Legislative & Political News

CUNA’s Nussle, Eurgubian talk CFPB RFIs at Bureau Roundtable

CUNA President/CEO Jim Nussle and Deputy Chief Advocacy Officer Elizabeth Eurgubian attended roundtable discussion Thursday with Consumer Financial Protection Bureau (CFPB) Acting Director Mick Mulvaney. The roundtable featured discussion of several of the Bureau’s recent requests for information about how it performs its functions.

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CU Advocates Meet with Sen. Van Drew, Candidate for Congress

There were little or no real surprises in New Jersey’s Congressional primary elections. Those incumbents running for re-election won their party’s nomination for an additional term, and all CULAC-supported candidates won their race.

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Murphy Said to Want $15 Minimum Wage Bill by Year's-end

According to a story in Politico, during an unrelated Atlantic City press conference Tuesday Gov. Phil Murphy said that he wants lawmakers to send him legislation before the end of the year that would raise the state's minimum wage to $15 per hour. Support for a $15 minimum wage was one of the positions candidate Murphy campaigned on last year, and he has re-affirmed that commitment on numerous occasions since taking office in January.

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CUNA Highlights Need for FCRA, Regulation Guidance Updates

The Fair Credit Reporting Act (FCRA) and its implementing regulations and guidance could be updated to provide more clarity and flexibility, CUNA wrote the Senate Banking Committee leadership Wednesday. CUNA sent its letter for the record of the committee’s Thursday hearing on the FCRA and credit bureaus.

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Former Camden Councilman Fills Legislative Vacancy

A former Camden councilman has been tapped to fill the Assembly seat vacated when the incumbent resigned following his arrest on domestic violence charges.

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Supreme Court Nominee Ruled CFPB Structure 'Unconstitutional' in 2016

Judge Brett Kavanaugh, President Trump’s nominee to fill the U.S. Supreme Court seat opening as a result of the retirement of Justice Anthony Kennedy, has served on the U.S. Court of Appeals for the D.C. Circuit since 2006. In 2016, he wrote an opinion for a three-judge panel that found the Consumer Financial Protection Bureau (CFPB)’s single-director structure unconstitutional.

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CUNA Launches MAP Community to Enhance Advocacy Coordination, Share Ideas

CUNA launched a new online community this week for its Member Activation Program (MAP), a forum where credit union industry professionals can discuss advocacy issues, communications, best practices and exchange ideas and resources to better advocate for credit unions. The MAP Community is a free and available to all CUNA members.

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CFPB Acting Deputy Director Named

Consumer Financial Protection Bureau (CFPB) Acting Director Mulvaney announced he has selected Brian Johnson, who currently serves as Principal Policy Director at the Bureau, to assume the responsibilities of Acting Deputy Director.

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CUNA Engaged in FCRA, Cybersecurity Hearings this Week

CUNA will be engaged with a Senate Banking Committee hearing on the Fair Credit Reporting Act (FCRA) this week, in addition to other activities in both chambers. The House and Senate are also expected to consider several natural resources bills.

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Credit Unions Brought $15B in Value to Marketplace in 2017

In the world of financial services, credit unions continue to provide a steady, reliable, community-based alternative, CUNA writes in its updated white paper on the credit union tax status, released Thursday. CUNA’s research finds that, in 2017 alone, the credit union system created $15 billion in financial benefits to members and non-members alike.

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CFPB’s English Resigns, Ends Leadership Challenge

Consumer Financial Protection Bureau Deputy Director Leandra English will step down from the Bureau and no longer challenge Acting Director Mick Mulvaney for leadership of the Bureau, according to reports Friday. President Donald Trump nominated White House budget official Kathy Kraninger to lead the Bureau in June.

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NCUA issues CUNA-requested update on S. 2155 HMDA changes

The National Credit Union Administration (NCUA) issued information Thursday on changes to Home Mortgage Disclosure Act (HMDA) reporting required by the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). CUNA has pushed regulators to issue guidance on the numerous regulatory relief provisions contained in the bill.

