Legislative & Political News

CHOICE Act Hearing Continues Today, Durbin Amendment Call-to-Action Issued

WASHINGTON – The House Financial Services Committee will conduct a second day of hearings on Rep. Jeb Hensarling’s (R-Texas) Financial CHOICE Act, after a hearing was conducted Wednesday. During Wednesday’s hearing, ranking member Rep. Maxine Waters (D-Calif.) announced that committee Democrats submitted a letter requesting the second hearing.

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CUNA Follows Up Treasury Meeting with Reg. Relief Recommendations

WASHINGTON – CUNA President/CEO Jim Nussle wrote to Treasury Secretary Steven Mnuchin Thursday, thanking him for conducting a roundtable discussion with credit unions earlier this month, and providing additional information about how regulations can be more manageable for credit unions. Treasury conducted the roundtable to gather information as it prepares a paper in response to President Donald Trump’s executive order on core financial regulation principles issued in February.

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Durbin Amendment Repeal Call-to-Action Launched, Email Congress Today!

WASHINGTON – The introduction of the CHOICE Act by House Financial Services Committee Chairman Hensarling included a provision for repeal of the Durbin Amendment and its price controls. CUNA and the state leagues support this repeal as the Durbin Amendment price controls have been harming credit unions and their members since its passage.

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Dodd-Frank Exemption Bill Introduced in Senate, Would Affect FIs Under $10B

WASHINGTON – Sen. John N. Kennedy (R-La.) introduced a bill this week to exempt credit unions and community banks with less than $10 billion in assets from the Dodd-Frank Act. While CUNA believes there are some positive aspects to the bill, there are also concerning provisions.

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Tax Reform Summary Released, CUNA Continues Advocacy

WASHINGTON – Treasury Secretary Steven Mnuchin released a broad outline of President Donald Trump’s tax reform agenda, and while details are currently sparse, CUNA has engaged and will continue to engage with policymakers and staff. In addition to advocacy efforts in Washington, CUNA is working with its league partners to defend the credit union tax status at the state level.

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HFSC Members Champion Reg Relief in CHOICE Act Hearing

WASHINGTON – Members of the House Financial Services Committee (HFSC) expressed many questions about the one-size-fits-all regulatory climate under the Dodd-Frank Act, as well as the effect on consumers and community financial institutions Wednesday during a hearing on the Financial CHOICE Act. Details on the Financial CHOICE Act were made public last week by Rep. Jeb Hensarling (R-Texas), the committee chair, and contains some positive and negative provisions for credit unions.

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CUNA Backs FATCA Repeal Bill, Hearing Scheduled Wed.

WASHINGTON – CUNA joined the World Council of Credit Unions this week in supporting legislation that would repeal the Foreign Account Tax Compliance Act (FATCA). The organizations wrote to Sen. Rand Paul (R-Ky.) and Rep. Mark Meadows (R-N.C.), who sponsored the bills, S. 869 and H.R. 2054.

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CUNA Offers Additional Relief Provisions in CHOICE Act Comments

WASHINGTON – CUNA stands ready to work with legislators to see regulatory relief enacted into law, and the CHOICE Act is a good first step, CUNA wrote to House Financial Services Committee leadership Tuesday. The letter was sent in advance of Wednesday’s hearing on Chair Jeb Hensarling’s (R-Texas) CHOICE Act.

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CUNA Prepped For Comments On Tomorrow’s CHOICE Act Hearing

WASHINGTON -- In addition to working to advance its priorities with government-funding legislation, CUNA will be engaged with a number of congressional hearings this week, including the first discussion of Rep. Jeb Hensarling’s (R-Texas) financial regulatory relief bill. A discussion draft of Hensarling’s CHOICE Act has been circulated, and CUNA will weigh in on the bill for the hearing’s record.

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CUNA pushes for CDFI funding, CFPB exemption language

As Congress works this week to fund the government past April 28, CUNA will be engaged in the process as it seeks to see 2 particular issues addressed: funding for Community Development Financial Institutions (CDFIs) and the Consumer Financial Protection Bureau’s (CFPB) exemption authority. Funding for the government is set to expire Friday at midnight.

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CUNA Supports CFPB Extension of Ex Parte Deadline

WASHINGTON -- CUNA appreciates the announcement from the Consumer Financial Protection Bureau (CFPB) this week that it will make changes to its disclosure requirements to its current ex parte policy on rulemakings. The new policy gives outside parties 10 business days to submit a documentation of a presentation, via written copy or summary, up from 3 days in the original policy.

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CUNA Urges Fed to Serve Add’l Roles In Payments Delivery

WASHINGTON -- CUNA urged the Federal Reserve this week to serve additional operational roles in the delivery of real-time payments in a letter sent this week with 2 other trade organizations. While the letter praises the Fed for its role facilitating dialogue regarding the payments system, it urged the agency to go one step further.

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CUNA, Leagues Urge Advocacy Offense to Move Reg Relief Forward

WASHINGTON -- CUNA’s bipartisan, pro-consumer Campaign for Common-Sense Regulation has successfully pushed financial reform to the “head of a crowded field of issues,” CUNA President/CEO Jim Nussle said Thursday. Nussle’s statement came in response after Rep. Jeb Hensarling (R-Texas), chair of the House Financial Services Committee, made public his Dodd-Frank replacement bill.

