Legislative & Political News

CUNA Continues Work to Fix Excise Tax Disparity in TCJA

CUNA is continuing its advocacy with lawmakers to secure a fix for an excise tax contained in the Tax Cuts and Jobs Act of 2017 (TCJA). The new law requires tax-exempt entities to pay a 21% excise tax on the five highest-paid employees’ compensation that individually exceed $1 million annually, effective Jan. 1, 2018.

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NTIA Should ‘Seriously Consider’ CU Data Security Priorities

Credit unions have a long history of safeguarding information and are subject to numerous requirements, unlike others that use or maintain consumer information, CUNA wrote to the National Telecommunications and Information Administration (NTIA) Friday. CUNA sent its comments in response to a request for comment on developing an administration policy for consumer data privacy.

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Congress Returns for Lame Duck Session

The House and Senate return to session this week following the mid-term elections and have a number of items to address during the lame duck session.

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Jersey City Payroll Tax Advances

The Jersey City Council introduced the payroll tax ordinance by a 7-0-1 vote. Wednesday's 90-minute hearing was the first time the council heard from the public on the proposed payroll tax, which would amount to one percent on any business's total non-resident payroll. The wages of Jersey City residents would be exempt. The council is expected to hold a final vote on the plan by the end of the year. All the money would be set aside for schools.

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CUNA to pursue ‘tax extenders’ during final months of 2018

CUNA will pursue the extension of two expired tax cuts, known as “tax extenders,” during the final months of the 115th Congress. Tax extenders are temporary tax provisions, generally cuts, that have scheduled expiration dates, but are often extended by Congress.

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CUNA election whitepaper highlights election’s impact on CUs

Despite the divided Congress that will take office in January, CUNA, leagues and credit unions are well-positioned in a challenging legislative environment, CUNA noted in its post-election whitepaper, released Thursday. Titled “Credit Union-Friendly Majority in a Divided Congress,” the paper provides a comprehensive breakdown of credit union involvement in the election, what the results mean and CUNA’s plans for the 116th Congress.

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CUNA’s Nussle, Donovan, Gose talk post-election picture for CUs

"Credit unions are well positioned after Tuesday’s election into the 116th Congress," CUNA President/CEO Jim Nussle said during CUNA’s post-election webinar Thursday. Nussle was joined by Chief Advocacy Officer Ryan Donovan and Chief Political Officer Richard Gose to break down the election results, which can also be found in great detail in CUNA’s post-election whitepaper.

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Nussle, CUNA Leaders to Talk Election Results in Webinar Today

CUNA President/CEO Jim Nussle and other CUNA leaders will break down what a Democrat-controlled House and a larger Republican majority in the Senate means for credit unions Thursday in a free webinar for CUNA members. Nussle will be joined by Chief Advocacy Officer Ryan Donovan and Chief Political Officer Richard Gose.

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Congressman-Elect Jeff Van Drew at Rider University on Monday

Congressman-elect Jeff Van Drew will be the guest speaker at Rider University’s Rebovich Institute of Politics on Monday, November 12. The event is free and open to the public. NJCUL Vice President of Corporate and Governmental Affairs will be in attendance. Interested credit union advocates are encouraged to attend as well. Please contact Chris Abeel for additional information and registration, or feel free to register directly here.

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Ten State Legislative Vacancies Decided Tuesday

New Jersey state legislative elections are held in even years but Tuesday there were ten special legislative elections, one for the state Senate and nine for the Assembly. These were essentially ratifications of the local Democratic parties’ choices to fill seats that had been vacated over the last year. 

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John Kerry, 68th Secretary of State, to Address CU Leaders at 2019 CUNA GAC

2004 Democratic presidential nominee and former secretary of State, John Kerry, will bring his extensive experience and insights directly to the leaders of the credit union movement as he delivers the key note address at the 2019 CUNA Governmental Affairs Conference (GAC) in March.