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CUNA Continues TCPA Relief Push in Reply Comments to FCC

The Federal Communications Commission (FCC) should take the opportunity suggested by CUNA and others to update the Telephone Consumer Protection Act (TCPA) to treat informational calls to wireless phones the same as calls to landlines, CUNA wrote Thursday. CUNA filed reply comments to the FCC’s petition asking for comments on the TCPA.

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SBA Legislation Signed into Law

President Trump signed legislation that would strengthen the Small Business Administration's (SBA) 7(a) loan program.

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NJCUL/CUNA Opposing NDAA Provision Excluding CUs from Military Bases

The NJCUL wrote to members of New Jersey’s Congressional Delegation to oppose a provision in the House version of the National Defense Authorization Act (H.R. 5515) that would exclude credit unions from the current resources furnished to them on military bases. The provision would be a detriment to military credit unions while granting banks access to the same bases.

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CU-backed Candidates Win in Tuesday’s Primaries, Runoffs

Numerous credit union-friendly candidates saw victories in Tuesday’s primary and runoff elections in multiple states. Primaries took place in Colorado, Maryland, New York, Oklahoma, Utah, and runoffs took place in Mississippi and South Carolina.

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CUNA Urges CFPB to Quickly Implement S. 2155 Changes

The Consumer Financial Protection Bureau (CFPB) should ramp up its efforts to issue new and amended regulations as required by the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), CUNA wrote Wednesday. CUNA was a strong supporter of the bill, which was signed into law May 24.

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CUNA Continues Capitol Hill Push to Correct Bank Falsehoods

CUNA sent its latest graphic, Setting the Record Straight, combating banker falsehoods to Capitol Hill Wednesday about large credit unions and the credit union tax status. CUNA sent two previous communications to Congressional staffers in recent weeks, all aimed at providing the truth behind banker attacks.

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CUNA/Leagues Oppose NDAA Provision Excluding CUs from Military Bases

CUNA wrote to oppose a provision in the House version of the National Defense Authorization Act (H.R. 5515) that would exclude credit unions from the current resources furnished to them on military bases. CUNA and the leagues believe this provision would be a detriment to military credit unions while granting banks access to the same bases.

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CUNA Refutes Bank Claims, Shows CUs Generate $17.1B in Taxes

CUNA continued its pushback against banker falsehoods Tuesday with a message to Congressional staffers showing the facts behind banker claims about the credit union tax status. CUNA sent a message earlier this month, and will continue outreach as appropriate.

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CUNA Calls for RBC Delay, Elimination of Loan Maturity Limits

CUNA urged the Senate Banking Committee to delay NCUA’s risk-based capital rule and eliminate maturity limits on federal credit union loans. CUNA outlined these issues in a letter sent for the record of the committee’s hearing on ways to enhance consumer access to capital.

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CUNA/League-Supported Bill with RBC Delay Passes House

The House passed a bill Tuesday that contains a CUNA/League-backed provision to delay the implementation date of NCUA’s risk-based capital rule. Specifically, it would push the bill’s effective date back to Jan. 1, 2021, from the currently scheduled Jan. 1, 2019 date.

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CUs Back Candidates in Today’s Primaries, Mississippi, S.C. Runoffs

Credit unions are supporting dozens of candidates in Tuesday’s elections, including primaries in Colorado, Maryland, New York, Oklahoma and Utah, and runoffs in Mississippi and South Carolina. Candidates are supported by CUNA, leagues and the Credit Union Legislative Action Council (CULAC), the CUNA/League political action committee (PAC).

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Jersey City Payroll Tax Measure Passes Assembly

The State Assembly Thursday approved by a 46-28-0 vote a bill (A4163) to allow municipalities with populations over 200,000 to impose a 1% employer payroll tax.

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Supreme Court Ok’s Amex Anti-Steering Rules

The Supreme Court on Monday ruled that American Express can continue its anti-steering policy that bars its merchants from telling customers they prefer one credit card brand over another. The lawsuit was originally brought by the Justice Department and 17 states in 2010, which argued that Amex's merchant rules deter competition and result in higher fees for consumers.