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Garrett, Bachus Nominated For EX-IM Bank Seats

WASHINGTON – President Trump has named two former Republican congressmen to fill the empty seats on the Export-Import Bank’s five-member board. 

One is a more traditional pick: Spencer Bachus is a moderate from Alabama who served as chairman of the influential House Financial Services committee during the Great Recession. But Trump selected former Congressman Scott Garrett for the other seat. A founding member of the Freedom Caucus, Garrett has criticized the Ex-Im Bank as a symbol of Washington's "crony capitalism." 

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Choice Act Scheduled for Financial Services Committee Hearing

WASHINGTON – Financial Services Committee Chairman Jeb Hensarling (R-TX) yesterday announced that the committee will hold a hearing to discuss the Financial CHOICE Act on Wednesday, April 26 at 10:00 a.m.  

“Republicans are eager to work with the President to end and replace the Dodd-Frank mistake with the Financial CHOICE Act because it holds Wall Street and Washington accountable, ends taxpayer-funded bank bailouts, and unleashes America’s economic potential,” said Chairman Hensarling.  “We want economic opportunity for all, bailouts for none.  We want real consumer protections that will give you more choices.  Our solution grows the economy from Main Street up, creates more opportunities for working families to get ahead, and levels the playing field with no more Wall Street bailouts.”

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WORLD COUNCIL ASKS FATF FOR AML/CFT CLARIFICATIONS

WASHINGTON -- The World Council of Credit Unions filed a comment letter with the Financial Action Task Force (FATF) last week, focusing on correspondent banking, information sharing and customer due diligence (CDD) requirements for the underbanked.

FATF, based in Paris, is the global standard-setting body for anti-money laundering/counter-financing of terrorism (AML/CFT) rules, and its members include the U.S. Treasury Department.

The letter covered topics World Council discussed during a meeting last month at the United Nations offices in Vienna, Austria.

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CIATTARELLI IS FOURTH CANDIDATE TO RECEIVE PUBLIC MATCHING FUNDS

TRENTON, N.J. – Assemblyman Jack Ciattarelli (R-16) is the fourth candidate for governor to received public matching funds for the June primaries, the state Election Law Enforcement Commission (ELEC) announced Thursday.

So far $3.6 million in public matching funds has been approved for candidates running in the June gubernatorial primaries. Candidates who raise a minimum of $430,000 are eligible to receive public matching funds. It’s a two for one match, two dollars for every one dollar raised.

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CU-backed Ron Estes Wins Congressional Seat Left by Pompeo

WASHINGTON -- Credit union supporter and volunteer Ron Estes was elected to Congress representing Kansas’s 4th Congressional District Tuesday in a special election. The seat was vacant due to former Rep. Mike Pompeo (R-Kan.) being appointed Director of the Central Intelligence Agency.

Estes, State Treasurer of Kansas, previously served on the Assets and Liabilities Committee of MidAmerica CU, Wichita, Kan. He won the election with 53% of the vote to Democratic opponent James Thompson 46% of the vote.

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CUNA, Leagues, Federation and CUs Continue Push for Full CDFI Funding

WASHINGTON – With just over two weeks remaining until government funding expires April 28, CUNA, credit unions and other organizations are encouraging stakeholders to reach out to policymakers to push for full funding of the Treasury’s Community Development Institutions (CDFI) Fund. The fund, which provides grants and other awards to certified CDFIs, was zeroed out in President Donald Trump’s proposed budget.

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Final #CommonSenseReg Video Released, Push On for “Shares”

WASHINGTON – CUNA released the final of 3 videos Tuesday designed to engage stakeholders and policymakers on social media regarding CUNA’s Campaign for Common-Sense Regulation. CUNA and its league partners urge credit unions to use the hashtag #CommonSenseReg when sharing the videos on social media.

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Campaign for Common-Sense Regulation, Updated Toolkit Available

WASHINGTON – CUNA released new resources Tuesday for its Campaign for Common-Sense Regulation toolkit, resources designed to make it easier for credit union stakeholders to engage policymakers on the need for regulatory relief. New items include educational materials for employees and members, a media center and a look at how other credit unions are engaging their members.

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One-Size-Fits-All Doesn’t for Cybersecurity, Cuna Tells Nist

WASHINGTON – An updated cybersecurity framework should not create additional requirements, nor should it apply a one-size-fits-all approach for credit unions to demonstrate readiness, CUNA and the Independent Community Bankers of America wrote Monday. 

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DOBI Issues Bulletin, Requests State Charters Provide Disaster Recovery Contact Information

TRENTON, N.J. – The Department of Banking & Insurance (DOBI) has issued Bulletin 17-03 to state chartered financial institutions including credit unions, and selected other licensed financial services providers, reminding them of the importance of identifying and providing DOBI with the names of a primary and secondary contact person, as well as, the phone numbers and email addresses at which those individuals may be reached in the event of a disaster or catastrophic event.  