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CUNA to Host Post-Election Landscape Webinar Nov. 8

CUNA staff will host a post-election webinar Thursday, where CUNA President/CEO Jim Nussle, Chief Advocacy Officer Ryan Donovan, Chief Political Officer Richard Gose and Deputy Chief Advocacy Officer for Political Action Trey Hawkins will give a comprehensive breakdown on how the election results will shape CUNA advocacy efforts going forward.

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CUs Can Find Voting Info at CreditUnionsVote.com

With election day tomorrow, CUNA’s “Credit Unions Vote” campaign is still underway, and voters can use CUNA’s CreditUnionsVote.com Web site to make the process easier. The site lets visitors enter basic information to check voter registration status, find their polling place, tweet about voting and more.

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2018 Election Poised for Record-breaking $5.2 Billion in Spending, CULAC Remains Evenly Bi-partisan While Securities & Investment Industry Favors Dems and Bankers GOP

The Center for Responsive Politics (CRP) projects that more than $5.2 billion will be spent this election cycle, making it the most expensive midterm election by a wide margin. The overall estimated cost would represent a 35 percent increase over the 2014 cycle in nominal dollars, the largest increase in at least two decades.

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CUNA Site Highlights CU-backed Candidates in Tuesday’s Mid-term Elections

CUNA has launched a Web site highlighting each of the candidates supported by CUNA, the state leagues and credit unions in the 2018 mid-terms. CUNA and the leagues have invested nearly $7 million on more than 380 pro-credit union candidates for the U.S. House and Senate from across the nation.

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One Week Until Mid-term Elections: NJ Candidates Supported, Voter Resources Available

CUNA and the state leagues have invested nearly $7 million in over 380 pro-credit union U.S. House and Senate candidates across the nation. This support included not only direct contributions to candidate campaign committees by CULAC, the Credit Union Legislative Action Council, but direct voter engagement via mailers, and television, radio and online ads in targeted districts.

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Paid Family Leave Expansion Awaits Floor Votes

Legislation (S2528) that would expand benefits under the state’s paid family leave has received final committee approval and is awaiting a vote by the full Senate. The Assembly companion bill (A3975) has been reported to the floor and is awaiting a vote by the full Assembly.

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CUNA’s ‘CUs vote’ MAP campaign emphasizes CU engagement

As the Nov. 6 mid-term election approaches, credit unions have a lot at stake in the new Congress. The 115th Congress brought major wins for credit unions, and CUNA, leagues and credit unions are already focused on continuing the momentum in the next Congress.

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Congressional Delegation Thanked for Taxi Medallion Letter

New Jersey Credit Union League (NJCUL) President/CEO David Frankil Thursday wrote members of Congress from New Jersey to thank them for adding their name to the delegation letter to NCUA Chairman J. Mark McWatters on the agency’s treatment of taxi medallion loans.

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Congressman MacArthur Visits First Atlantic FCU, Meets with CU Advocates

Congressman Tom MacArthur (R-3) visited the Toms River Store of First Atlantic FCU to tour the facility and meet with the New Jersey Credit Union League (NJCUL) and credit union advocates. MacArthur serves on the House Financial Services Committee and has been a strong credit union supporter while serving in Congress.

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Final Independent Expenditure for 2018 Midterm Election Launched

Credit Union Legislative Action Council (CULAC), the CUNA/League System’s federal political action committee (PAC), launched its final independent expenditure (IE) for the 2018 midterm election cycle Tuesday. CULAC is ranked among the top five largest PACs for trade associations. 

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CUNA Advocacy Priorities Reflected in BCFP Rule-Making Agenda

The Bureau of Consumer Financial Protection (BCFP) issued its Fall 2018 rule-making agenda this week, with several items reflecting CUNA’s advocacy with the Bureau. The agenda is a snapshot of the Bureau’s regulatory priorities over the coming months into 2019.