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CFPB Structure Is Unconstitutional, U.S. District Court Rules

A U.S. District Court judge for the Southern District of New York ruled Thursday that the Consumer Financial Protection Bureau’s (CFPB) structure is unconstitutional. The ruling contradicts a previous ruling by the D.C. Circuit Court of Appeals in an unrelated case.

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CUNA Engaged with Senate Regulatory Relief Hearing, RBC Bill

CUNA will be engaged with a Senate Banking Committee hearing Tuesday on ways to increase consumer access to capital, the first Senate hearing on regulatory relief proposals following the enactment of S. 2155. Titled “Legislative Proposals to Increase Access to Capital,” the hearing is scheduled to begin at 10 a.m. and will be streamed live.

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Momentum Building for Next Step After S. 2155 a Win, Nussle tells Washington Examiner

Following the years of effort it took for the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) to be constructed, introduced and signed into law, CUNA President/CEO Jim Nussle said credit unions are continuing to build on that momentum toward additional relief. In an interview with the Washington Examiner this week, Nussle spoke about achieving regulatory relief in today’s climate, the future of the credit union movement and more.

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CUNA Files Appellate Court Brief in ADA Lawsuit

CUNA filed a brief with the U.S. Court of Appeals for the Fourth Circuit in Griffin v. DOL FCU Wednesday, its latest legal advocacy effort to defend credit unions facing threats due to uncertainty regarding how the Americans with Disabilities Act (ADA) applies to Web sites. A judge in the Eastern District of Virginia dismissed the lawsuit in February, and now that it has reached the appellate level, a decision will provide a binding precedent for the Fourth Circuit.

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103 Members of Congress Sign ADA Letter to Attorney General Sessions, 4 From NJ

One hundred and three members of Congress signed a CUNA/League-supported letter  submitted Wednesday to Attorney General Jeff Sessions calling for the Department of Justice (DOJ) to issue Web site standards for compliance with the Americans with Disabilities Act (ADA). Credit unions around the country are facing legal threats due to uncertainty with how the ADA applies to Web sites, and CUNA has made finding a solution a top advocacy priority.

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Senate Appropriations Committee Passes FSGG Bill with Full CU Funding

The Senate Appropriations Committee passed the Financial Services and General Government (FSGG) Act for Fiscal Year 2019 Thursday, a bill that includes several CUNA/League-supported provisions. Most importantly, it contains funding for several programs used by credit unions.

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League Welcomes NJ Delegation Support of U.S. House ADA Letter

U.S. Rep’s Leonard Lance (R-7), Frank LoBiondo (R-2), Tom MacArthur (R-3) and Bill Pascrell (D-9) signed on to the Budd-Correa colleague letter to Attorney General Jefferson Sessions regarding the Americans with Disabilities Act (ADA) Web site accessibility guidelines.

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Senate Votes Down CUNA-Opposed Rescissions Bill

CUNA wrote to Senate leadership Wednesday in opposition to a bill that would rescind $141 million from the Treasury’s Community Development Financial Institutions (CDFI) Fund. The Senate voted down the legislation Wednesday afternoon by a 48 to 50 vote. 

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CUNA Supports Senate FSGG Bill with Full CDFI Funding

The Senate Appropriations sub-committee on financial services and general government (FSGG) passed its fiscal year 2019 bill Tuesday, which contains CUNA-supported full funding for the Treasury’s Community Development Financial Institutions (CDFI) Fund. CUNA and the state leagues have strongly supported full CDFI funding and successfully secured full funding during last year’s appropriations negotiations.

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Rodney Hood Nominated for NCUA Board

President Donald Trump nominated Rodney Hood to serve on the NCUA board in the seat currently held by board member Rick Metsger.

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CUNA Engaged with Senate FSGG Markups This Week

CUNA will be engaged as Senate appropriators markup financial services and general government (FSGG) appropriations legislation for fiscal year 2019 this week, paying close attention to allocations for several important credit union funds, including the Treasury’s Community Development Financial Institutions Fund and NCUA’s Community Development Revolving Loan Fund.