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Burdens Costing Consumers Time, Money, Choices, CUNA Says

WASHINGTON – Overregulation of small or less complex financial institutions is hurting consumers, costing them time and money and limiting their choice, CUNA wrote to a U.S. House subcommittee Thursday. The letter was sent for the record of a House Financial Services subcommittee on financial institutions and consumer credit hearing examining opportunities for reform in the federal financial regulatory system.

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DOL Finalizes Delay of Fiduciary Rule, Now Effective June 9

The Department of Labor (DOL) published its 60-day delay of its fiduciary rule in the Federal Register Friday, extending the effective date to June 9. The rule expands the definition of who is a “fiduciary” of an employee benefit plan, adding brokers and advisers providing advice to individual retirement accounts.

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CUNA Reinforces Support of SeniorSafe Act for Hearing Record

WASHINGTON – CUNA reiterated its support of legislation that would help encourage more reporting of suspected elder financial abuse by those most likely to notice it in a letter to the Senate Banking subcommittee on economic policy Wednesday. CUNA noted its support of the SeniorSafe Act of 2017 (S. 223) in a letter for the record of a hearing on the state of retirement security.

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CUNA Backs Senate Parity Bill that Would Provide MBL Relief

WASHINGTON – CUNA wrote to Sens. Ron Wyden (D-Ore.) and Lisa Murkowski (R-Alaska) Tuesday, thanking them for introducing a bill that would provide regulatory relief to credit unions. 

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CU Concerns Unaddressed Despite Cordray Claim

WASHINGTON – Consumer Financial Protection Bureau (CFPB) Director Richard Cordray claimed Wednesday that credit unions and other small financial institutions are a “daily concern” for the bureau in its rulemakings, a statement questioned by CUNA President/CEO Jim Nussle. Cordray said the bureau tries to avoid placing burdens in response to a question from Rep. David Scott (D-Ga.).

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CFPB Doesn’t Adequately Consider CUs in Rulemakings, CUNA to HFSC

WASHINGTON – CUNA has deep concerns that the Consumer Financial Protection Bureau (CFPB) rarely gives consideration to regulatory burdens as a result of once-size-fits-all regulations, it wrote to the House Financial Services Committee Wednesday. The letter was sent for the record of CFPB Director Richard Cordray’s semi-annual testimony before the committee.

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Tom O’Shea Joins CUNA's Jim Nussle and Other CU Advocates at Meeting with Treasury on CU Issues

WASHINGTON – Aspire FCU President/CEO Tom O’Shea joined CUNA President/CEO Jim Nussle and approximately 20 credit union representatives from across the country at a meeting with Treasury Department officials Tuesday to discuss credit union issues in the current regulatory environment. This meeting is one of many CUNA, the state leagues and their member credit unions have engaged in to support the Campaign for Common-Sense Regulation.

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CUNA to Highlight CU Issues for Congressional Hearings

WASHINGTON – CUNA will submit letters for the record for at least three hearings on Capitol Hill this week, as both the House and Senate are in town for their last week before the spring district work session.

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CUNA Pushes CFPB for One-Year Delay of Prepaid Accounts Rule

WASHINGTON – A six-month delay of the Consumer Financial Protection Bureau’s (CFPB) prepaid accounts rule will not give card issuers and vendors adequate time to prepare, CUNA wrote to the bureau Monday, suggesting a 1-year delay instead. The CFPB is proposing to delay the rule’s implementation date to April 1, 2018, from the originally scheduled Oct. 1.

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Stakeholders Urged to Share CUNA #CommonSenseReg Videos

WASHINGTON – CUNA continues building momentum for its bipartisan, pro-consumer Campaign for Common-Sense Regulation with the release of a campaign video last week, with two more to be released this month. CUNA and its league partners urge credit unions to use the hashtag #CommonSenseReg when sharing the videos on social media.

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Reps Push for CFPB Exemption Authority Language in FSGG Bill

WASHINGTON – Seventeen members of Congress wrote to House appropriators this week requesting language on the Consumer Financial Protection Bureau’s (CFPB) exemption authority be included in the fiscal year 2017 Financial Services and General Government (FSGG) Appropriations bill.

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CDFI Fund in Jeopardy, Action Alert Issued

WASHINGTON – CUNA and the state leagues have issued an action alert to Community Development Financial Institution (CDFI) credit unions to engage with Congress and members to ensure a funded CDFI Fund. The Treasury administers the fund, which is used for grants and other awards to CDFIs and has been marked for elimination by administration budget outlines.

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Gubernatorial Nomination Races Heating Up

Democrat Phil Murphy won the “line” in nine counties in the past week–Atlantic, Camden, Hunterdon, Mercer, Monmouth, Morris, Ocean, Salem, and Somerset. He also introduced a plan to use Wall Street mortgage crisis settlement monies to purchase and convert to affordable housing properties under foreclosure in the state.

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CUNA Engaged with Lending Hearing, CUAC Meeting this Week

WASHINGTON – Both chambers of Congress are in session this week, with a number of hearings on the schedule of interest to credit unions. CUNA will be actively engaged in the hearings, and will send at least one letter for the record.