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REMINDER: The New NJ Paid Sick Leave Law takes effect October 29, 2018

Effective October 29, 2018, most private sector employers in New Jersey will be required to provide at least 40 hours of paid sick leave in a 12-month period to every New Jersey employee for their own diagnosis, treatment, or preventative care, or, for that of a family member. The law covers most employers and does not include a small business exemption or minimum number of employees. While there are a few exemptions for certain types of employees or employment situations, a credit union or credit union employee would not fall into one of the exemptions.

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Mid-term Support for Candidates Covered by Washington Publications

CUNA support for credit union-friendly candidates in this year’s mid-term election was covered by two Washington, D.C. publications Wednesday. CUNA announced several independent expenditures Wednesday, which follows a similar announcement several weeks ago, part of the $7 million CUNA is investing in this year’s mid-terms.

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CUNA Launches First Round of Independent Expenditures for 2018 Midterms

Credit Union Legislative Action Council (CULAC), the federal PAC of CUNA, is launching its first round of independent expenditures (IEs) for the 2018 midterm election cycle. The IEs are being launched in various stages throughout the week.

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Paid Family Leave Bill Signed by Governor

Gov. Phil Murphy has signed legislation (A2762, now P.L. 2018, c.122) designed to increase the use of the State’s paid family leave insurance law for pregnancy or child birth.

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Electronic Payments Fraud Growing, Fed Study Finds

A new Federal Reserve study found that between 2012 and 2015, the value of fraudulent electronic payments increased 37 percent, driven primarily by card fraud. During the same time period, the total value of electronic payments increased only 12 percent.

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Special Advocacy Reception at Convention Puts Credit Union Volunteers at the Forefront of Political Advocacy

As part of its initiative to educate, train, and build an “army” of volunteer advocates, the New Jersey Credit Union League has extended an invitation to all New Jersey credit union volunteers attending its 2018 Convention to a special Advocacy Reception Sunday at 2:15 pm with special guest State Senator Jeff Van Drew, the leading candidate to replace retiring Congressman LoBiondo in the 2nd District.

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Administration Working on Housing Finance Reform, Top Aide Tells Mortgage Bankers

In comments Monday during the Mortgage Bankers Association annual conference, Treasury Secretary Steven Mnuchin’s top housing advisor Craig Phillips told the crowd that the Trump administration is working to end the conservatorship of Fannie Mae and Freddie Mac.

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Secure Choice Savings Program Passes Assembly Committee

The Assembly Financial Institutions and Insurance Committee Monday approved by an 8-3 vote legislation (A4134) that would establish a retirement savings program for certain private sector employees, the “New Jersey Secure Choice Savings Program.” The Senate companion bill (S2891) was scheduled for consideration by the Senate Labor Committee on Sept. 12 but was held at the sponsor’s request.

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Minimum Wage to Increase January 1

The NJ Department of Labor and Workforce Development (LWD) announced that New Jersey’s current state minimum wage of $8.60 will increase to $8.85 on January 1, 2019.

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Paid Family Leave on Today’s Senate Budget Committee Agenda

Legislation (S2528) that would expand benefits under the state’s paid family leave law is scheduled to be considered today by the Senate Budget Committee. The measure was approved by the Senate Labor Committee in May. The Assembly companion bill (A3975) has been reported to the floor and is awaiting a vote by the full Assembly.

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Secure Choice Savings Program Up in Assembly Committee Today

Legislation (A4134) that would establish the “New Jersey Secure Choice Savings Program,” a retirement savings program for certain private sector employees, is on today’s Assembly Financial Institutions and Insurance Committee agenda. The Senate companion bill (S2891) was scheduled for consideration by the Senate Labor Committee on Sept. 12 but was held at the sponsor’s request.

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League, CU Advocates Meet with Congressman Gottheimer

The New Jersey Credit Union League (NJCUL) and credit union advocates met Friday with Congressman Josh Gottheimer (D-5). Gottheimer serves on the House Financial Services Committee.