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CU-support Candidates Win in Nevada Primaries

Credit union-backed candidates saw success around the country in Tuesday’s primaries across five states, including in two notable races in Nevada. CUNA, the Nevada Credit Union League and the Credit Union Legislative Action Council (CULAC), CUNA's political action committee, backed the candidates.

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CUNA Comment Letter Calls for Definitions, Consent Revocation Methods in TCPA

Defining key statutory terms and identifying methods to revoke consent in the Telephone Consumer Protection Act (TCPA) will help reduce confusion for credit unions trying to remain in compliance, CUNA wrote to the Federal Communications Commission (FCC) Wednesday.

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Credit Union Advisory Council Adopts ELT Resolution

During its regular quarterly meeting Wednesday, the New Jersey Credit Union Advisory Council (CUAC) adopted a resolution on Electronic Lien and Titling (ELT). 23 states, including Pennsylvania and New York, have ELT systems in place. The New Jersey Credit Union League (NJCUL) first met with the state’s Motor Vehicles Commission (MVC) in 2012 to encourage development and implementation of ELT in New Jersey.

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Assemblyman Gusciora Elected Mayor of Trenton

Voters in New Jersey's capital city elected Assemblyman Reed Gusciora (D-15) mayor in Tuesday’s runoff election. He defeated Democratic businessman Paul Perez. Gusciora and Perez were the top two finishers in last month's non-partisan municipal election.

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Fed Raises Interest Rates

On Wednesday, the Fed announced it is raising interest rates .25 points. The bank says this is to prevent a tight labor market from driving inflation to unsustainable levels.

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CU-backed Bill Would Bring ‘Long Overdue’ BSA Updates

CUNA wrote in support of a bill it called a “long overdue” modernization of the Bank Secrecy Act (BSA) Wednesday. The Counter Terrorism and Illicit Finance Act (H.R. 6068) is scheduled to be marked up by the House Financial Services Committee Thursday.

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FSGG Bill with CU-backed Regulatory Relief Passes House Appropriations Committee

The House Appropriations Committee passed its Financial Services and General Government (FSGG) Appropriations Act for Fiscal Year 2019 late Wednesday night. The legislation includes a number of CUNA-supported regulatory relief provisions. CUNA wrote in support of the bill Wednesday prior to the committee’s markup.

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CUNA Backs Three Bills to Allow CUs to Serve Legal Cannabis Businesses

CUNA wrote in support of three bills Tuesday that would clarify the ability of financial institutions to serve cannabis-based businesses in states where it is legal. While CUNA does not have a position on legalizing or decriminalizing marijuana, it supports the ability of credit unions to serve member businesses when legal.

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CUNA-Backed BSA/AML Bill Set for Thursday Committee MarkUp

The House Financial Services Committee is scheduled to markup CUNA-backed draft legislation Thursday that would make several updates to Bank Secrecy Act/Anti-Money Laundering (BSA/AML) requirements. CUNA supports efforts to track money laundering and terrorist financing, but has also pushed for a balance of safety and costs.

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Assemblyman Gusciora on Today’s Trenton Mayoral Runoff Ballot

Voters in Trenton will decide between Assemblyman Reed Gusciora (R-15) and former Pentagon security expert Paul Perez in today’s mayoral runoff election. Gusciora received 1,833 votes or 20.76 percent to Perez’s 2,536 votes or 28.73 percent in the May 8, non-partisan election.

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CUs Back Amodei, Others in Tuesday’s Primaries

Credit unions around the country are once again active in primary elections, which will take place Tuesday in Maine, Nevada, North Dakota, South Carolina and Virginia. The main race CUNA is tracking is the primary election of Rep. Mark Amodei (R-NV), who has the support of the Nevada Credit Union League and CUNA.