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ICBA Opts Not to Appeal MBL Suit Dismissal

WASHINGTON – The Independent Community Bankers of America (ICBA) said Monday it will not appeal the U.S. District Court ruling granting the NCUA’s motion to dismiss the banking trade's lawsuit against NCUA and its member business lending rule.

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Democratic Front-Runner Unveils Plan to Make Wall Street Clean-Up State’s Home Foreclosures

TRENTON, N.J. – The Democratic front-runner for governor has unveiled a plan he says would take New Jersey from first in the nation in foreclosures to near first in the nation for affordable housing, courtesy of Wall Street's banks.

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Underdog Ciattarelli Bests Guadagno in Union, N.J., GOP Race Becoming Competitive

UNION, N.J. – Assemblyman Jack Ciattarelli (R-16) won the support of the Union County GOP, defeating Lieutenant Governor Kim Guadagno 113-92. Coming from neighboring Somerset County which borders Union gave Ciattarelli an edge.

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Revised 'Kill-Switch' Measure Signed into Law, First CU Exits Market

TRENTON, N.J. – Governor Chris Christie yesterday signed legislation (A756) that regulates the use of remote ignition disabling or “Kill-Switch” devices used by auto lenders and dealers to enforce payments. Christie had conditionally vetoed the initial bill sent to him in December of last year.

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CUNA Shares TCPA Concerns with FCC Chairman’s Staff

WASHINGTON – CUNA staff outlined some of the onerous requirements of the July 2015 Telephone Consumer Protection Act (TCPA) order in a meeting this week with the staff of Federal Communications Commission (FCC) Chairman Ajit Pai. CUNA explained how these requirements are making it difficult for credit unions of all sizes to communicate with members on their cellphone and via text message.

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Poll Finds Murphy Holds Substantial Lead, Guadagno Ahead of Piscopo, Christie Should Head to Sports Radio

HAMDEN, Conn. – The latest Quinnipiac poll on politics in the Garden State found that Democratic former U.S. ambassador and Goldman Sachs executive Phil Murphy is holding onto his early lead in New Jersey’s gubernatorial contest, Republican Lieutenant Governor Kim Guadagno is coming in ahead of comedian Joe Piscopo, her chief rival for the GOP nod, and voters believe Governor Chris Christie should head to sports radio when his term ends.

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DOBI Publishes Long-Awaited Proposed Prize-Linked Savings Rules

TRENTON N.J. – The NJ Department of Banking and Insurance yesterday published the long-waited proposed implementation rules for NJCUL-requested legislation that authorizes New Jersey credit unions, banks, and thrifts to offer savings promotions, also known as "prize-linked savings accounts." Signed into law in January 2016, the measure had an effective date of July 19, 2016 to allow for necessary rulemaking.

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Revised 'Kill-Switch' Measure Passes Senate, Sent to Governor

TRENTON, N.J. – Governor Chris Christie conditionally vetoed legislation (A756) that would regulate the use of remote shut-off or “Kill-Switch” devices used by auto lenders and dealers to enforce payments. On Monday, the state Senate voted 34-2 on the revised measure which the Assembly approved in February. The measure now goes to the governor, who is expected to sign it into law.

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The Latest on Federal Overtime Regulations

WASHINGTON – There is a lot of wait and see when it comes to employment and labor issues on the federal level with the new administration but that doesn’t mean there isn’t a lot going on with the new overtime regulations proposed under the Obama Administration and the Affordable Care Act.

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N.J. Family Leave Act Increase Introduced

TRENTON, N.J. – Senate President Steve Sweeney has introduced legislation (S3085) that would expand the weekly amount and duration of New Jersey Family Leave Insurance (FLI).

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Andy Jaeger Among Select Group that Briefed Vice President Pence’s Chief Economist on CUs

WASHINGTON – Credit Union of New Jersey President/CEO and NJCUL Board Chairman Andy Jaeger was among a small group of credit union CEOs selected to brief Vice President Mike Pence’s Chief Economist Mark Calabria on the credit union industry and the need for common sense regulation.

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March 30 CUAC Meeting to Look at Alternative Data, Record Access

WASHINGTON – Alternative data and consumer access to financial records are on the agenda March 30 for a meeting of the Consumer Financial Protection Bureau’s (CFPB) Credit Union Advisory Council (CUAC). The bureau announced the meeting Monday, and details were published Tuesday in the Federal Register, and the bureau will publish the official agenda Wednesday.

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Flood Insurance, Monetary Policy Hearings Set this Week

WASHINGTON – The Senate and House are both in session this week, and while most of their schedules will consist of non-financial services legislation in the House and nominations in the Senate, CUNA will be closely monitoring several hearings.

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CUNA Urges Rejection of TCPA Petition Harming Communications

WASHINGTON – CUNA urged the Federal Communications Commission to reject a petition seeking adoption of a rule that would change the definition of “prior express consent” regarding the Telephone Consumer Protection Act (TCPA). CUNA filed the letter with 5 other trade associations Friday, requesting the FCC reject the petition because it fails to prove the FCC has exceeded its authority.