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Paid Family Leave on Monday’s Senate Budget Committee Agenda

Legislation (S2528) that would expand benefits under the state’s paid family leave law is scheduled to be considered Monday by the Senate Budget Committee. The measure was approved by the Senate Labor Committee in May. The Assembly companion bill (A3975) has been reported to the floor and is awaiting a vote by the full Assembly.

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Secure Choice Savings Program Up in Assembly Committee Monday

Legislation (A4134) that would establish the “New Jersey Secure Choice Savings Program,” a retirement savings program for certain private sector employees, is on Monday’s Assembly Financial Institutions and Insurance Committee agenda. The Senate companion bill (S2891) was scheduled for consideration by the Senate Labor Committee on Sept. 12 but was held at the sponsor’s request.

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Senate Banking Committee Cryptocurrency, Blockchain Hearing Today

The Senate Banking Committee will hold a hearing on “Exploring the Cryptocurrency and Blockchain Ecosystem” today. Scheduled to testify are Dr. Nouriel Roubini, Professor of Economics and International Business, New York University Stern School of Business; and Mr. Peter Van Valkenburgh, Director of Research, Coin Center.

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FCC issues call for public input on definition of autodialer

The Federal Communications Commission (FCC) has issued a proposal seeking further comment on the definition of an autodialer under the Telephone Consumer Protection Act (TCPA). CUNA has called on the FCC to clarify the definition of autodialer in a May petition to the FCC.

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Putting CUs under CRA is ‘a step backwards,’ Donovan in The Hill

Sen. Elizabeth Warren’s (D-Mass.) proposal to place credit unions under the Community Reinvestment Act (CRA) would be a step backward in access to affordable mortgage credit, CUNA Chief Advocacy Officer Ryan Donovan wrote in The Hill Wednesday. Donovan’s op-ed was written in response to Warren’s bill that contains a provision placing credit unions under the CRA.

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CUNA writes full Senate to oppose CRA provision in S. 3503

While the American Housing and Economic Mobility Act of 2018 (S. 3503) has a laudable goal, its provision to extend the Community Reinvestment Act (CRA) to credit unions runs counter to the goal of increasing access to credit. CUNA President/CEO Jim Nussle wrote to all 100 Senators Wednesday to oppose the section in S. 3503 that would expand the reach of the CRA to credit unions, including to Sen. Elizabeth Warren (D-Mass.), the bill’s sponsor.

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McWatters Raises CU Priorities at Senate Hearing on S. 2155 Implementation

A number of credit union priorities were discussed during yesterday's Senate Banking Committee hearing on financial regulators' implementation of the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155), including serving underserved communities, exam efficiency, cybersecurity and creating a faster, real-time payments system.

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Push for BCFP Guidance on S. 2155 Provisions Continues

CUNA applauds the National Credit Union Administration’s timely implementation of provisions in the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) and continues to await fulfillment of several provisions by the Bureau of Consumer Financial Protection (BCFP).

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CUNA to Invest $7M in Mid-Term Elections

CUNA and the state leagues are investing a record-breaking $7 million in support of credit union-friendly candidates for the 2018 mid-term election cycle with most of the expenditures coming via from the Credit Union Legislative Action Council (CULAC), the federal political action committee of CUNA and the state leagues.

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Governor Murphy Unveils Economic Development Plan

Governor Phil Murphy Monday unveiled his economic development strategic plan – “The State of Innovation: Building a Stronger and Fairer Economy in New Jersey” – to set New Jersey on the path to a stronger future where innovation and diversity are at the forefront of the state’s economy.

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S. 2155, Money Laundering Hearings this Week

CUNA will be engaged with a hearing on the implementation of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) this week, in addition to other activities on Capitol Hill this week. NCUA Chairman J. Mark McWatters will be one of several federal financial regulators expected to testify at the hearing, which will be conducted by the Senate Banking Committee.