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CUNA Engaged with FSGG Mark-up, Other Appropriations Bills this Week

CUNA will be closely engaged with the House Financial Services and General Government (FSGG) appropriations bill for fiscal year 2019, which is scheduled for a full committee mark-up Wednesday, as well as other hearings and meetings on Capitol Hill this week. The mark-up is scheduled to begin at noon.

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Marlene Caride Confirmed as DOBI Commissioner

Former Assemblywoman Marlene Caride was confirmed by the state Senate as commissioner of the Department of Banking and Insurance (DOBI). She had been serving as acting commissioner since January when she was nominated by Gov. Phil Murphy to head DOBI.

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CUNA/League Monitoring RBC-delay, ADA Developments

The House and Senate remain in session this week and continue their work on various appropriations bills. CUNA and the League continue to track progress on bills that include credit union-sought language related to delaying the NCUA's risk-based capital (RBC) rule, and obtaining clarity on Web site accessibility requirements under the Americans with Disabilities Act (ADA).

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CFPB Drops PHH Corp. Constitutionality Case

The CFPB filed an order Thursday dismissing its case with PHH Corporation. The lawsuit came from a 2015 fine levied by the bureau on PHH Corp. over a Real Estate Settlement Procedures Act (RESPA) issue. The case also raised questions as to the bureau's constitutionality.

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CUNA Outlines Reassigned Number Database Features to Aid CUs

CUNA supports the creation of a robust, comprehensive reassigned numbers database, it wrote to the Federal Communications Commission Thursday. CUNA has raised the issue of reassigned numbers, as part of other concerns with the Telephone Consumer Protection Act (TCPA) with the FCC, efforts that resulted in the FCC issuing a public notice requesting comments.

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CUNA Dispels Banker CU Myths in Capitol Hill Messages

CUNA reached out to Capitol Hill Thursday with a graphic containing credit union facts to dispute inaccurate banker attacks, the first in a series CUNA will be sending in the coming days.

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CUNA Opposes House Bill to Rescind $141M from CDFI Fund

CUNA wrote House leadership in opposition to a bill that would make rescissions from a part of the Treasury’s Community Development Financial Institutions (CDFI) Fund. The bill, which passed the House Thursday night by a 210-206 vote, would rescind $141 million from the CDFI Fund’s Capital Magnet Fund, which awards grants available to CDFIs.

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League Calls on U.S. House Delegation to Support “Budd-Correa” ADA Letter

HIGHTSTOWN, N.J. – The New Jersey Credit Union League has reached out the state’s U.S. House delegation members asking them to add their name to the “Budd-Correa” letter to Attorney General Sessions regarding Americans with Disabilities Act (ADA) Web site accessibility guidelines.

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CU-backed Candidates See Wins in Alabama, California, Mississippi, New Jersey

Credit union-supported candidates found success during Tuesday’s primaries across eight states, including several in notable and competitive races. Candidates are supported by state leagues, CUNA and the Credit Union Legislative Action Council (CULAC), the CUNA/League System’s political action committee (PAC).

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CFPB CU Advisory Council Shake-up Shows Need for Commission, CUNA Says

CUNA Chief Advocacy Officer Ryan Donovan said a multimember commission leading the CFPB would provide more consistency for the entities affected by Bureau activities Wednesday, in response to the Bureau announcing it would restructure its outreach activities. Reports Wednesday indicate the Bureau has dismissed all members of the Consumer Advisory Board (CAB), though the Bureau noted it would continue to fulfill CAB statutory obligations.

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CUNA Calls on CUs to Share Regulatory Burden Stories with CFPB

CUNA launched a grassroots effort this week to urge credit union stakeholders to share with the CFPB stories of the impacts of regulatory burden. CUNA has set up a Web page with resources and other information for commenters, who should submit feedback by June 19.

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CUs Need Regulatory Relief from CFPB, CUNA Writes House Sub-committee

The Consumer Financial Protection Bureau (CFPB) should look closely at the impact its rule would have on credit unions and ways to reduce regulatory burdens, CUNA wrote to a House sub-committee Wednesday. CUNA’s letter was sent for the record of a House Financial Services sub-committee on financial institutions and consumer credit’s hearing titled “Improving Transparency and Accountability at the Bureau of Consumer Financial Protection."