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CUNA, Trades File Amicus Brief in Case on CFPB Structure

WASHINGTON – CUNA joined other trade organizations Friday in filing an amicus brief in a court case that questions the Consumer Financial Protection Bureau’s (CFPB) structure. The case, PHH v. CFPB, gained attention last year due to an October ruling from the D.C. Court of Appeals calling into question the CFPB’s constitutionality.

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Correction: News from CUNA: ICBA has Until March 27 Deadline for MBL Rule Appeal

The Independent Community Bankers of America (ICBA) has until March 27 to appeal U.S. District Court Judge James Cacheris’ granting of National Credit Union Administration’s motion to dismiss the banking trade's lawsuit against NCUA and its member business lending rule. CUNA and NAFCU previously reported that that the appeal was due February 23.

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Guadagno Racks Up Wins in Ocean and Passaic Counties, Piscopo Meets with Operative

HIGHTSTOWN, N.J. – Lieutenant Governor Kim Guadagno (R) this week won the Republican lines in Ocean and Passaic counties.

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Senate Poised to Re-Pass 'Kill-Switch' Measure with Governor’s CV Recommendations

TRENTON, N.J. – Governor Chris Christie conditionally vetoed legislation (A756) that would regulate the use of remote shut-off or “Kill-Switch” devices used by auto lenders and dealers to enforce payments. The Assembly re-passed the measure with the governor’s recommendations. The state Senate is scheduled to vote on the revised measure on Monday after which the governor is expected to sign it into law.

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Bill Would Allow CUs ‘Appropriate Ability’ to Raise Supplemental Capital

WASHINGTON – CUNA President/CEO Jim Nussle wrote Tuesday in support of a bill that would allow credit unions to accept supplemental capital. The Capital Access for Small Businesses and Jobs Act (H.R. 1244) was introduced by Reps. Steve King (R-Iowa) and Brad Sherman (D-Calif.).

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CUNA Engaged with FCC, SBA, Cybersecurity Hearings This Week

WASHINGTON – Both chambers of Congress are in session this week, and CUNA will be tracking a number of hearings of interest for credit unions.

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Bill to Exempt Financial Institutions Under $50B from CFPB Gains CUNA Support

WASHINGTON – CUNA wrote Monday in support of a bill that would exempt financial institutions with under $50 billion in assets from Consumer Financial Protection Bureau (CFPB) rulemakings. Rep. Roger Williams (R-Texas) introduced the bill.

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NJ Joins Annual GAC Hike-the-Hill

WASHINGTON – Nearly 5,000 credit union representatives, with an advocacy strategy of visiting each of the 535 U.S. Senate and House offices, descended on Capitol Hill during CUNA’s annual Governmental Affairs Conference (GAC) and Hike-the-Hill last week.

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CUAC, CAB Application Deadline Extended to March 8

WASHINGTON – The Consumer Financial Protection Bureau has extended the application deadline for its Credit Union Advisory Council (CUAC) and Consumer Advisory Board (CAB) through March 8. According to the bureau, the extension is as a result of a Web outage affecting file uploads and downloads.

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GAC Roundup: Veteran Reporter Schieffer and Various Legislators Address Gathering of CU Advocates

WASHINGTON – On the final day at the Washington Convention Center, CUNA Governmental Affairs (GAC) attendees heard from veteran CBSNews reporter Bob Schieffer and a parade of legislators.

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GAC Roundup: Colin Powell Gives Keynote, Nussle Introduces CUNA’s Engagement Officers

WASHINGTON – Tuesday morning, the Honorable Colin L. Powell reflected on his nearly six decades of public service, exploring themes such as leadership, confidence, and American optimism during his keynote speech at CUNA GAC.

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Nussle at GAC: Tell Your CU Story to Legislators in DC and Back Home

CUs Must Build on the Progress made in 2016, Says CUNA CEO and Chair

WASHINGTON  To leave a lasting impression on lawmakers during this week’s visits on Capitol Hill and back on the home front, credit union leaders must be ready to tell their story, CUNA President/CEO Jim Nussle said.

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2017 GAC Underway in D.C.

WASHINGTON – The nation's largest credit union conference is underway in the nation’s capital. A record 5,000 attendees arrived in Washington, D.C., for CUNA's Governmental Affairs Conference, which kicked off Sunday and runs through Thursday.

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2017 GAC: Schieffer Address, Congressional Visits Wednesday

WASHINGTON – The 2017 CUNA Governmental Affairs Conference (GAC) will wrap Wednesday with a half-day of sessions, and then hundreds of credit union leaders will head to Capitol Hill to speak to their elected officials. Wednesday’s speakers include a number of elected officials, including chair of the House Financial Services Committee Jeb Hensarling (R-Texas) and others.

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CUNA Webinar Examines Using MAP for Reg. Relief Campaign

MADISON, Wis. – With the launch of CUNA’s Campaign for Common-Sense Regulation earlier this year, CUNA hosted a Webinar highlighting how CUNA’s Member Activation Program (MAP) fits in with the campaign. MAP is a program designed to inform and educate credit union members about credit union issues and to activate them to call on lawmakers to support the industry’s priorities.