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CUNA Praised for S. 2155 Digital Grassroots Campaign

CUNA was recognized last week for its grassroots success in getting tens of thousands of messages to Capitol Hill lawmakers in support of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). CUNA’s grassroots engagement with credit union leaders, which started at the 2018 CUNA Governmental Affairs Conference, resulted in more than 50,000 messages sent to Congress, and the bill being signed into law in May.

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NJ Attorney General Announces Historic Settlement Resolving Uber Data Breach

NJ Attorney General Gurbir Grewal announced Wednesday that the ride-sharing company Uber Technologies, Inc. has agreed to pay a total of $148 million to resolve a multi-jurisdiction investigation into a data breach that compromised the personal information of Uber riders and drivers.

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Pre-Tax Transportation Benefit Mandate Passes State Senate

Legislation (S1567) that would require most employers to offer pre-tax transportation spending accounts passed the NJ State Senate by a 23-14 vote Thursday. A companion bill (A2425) has been reported favorably from committee in the lower chamber and is awaiting consideration by full Assembly.

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Fintech Could Cause Next Financial Crisis

As a House Financial Services sub-committee readies for today’s hearing to examine opportunities in the financial space for fintech, new research suggests that unregulated fintech companies could set the stage for another financial crisis.

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Fed Hikes Rates, Anticipates Another Increase Before Year-end

The Federal Open Market Committee (FOMC) decided Wednesday to raise the federal funds target rate by a quarter-point to a range of 2 to 2.25 percent. This is the third rate hike this year.

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House Passes Measure Funding Government Through Dec. 7

The House passed the conference report to H.R. 6157 Wednesday, a “minibus” bill that includes a continuing resolution to fund the government through Dec. 7. The federal government is scheduled to shut down Sept. 30 if President Trump does not sign the bill.

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Pre-tax Transportation Benefit Mandate on Today’s State Senate Board List

The NJ State Senate is scheduled to vote Thursday on legislation (S1567) that would require most employers to offer their employees a pre-tax transportation fringe benefit. A companion bill (A2425) has passed committee in the lower chamber and is awaiting consideration by full Assembly.

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League Meets with DOBI Commissioner Caride, EDA

HIGHTSTOWN, N.J. – The New Jersey Credit Union League (NJCUL) met Monday with senior leadership of the NJ Department of Banking & Insurance (DOBI), including Commissioner Marlene Caride and Division of Banking Director Patrick Mullen.

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CU Member Data is Protected under Current Laws and Regulations, CUNA Writes

Current laws and examination practices ensure that credit unions members private information is properly protected, CUNA wrote Tuesday to the Senate Commerce Committee. CUNA’s letter was sent to committee leadership for the record its hearing on safeguards protecting consumer data privacy.

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DoJ Responds to House Letter on ADA Web Site Compliance

The US Department of Justice (DoJ), in a response to more than 100 House members calling for guidance and clarity regarding Web site accessibility requirements under the Americans with Disability Act (ADA), said that "noncompliance with a voluntary technical standard for Web site accessibility does not necessarily indicate noncompliance with the ADA."

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CRA Bill Would Jeopardize Credit Access

CUNA and the state leagues strongly oppose a bill introduced Tuesday by Sen. Elizabeth Warren (D-MA) that would require credit unions to be examined for compliance with the Community Reinvestment Act (CRA). Congress exempted credit unions from the CRA when it was enacted in 1977 determining it would be unnecessary and counter-intuitive for it to apply to member-owned financial cooperatives.

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Fed Expected to Raise Rates for 3rd Time

The Federal Open Market Committee (FOMC), the Federal Reserve's monetary policy-setting arm, begins a two-day meeting today and is expected to raise rates for the third time this year.

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Bill to Modernize CTR, SAR Thresholds Backed

CUNA wrote Monday in support of a bill it says provides a “much needed and long overdue” modernization of Bank Secrecy Act (BSA) reporting thresholds. The Financial Reporting Threshold Modernization Act (H.R. 6850) was introduced by Rep. Barry Loudermilk (R-GA).