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SBA 7(a) Loan Measure Passes Senate, Heads to the President

The Senate Tuesday night passed the credit union-backed Small Business 7(a) Lending Oversight Reform Act (H.R. 4743), which increases the Small Business Administration's (SBA) oversight authority over the program. 

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NJ Primary Election Results

There were little or no real surprises in yesterday’s Congressional primary elections in New Jersey. Those incumbents running for re-election won their party’s nomination for an additional term, and all Credit Union Legislative Action Council (CULAC) supported candidates won their race. 

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CUNA White Paper Urges Changes to CFPB Complaint System

CUNA urged the Consumer Financial Protection Bureau (CFPB) to revisit its complaint intake system’s processes Monday in response to a Bureau request for information on its public reporting practices of consumer complaint information. Last week, CUNA submitted a white paper to the CFPB, which covers this topic, among others.

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CUNA Engaged with CFPB Hearing, Appropriations Bill this Week

Both chambers of Congress are back in Washington, D.C., and CUNA is engaged with a number of activities this week. CUNA will be heavily engaged with a Wednesday House sub-committee hearing on the Consumer Financial Protection Bureau (CFPB).

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CUNA’s Washington Office Moves to 99 M St

CUNA opened for business Monday in its new office space in Washington, relocating from Pennsylvania Avenue to 99 M St SE. CUNA is the only national credit union trade association located in the nation’s capital.

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NJ to Become 2nd State with Individual Health Insurance Mandate

Gov. Phil Murphy signed into law legislation (A3380) that will make New Jersey the second state in the nation with an individual health insurance mandate, requiring all residents to have health insurance or pay a penalty.

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Effective Dates for S. 2155 Regulatory Relief to Be Determined

CUNA, the state leagues and credit unions saw a historic victory with the signing of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) last month, but the question remains: when and how will the regulatory relief provisions in the bill become effective?

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Governor Signs UEZ Extension

Gov. Phil Murphy has signed legislation (S846) to reinstate and extend the state’s urban enterprise zones (UEZ). Under the new law (P.L.2018, c.19), the former UEZs in Bridgeton, Camden, Newark, Plainfield, and Trenton will be reinstated, and the remaining UEZs scheduled to expire prior to December 31, 2023 are extended through the end of 2023. The law also requires the Department of Community Affairs (DCA) to conduct a comprehensive analysis of the program and to issue a report on its findings to the Legislature. 

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CFPB Data Collection Moratorium Ended

CFPB Acting Director Mick Mulvaney announced that the bureau would resume collecting personally identifiable information after a six-month moratorium.

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CUNA Files Amended Complaint in Equifax Breach Lawsuit

CUNA, league, and credit union plaintiffs filed an amended complaint Wednesday in their lawsuit against Equifax. CUNA filed suit against Equifax in the wake of a data breach that exposed personal information on 145.5 million consumers and payment card data of more than 200,000 consumers.

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CUNA, World Council Discuss EU Data Protection Regulation

CUNA hosted a webinar Wednesday on the European Union’s (EU) General Data Protection Regulation (GDPR), which became effective May 25. Lance Noggle, CUNA senior director of advocacy for payments and cybersecurity, presented, along with Andy Price, World Council's regulatory counsel and Hal Scoggins of Farleigh, Wada and Witt, presented.

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Funding Available for Low-income CUs

The NCUA has issued a Notice of Funding Opportunity for low-income designated credit unions (LICUs) through the agency's Community Development Revolving Loan Fund (CDRLF) program. CUNA and the state leagues have urged Congress to fully fund the program to ensure credit unions can continue to provide financial stability for low-income members and their families.

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CFPB to Look at Consumer Complaint Database, Fintech

Speaking at a Women in Housing & Finance luncheon on Tuesday, Consumer Financial Protection Bureau's (CFPB) Acting Director Mick Mulvaney said that the Bureau will maintain its consumer complaints database, but that changes will likely be made to make the database consistent with the law. He noted that, statutorily, the Bureau is not required to make the consumer complaint database public.