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League, CU Advocates Meet with Congressman MacArthur

TOMS RIVER, N.J. – Representatives of the NJ Credit Union League met yesterday with Rep. Tom MacArthur (R-3). A former insurance industry executive, MacArthur is serving his second term in the U.S. House of Representatives, his first elective office.

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2017 GAC: Colin Powell Keynote, 2017 Outlook Sessions Tuesday

WASHINGTON – Following the first full day of 2017’s CUNA Governmental Affairs Conference (GAC), Tuesday’s events include a keynote speech from a former secretary of state, as well as another slate of breakout sessions. A complete list of speakers and sessions can be found at cuna.org/gac.

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2017 GAC: A Look at Speakers, Sessions for Sunday and Monday

WASHINGTON – The 2017 CUNA Governmental Affairs Conference (GAC) kicks off Feb. 26, and will see more than 5,000 credit union leaders come to the nation’s capital for the credit union movement’s premier advocacy event. Registration starts Sunday and leads into that evening’s ED (Filene) Talk, and continues Monday with the kickoff of the general session and a number of breakout sessions.

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Substance Abuse/Addiction Treatment Coverage Expansion Signed into Law

TRENTON, N.J. – Legislation expanding health insurance coverage for substance abuse and opioid drug addiction received final legislative approval on February 15th, and was signed into law by Gov. Chris Christie. The Governor had announced the addiction recovery reforms during his 2017 State of the State address in January, and it was passed in a month by the Legislature.

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CUNA Raises Issues with Third-Party Access to Consumer Data

Allowing third-party access to consumer financial data leads to concerns about liability and unauthorized access, CUNA told the Consumer Financial Protection Bureau (CFPB) Wednesday in response to a request for information. The bureau requested input on consumer access to financial records and account-related data in electronic form, in order to potentially help develop best practices and address potential harms.

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Feds Open ‘Kill-Switch’ Inquiry

WASHINGTON – Federal regulators are investigating whether remote shut-down or “kill-switch” devices unfairly violate a borrower’s privacy.

The auto lender Credit Acceptance Corp. said this month in a securities filing that it had received a civil investigative demand from the Federal Trade Commission (FTC) asking for its “policies, practices and procedures” related to the devices that are used to disable an ignition when a borrower falls behind in their car payments.

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Appeals Court will Reconsider Decision on CFPB Structure

WASHINGTON – The U.S. Court of Appeals in Washington granted the Consumer Financial Protection Bureau’s (CFPB) request to reconsider an October decision that ruled the bureau’s leadership structure is unconstitutional Thursday.

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Assembly Re-Passes 'Kill-Switch' Measure with Governor’s CV Recommendations

TRENTON, N.J. – Governor Chris Christie conditionally vetoed legislation (A756) that would regulate the use of remote shut-off or “Kill-Switch” devices used by auto lenders and dealers to enforce payments. The Assembly has re-passed the measure with the governor’s recommendations. The state Senate must similarly act for the measure to become law. 

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Appeals Court Will Reconsider Decision on CFPB Structure

The U.S. Court of Appeals in Washington Thursday granted the Consumer Financial Protection Bureau’s (CFPB) request to reconsider an October decision that ruled the bureau’s leadership structure is unconstitutional. CUNA, as part of its bipartisan, pro-consumer Campaign for Common-Sense Regulation, supports replacing the single director with a five-person commission.

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Bill to Place CFPB Under Appropriations Introduced

WASHINGTON – Sen. David Perdue (R-Ga.) introduced a bill Wednesday to place the Consumer Financial Protection Bureau (CFPB) under the appropriations process. Perdue is a member of the Senate Banking Committee, and his bill is titled the CFPB Accountability Act of 2017.

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CUNA-Backed Bill to “TAILOR” Regulations Introduced in Senate

WASHINGTON – Sen. Mike Rounds (R-S.D.) introduced a CUNA-backed regulatory relief bill Tuesday that would require regulators to take risk into account when promulgating regulations. The Taking Account of Institutions with Low Operation Risk (TAILOR) Act (S. 366) would reduce regulatory burden for financial institutions with lower risk profiles. CUNA wrote a letter of support Tuesday for this bill.

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Yellen Testimony, Senior Scam, Cybersecurity Hearings Set

WASHINGTON – With both the Senate and House in session this week, CUNA will be tracking several hearings in both chambers. Those hearings include two appearances by Federal Reserve Chair Janet Yellen, who will deliver her semiannual testimony.

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Governor Signs Sandy Foreclosure Amendment, Calls it ‘Pandering’ and Qualifies Potential Implementation

TRENTON, N.J. – Governor Chris Christie signed legislation (A333) which amends the Superstorm Sandy Bill of Rights by, among other things, providing additional foreclosure forbearance for Superstorm Sandy victims.

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Governor CVs 'Kill Switch' Measure

TRENTON, N.J. – Governor Chris Christie conditionally vetoed legislation (A756) that would regulate the use of remote shut-off or “Kill-Switch” devices used by auto lenders and dealers to enforce payments.

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Comedian Joe Piscopo Polling 2nd for GOP Gubernatorial Nomination

TRENTON, N.J. – A new poll suggests former Saturday Night Live comic Joe Piscopo has the potential to shake up this year's race for governor. Although he has yet to enter the race, the poll has the N.J. native and Hunterdon resident six points behind Lt. Gov. Kim Guadagno among Republican primary voters.