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Data Privacy, FHFA Hearing this Week

Both the House and Senate are in session this week, and CUNA will be engaged with several hearings conducted by both chambers. CUNA is also closely monitoring government funding negotiations this week, as it is currently expected to expire Sept. 30.

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League, CU Advocates Meet with Congressman Payne

HIGHTSTOWN, N.J. – The New Jersey Credit Union League (NJCUL) and credit union advocates, including a credit union board member from Federal Employees (Newark) FCU, met Monday with Congressman Donald Payne, Jr. (D-10).

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Op-ed lays Out Why CUs of All Sizes Shouldn’t be Taxed

A change to the tax status of large credit unions will impact small credit unions as well, Freedom CU President/CEO Ken Payne wrote in Credit Union Journal Friday. Payne’s op-ed on how credit unions are stronger together comes as bankers are ramping up attacks on the credit union tax status.

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‘Credit Unions Vote’ Campaign Launched

CUNA launched its “Credit Unions Vote” campaign Thursday which is focused on getting credit union members to vote in the November mid-term elections. The non-partisan campaign features a Web site where credit union members can visit to check their registration status, register to vote, participate in early voting and find their polling place.

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BSA-relief Bill introduced in House

Rep. Barry Loudermilk (R-GA) introduced the Financial Reporting Threshold Modernization Act (H.R. 6850) on Thursday. The bill would reform the Bank Secrecy Act (BSA) and provide some relief to credit unions by raising certain thresholds, including those for currency transaction (CTR) and suspicious activity reports (SAR).

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Federal Reserve Board approves final amendments to liability provisions of Regulation CC

Earlier this week, the Federal Reserve Board approved final amendments to the liability provisions of Regulation CC, which governs availability of funds and collection of checks. These amendments continue the Board's efforts to update Regulation CC to reflect the evolution of the nation's check collection system from one that is largely paper-based to one that is virtually all electronic.

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14 Million Records Exposed in Latest Data Breach

Krebs on Security reported Tuesday that more than 14 million customer records from an online payment company used by state and local governments have been exposed by a security vulnerability.  

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GUIDE Act Companion Introduced in Senate

Senate Finance Committee Chairman Orrin Hatch (R-UT) and Sen. James Lankford (R-OK) introduced legislation Monday that would require the Bureau of Consumer Financial Protection (BCFP) to issue timely guidance on its rules in order to facilitate industry compliance and better protect consumers.

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League, CU Advocates Meet with Reps Pallone and Pascrell

The New Jersey Credit Union League and credit union advocates met Monday morning with Congressman Frank Pallone (D-6) and in the afternoon with Congressman Bill Pascrell, Jr. (D-9). Pallone is the ranking Democrat on the House Energy and Commerce Committee and is in line to become chairman if the Democrats capture a House majority in the November mid-term elections. Pascrell serves on the House Ways and Means Committee. Both committees are extremely important when it comes to credit union-related legislation.

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Nussle Pens Op-ed, CUs Can Help Shape Data Security Policy

The time is now for Congress to enact stricter data security standards that better protect credit unions and consumers, CUNA President/CEO Jim Nussle wrote Thursday in Credit Union Journal. Nussle noted that with the heads of Facebook and Twitter before Congress last week and the markup of a data breach notification bill this week, data security is on a lot of policymakers’ minds right now.

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League, CU Advocates Meet with Senator Booker’s State Director

The New Jersey Credit Union League (NJCUL) and credit union advocates met Thursday with George Helmy, Sen. Cory Booker’s (D-NJ) state director, and other senior state staff to discuss credit union priorities for the balance of the 115th Congress. The discussion focused on post-S. 2155 regulatory relief priorities, the need for the Department of Justice to issue Americans with Disabilities Act (ADA) Web site compliance rules, the ongoing problem of merchant data breaches and the need to subject retailers to the same data security requirements as card issuers, and issues relating to NCUA’s treatment of taxi medallion loans and participations.

