, 2017.  Read on for information and resources to comment today!  Contact Nicola Foggie at nfoggie@njcul.org or call 1-800-792-8861, ext. 112 for help.

 

PowerComment

Visit www.powercomment.org to get started!

PowerComment is a powerful and valuable advocacy tool that lets you:

  • Review proposed rules and how they might affect your credit union’s operations and members.
  • Ask fellow credit unions or the Leagues questions related to proposed rules.
  • Write your own comment letter and immediately submit it to regulators.
  • View letters submitted by other PowerComment users and the Leagues.

If you have any questions about submitting comment letters or PowerComment please contact the League’s Vice President of Compliance and Regulatory Affairs, Nicola Foggie, at nfoggie@njcul.org or call 1-800-792-8861, Option 1.