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DOL Fiduciary Rule Upheld By Court

DALLAS – Texas U.S. District Court Chief Judge (for the Northern District) Barbara Lynn threw out a challenge to the U.S. Department of Labor’s (DOL) fiduciary rule Wednesday, shooting down a number of challenges to the rule. According to Forbes, Lynn opined that the rule does not exceed the DOL’s authority, and the DOL did not exceed its statutory authority to grant conditional exemptions.

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Trump Reportedly will Order Regulatory Rollback for Financial Services Industry Starting with Dodd-Frank

WASHINGTON – Several media outlets broke the news this morning of President Donald Trump’s plans to order a rollback today of regulations governing the financial services industry and Wall Street under the Dodd-Frank law and beyond. The executive action is designed to form the basis of the Trump administration’s approach to financial markets, with an emphasis on removing regulatory burdens and opening up investor options, according to a White House official, who briefed reporters on condition of anonymity.

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CUNA Backs CFPB Bill Consistent with Reg. Relief Campaign

WASHINGTON – Sen. Deb Fisher (R-Neb.) introduced a bill Tuesday that would make a number of CUNA-supported changes to the Consumer Financial Protection Bureau (CFPB). CUNA Chief Advocacy Officer Ryan Donovan thanked Fisher for the bill, which he said would benefit credit unions and consumers.

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Campaign for Common Sense Regulation: Free Webinar Thursday

WASHINGTON – Join the NJCUL and CUNA for a free Member Activation Program (MAP) Webinar this Thursday, February 2, at 3:30 p.m. ET as part of the Campaign for Common Sense Regulation. The new Congress is now in session, and it is the best time to reach out to our representatives, new and old.

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ELT Mandate Introduced in State Senate

TRENTON, N.J. – NJCUL-requested legislation that would mandate establishment of an electronic lien and titling (ELT) system for New Jersey motor vehicles to replace the state’s current paper-based system has been introduced in the state Senate by Senators Joe Vitale (D-19) and Linda Greenstein (D-14). The bill (S2968) is identical to the Assembly bill (A1943) sponsored by Assemblymen Craig Coughlin (D-19) and John Wisniewski (D-19) which passed the Assembly Transportation Committee January 19 and awaits a vote by the full Assembly.

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CUNA Call for CFPB Rulemaking Pause Picked-Up in The Hill

WASHINGTON – CUNA's call for the Consumer Financial Protection Bureau (CFPB) to halt all rulemaking activity was addressed in The Hill over the weekend, as part of coverage of President Donald Trump’s regulatory freeze. CUNA wrote to the bureau in the wake of November’s election calling for the freeze, and reiterated the call after Trump issued his freeze hours after being inaugurated.

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CUNA Reaffirms Support of Reintroduced Senior$afe Act

WASHINGTON – Sen. Susan Collins (R-Maine) introduced the Senior$afe Act of 2017 (S. 223) this week, along with Sen. Claire McCaskill (D-Mo.) and several other co-sponsors. CUNA supports the bill, and wrote a letter of support Wednesday.

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League, CU Advocates Meet with Congressman Gottheimer

NEWARK, N.J. – Representatives of the NJ Credit Union League met yesterday with the newest member of the state’s congressional delegation Rep. Joshua Gottheimer (D-5). Gottheimer, a Democrat, defeated seven-term Republican incumbent Scott Garrett in November. 

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CUNA Reiterates Call for CFPB Freeze in Wake of White House Directive

WASHINGTON – CUNA wrote to CFPB Director Richard Cordray Friday urging the bureau to impose an immediate moratorium on all of its pending and future rulemakings. CUNA has called for such an action since the election, and believes that a directive issued by President Donald Trump is consistent with CUNA’s request.

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ELT Mandate Passes Assembly Committee

TRENTON, N.J. – NJCUL-requested legislation that would mandate establishment of an electronic lien and titling (ELT) system for New Jersey motor vehicles to replace the state’s current paper based system passed the Assembly Transportation Committee Thursday.

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Groups Urge Incoming Administration to Back MBL Rule

A group of 13 conservative, libertarian and free-market organizations wrote to President-elect Donald Trump and Vice President-elect Mike Pence Tuesday to urge the incoming administration to preserve NCUA’s member business lending (MBL) rule. CUNA strongly supports the rule.

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Applications for CFPB's CUAC, CAB Now Available

WASHINGTON – Applications are now being accepted for the CFPB’s Credit Union Advisory Council (CUAC) and Consumer Advisory Board (CAB). These bodies advise and consult the CFPB regarding its functions, and provide information on emerging trends and practices in the consumer financial market.

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CUNA to Submit SBREFA Letter for Senate Hearing This Week

WASHINGTON – With only the Senate in session this week, and most of Washington, D.C.’s attention turned toward Friday’s inauguration, CUNA will submit a letter for a hearing on improving small business input on small business regulations.

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Lt. Gov. Guadagno Formally Announces Candidacy for Governor

KEANSBURG, N.J. – As expected, Lt. Gov. Kim Guadagno formally declared she is running for governor on Tuesday. She filed papers last week with the state’s Election Law Enforcement Commission establishing a campaign committee.