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Secure Choice Savings Program “Held” Following Opposition from League

Legislation (S2891) that would establish the “New Jersey Secure Choice Savings Program,” a retirement savings program for certain private sector employees, was removed from Thursday’s Senate Labor Committee agenda following opposition from the League.

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Extension for TDP Comments Requested

CUNA joined other trade organizations Wednesday requesting an extension of the comment deadline for the Bureau of Consumer Financial Protection’s proposed policy to encourage trial disclosure programs. Specifically, CUNA requests the comment deadline be extended an additional 45 days beyond the current Oct. 10 deadline.

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Guidance Clarity, Data Security Bills Backed Prior to Markup

CUNA wrote to House Financial Services Committee leadership Wednesday in support of two bills it is expected to mark up the today. The bills are the Give Useful Information to Define Effective (GUIDE) Compliance Act (H.R. 5534) and the Consumer Information Notification Requirement Act (H.R. 6743).

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Senate Banking Committee postpones S. 2155 hearing to Oct. 2

The Senate Banking Committee announced Tuesday it will postpone its hearing on the implementation on the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). Originally scheduled for Thursday, the hearing is now scheduled to take place Oct. 2.

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Data Breach Bill a ‘Strong Step in the Right Direction’, CUNA Tells Rep. Luetkemeyer

The Consumer Information Notification Requirement Act (H.R. 6743) is a strong step in the right direction, and CUNA looks forward to working with Congress to do more on data security, CUNA President/CEO Jim Nussle wrote Tuesday. CUNA’s letter was sent to Rep. Blaine Luetkemeyer (R-Mo.), who introduced the bill last week.

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CUs Need Access to Interest Rate Swaps, World Council Says

Interest rate swaps and caps promote safety and soundness by helping community-based depository institutions hedge interest rate risks related to fixed-rate mortgage loans held in portfolio and similar fixed-rate investments, the World Council of Credit Unions wrote Monday. The World Council sent its letter to the Basel Committee on Banking Supervision, the primary global standard setter for the prudential regulation of banks, in response to its consultative document on “Incentives to centrally clear over-the-counter derivatives.”

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CUNA Engaged with S. 2155 Hearing, Data Breach Bill Markup

CUNA will be engaged with a Senate Banking Committee hearing on implementation of S. 2155, the markup of a data breach notification bill and other activities on Capitol Hill this week. National Credit Union Administration (NCUA) Chairman J. Mark McWatters will be among federal financial regulators who will be testifying before the Senate Banking Committee Thursday on implementation of S. 2155, which contains several regulatory relief provisions from credit unions.

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CU Tax Status Untouched in “Tax Reform 2.0”

The credit union tax status remains untouched in the House Ways and Means Committee release of “Tax Reform 2.0,” legislation intended to make several changes to the Tax Cuts and Jobs Act of 2017.

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Secure Choice Savings Program Up in Committee, Call-to-Action Issued

Legislation (S2891) that would establish the “New Jersey Secure Choice Savings Program,” a retirement savings program for certain private sector employees, is on Thursday’s Senate Labor Committee agenda. The Assembly companion bill (A4134) is pending consideration by the Assembly Financial Institutions and Insurance Committee.

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BCFP Names seven to Reconstituted CU Advisory Council

The Bureau of Consumer Financial Protection (BCFP) Friday announced new members for its reconstituted Credit Union Advisory Council (CUAC). All seven of the selected CUAC members are currently CUNA member credit unions.

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British Airways Reports Data Breach, 380,000 Impacted

British Airways announced that consumers who booked flights with the company between Aug. 21 and Sept. 5 had their personal data stolen. The information compromised in the breach includes credit card numbers, expiration dates and security codes, and names, street addresses and email addresses.

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Data Breach Notification Bill Introduced

Rep. Blaine Luetkemeyer (R-MO) formally introduced data breach notification legislation Friday, a bill that would provide credit unions regulatory relief if they suffered a data breach. The bill is titled the Consumer Information Notification Requirement Act.