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ELT Mandate Slated for Committee Action Thursday

TRENTON, N.J. – NJCUL-requested legislation that would mandate establishment of an electronic lien and titling (ELT) system for New Jersey motor vehicles to replace the state’s current paper based system is scheduled for Assembly Transportation Committee consideration Thursday.

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CHOICE Act Changes Suggestion in Anticipation of Reintroduction

WASHINGTON – CUNA wrote to House Financial Services Committee Chair Rep. Jeb Hensarling (R-Texas) Friday with suggested modifications and additions to his Financial CHOICE Act, which Hensarling is expected to introduce shortly. Hensarling introduced the bill in the last Congress as an alternative to the Dodd-Frank Act.

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CU Supporter Sen. Cunningham Rumored to be Weighing Mayoral Run 

JERSEY CITY, N.J. – New Jersey state Senator Sandra Cunningham (D-31) is rumored to be considering a run for a different elected office this November. According to an unnamed source, the senator is weighing whether or not she wants to enter the race for Jersey City mayor. Her late husband, Glenn Cunningham, served as the 43rd mayor of Jersey City from July 2001 until his death in 2004

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Bills Addressing Mortgage Discrimination and Foreclosure Notifications Pass Assembly Committee

TRENTON, N.J. – An Assembly panel released two bills on Thursday that would address concerns of mortgage discrimination and foreclosure practices by prohibiting discrimination based on familial status and revising the Fair Foreclosure Act.

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Lt. Gov. Guadagno Files Papers for Gubernatorial Run

TRENTON, N.J. – Lt. Gov. Kim Guadagno yesterday filed paperwork with the state’s Election Law Enforcement Commission to run for governor. Guadagno is expected to formally announce her candidacy on Tuesday.

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Problems Not Addressed in Final State of State, Democrats Complain

TRENTON, N.J. – In his final State of the State address Tuesday Governor Chris Christie focused on the opioid addiction epidemic and said little or nothing about property taxes, school funding, or ongoing debt and credit-rating issues.

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CUNA Following Today’s CFPB Debt Collection Discussion

WASHINGTON – The Consumer Financial Protection Bureau (CFPB) will discuss debt collection at a public event Thursday, scheduled to begin at 11 a.m. The event will feature remarks from CFPB Director Richard Cordray and Washington, D.C., Attorney General Karl Racine, and will be streamed live online.

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State of the State Address, Nothing of Particular Note for Credit Unions

TRENTON, N.J. – Governor Chris Christie gave his annual State of the State address yesterday before a joint-session of the New Jersey Legislature.

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CULAC Confirms 2017-18 Board of Trustees Nominees, Tom O’Shea to Represent N.J.

WASHINGTON – The 2016 Credit Union Legislative Action Council (CULAC) Executive Committee met for the final time this week, confirming nominees for the 2017-18 class of CULAC trustees. CULAC is the Federal political action committee (PAC) of CUNA and the state leagues.

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CUNA/Leagues Reg. Relief Campaign Aims for More Favorable Environment

WASHINGTON – A credit union-friendly majority in Congress presents a major opportunity for CUNA, state leagues, credit unions, and members to work toward true regulatory relief, CUNA leadership told attendees at a Tuesday Webinar on CUNA’s Campaign for Common-Sense Regulation.

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Reps. MacArthur & Gottheimer Named to House Financial Services Committee, N.J.’s Clout Increasing

WASHINGTON – New Jersey will see a net gain in its representation on two key committees for credit unions in the 115th Congress. The Garden State’s influence is increasing elsewhere on Capitol Hill as well.

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CUNA Present for SCOTUS Surcharge Case Oral Arguments

WASHINGTON – Oral arguments are set for today in the U.S. Supreme Court (SCOTUS) case Expression Hair Design v. Schneiderman and CUNA, which submitted an amicus brief, will be present. The case concerns a retailer challenge to a New York law prohibiting merchants from imposing a surcharge for using a payment card, but does not prohibit cash discounts.

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Applications for CUAC, CAB Available Starting Jan. 16

WASHINGTON – The Consumer Financial Protection Bureau (CFPB) will be seeking applications for its Credit Union Advisory Council (CUAC) and Consumer Advisory Board (CAB) starting Jan. 16. These bodies advise and consult the CFPB regarding its functions, and provide information on emerging trends and practices in the consumer financial market.

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Bill Introduced to Delay Fiduciary Rule

WASHINGTON – Rep. Joe Wilson (R-S.C.) introduced a bill Friday that would delay the Department of Labor’s (DOL) fiduciary rule, a delay that CUNA believes would be beneficial to credit unions and their members. CUNA sought clarity about the DOL’s overly broad definition of investment advice in addition to other concerns with the DOL’s rule, which was finalized in April.

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CUNA SCOTUS Brief Attorney to Help Prep AG in Surcharge Case

WASHINGTON – The attorney who prepared CUNA’s amicus brief in the ongoing U.S. Supreme Court case regarding merchant surcharges on credit card transactions has another important role in the lawsuit.

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