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Governor Renews Call for $15 Minimum Wage, Top Priority This Fall

Governor Phil Murphy and Assembly Speaker Craig Coughlin (D-19) held a press conference Thursday where they indicated that the top two legislative priorities for this fall are legalizing recreational marijuana and increasing the state's minimum wage to $15 an hour.

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Arguments in Appellate-level ADA Case Against CU Start Oct. 30

The Fourth Circuit U.S. Court of Appeals will hear arguments Oct. 30 in an appeal by Department of Labor (DOL) FCU in a frivolous lawsuit alleging Web site noncompliance with the Americans with Disabilities Act (ADA). The lawsuit is just one of many around the country facing credit unions due to uncertainty about how the ADA applies to Web sites.

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Secondary Market Protections Included in Housing Financial Reform Draft

A new bi-partisan housing finance reform discussion draft unveiled Thursday by House Financial Services Committee Chairman Jeb Hensarling (R-TX) and Rep. John Delaney (D-MD) would preserve a credit union-sought government guarantee to the secondary mortgage market and create more lending opportunities for small lenders.

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Nussle Talks Advocacy, CUNA Next Steps with National Journal

CUNA President/CEO Jim Nussle discussed grassroots advocacy, the Bureau of Consumer Financial Protection and the appropriations process Wednesday in an interview with National Journal. Nussle served as a member of Congress from Iowa from 1991 to 2007, and as director of the Office of Management and Budget from 2007 to 2009.

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Senate Banking Committee Sets Hearing on S. 2155 Implementation

The National Credit Union Administration (NCUA) Chairman J. Mark McWatters will be among federal financial regulators testifying before the Senate Banking Committee Sept. 13 on implementation of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). The hearing is scheduled to begin at 10 a.m. and will be live streamed on the committee’s Web site.

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Senators Write DOJ Sharing Credit Union Concerns over ADA Web site Compliance

Six Senators wrote to Attorney General Jeff Sessions Wednesday with concerns shared by credit unions, banks and small businesses over how the Americans with Disabilities Act (ADA) applies to Web sites. Credit unions around the country continue to face legal threats due to uncertainty over how to make Web sites compliant with the ADA. Finding a solution is a top priority for CUNA and the state leagues.

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GSE Hearing, Government Funding Discussions this Week

The House and Senate are both back in Washington, D.C. this week, and CUNA is engaged with several activities on Capitol Hill, including ongoing discussions to fund the federal government after Sept. 30, when funding runs out.

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CU-Supported Candidates Win Tuesday in Fla., Okla.

Credit union-backed candidates saw victories in Tuesday’s elections, including primaries in Florida and a runoff election in Oklahoma. Candidates are backed by credit union leagues and the Credit Union Legislative Action Council, CUNA’s political action committee.

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ACI President Says CU ‘Formula’ is Working for Consumers

Congress got the credit union “formula” right, American Consumer Institute (ACI) President Steve Pociask wrote in Inside Sources in response to false banker claims appearing in the Wall Street Journal. CUNA President/CEO Jim Nussle’s response to the banker claims appeared in the Wall Street Journal last week.

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Clarida Confirmed as Fed Board Vice Chair

The Senate voted 69-26 Tuesday to confirm Richard Clarida as vice chairman of the Federal Reserve Board. Clarida has offered support of reducing the regulatory burden facing community-based financial institutions by better tailoring regulations.

in Legislative & Political News
CUNA Calls for Mortgage Choice Act Inclusion in FSGG Appropriations Bill

CUNA joined a group of organizations this week to call on Senate leadership to ensure mortgage regulatory relief language remains in the conference committee version of the 2019 financial services and general government appropriations bill. The Mortgage Choice Act (H.R. 1153) language is a bipartisan measure that passed the House in February and is strongly supported by CUNA and the state leagues.

in Legislative & Political News