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CUNA White Paper Offers CFPB Regulatory Relief Recommendations

CUNA presented the Consumer Financial Protection Bureau (CFPB) with a comprehensive white paper, “CUNA's Common-Sense Reforms to Bureau of Consumer Financial Protection Rules and Procedures,” Tuesday, as part of CUNA’s continued advocacy efforts in the wake of S. 2155 being signed into law. The white paper provides comments and recommendations to the Bureau on its series of requests for information seeking feedback on how it performs its functions.

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IRS Issues Warning on SALT Deduction Workaround

The U.S. Internal Revenue Service is warning (IR-2018-122) states like New Jersey that it will not allow them to use charitable deductions to get around the cap on state and local tax (SALT) deductions.

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Public Policy Groups Weigh-in on Tax Status, Support CU Exemption

More than a dozen public policy organizations, including the Competitive Enterprise Institute, Americans for Tax Reform, FreedomWorks and the Center for American Prosperity, are calling on Congress to abandon any discussion of scrapping the credit union tax exemption.

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CUNA Sees Government Role in Cybersecurity for Other Industries

CUNA continues to see an important role for the federal government in cybersecurity requirements for entities other than financial institutions, which are subject to strict data security requirements, but often become financially responsible for other industries’ lack of effort, it wrote to the Senate Banking Committee last week. CUNA highlighted credit unions’ role in protecting member and consumer information in a letter for the committee’s hearing cyber risks to the financial services industry.

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CUNA Requests CECL Effective Date Clarity for CUs

CUNA requested clarification on the effective date of the Financial Accounting Standards Board’s (FASB) current expected credit losses (CECL) standard in a letter sent Tuesday. CUNA supported the recommendation of the American Institute of Certified Public Accountants (AICPA), who submitted a paper to FASB staff regarding the effective date of CECL for non-public business entities (PBEs), which include state and federal chartered credit unions.

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CUNA Outlines Housing Reform Principles to Senate Banking Committee

CUNA supports an efficient, effective and fair secondary mortgage market with equal access to lenders of all sizes, it wrote to Senate Banking Committee leadership Tuesday. CUNA’s letter was sent for the record of the committee’s hearing on the status of the housing finance system.

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Major Credit Union Victory Complete as President Signs S. 2155

President Donald Trump signed the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) into law today, enacting a major piece of CUNA-supported bipartisan regulatory relief legislation. CUNA strongly supported the bill from the earliest negotiations in the Senate, and remained engaged with leagues and credit unions through House passage of the bill May 22.

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CUNA Backs RBC Delay Provision for HFSC Markup

CUNA wrote in support Tuesday of a bill provision that would delay the effective date of NCUA’s risk-based capital rule by two years. CUNA sent its letter for the House Financial Services Committee markup of several bills, including the Foreign Investment Risk Review Modernization Act of 2018 (H.R. 5841), which contains the risk-based capital provision.

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Large CU Exam Authority to Should be Moved to NCUA, CUNA Writes CFPB

The Consumer Financial Protection Bureau (CFPB) should transfer examination and enforcement authority of the largest credit unions to NCUA, CUNA wrote to the bureau Monday. The letter was sent in response to a bureau request for information on its supervision program.

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CUs Earn Historic Victory as House Passes Regulatory Relief Bill (S. 2155)

The House voted Tuesday to pass the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), a bipartisan regulatory relief bill that will provide much-needed regulatory relief for credit unions. Having passed the Senate in March, the bill now goes to President Donald Trump for his signature, which is expected in the coming days.

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President Signs Resolution Voiding CFPB Auto Lending Bulletin

WASHINGTON – President Donald Trump Monday signed a CUNA-backed resolution of disapproval for the Consumer Financial Protection Bureau’s indirect auto lending bulletin. The bulletin, which CUNA is concerned with since did not go through the formal rulemaking process, was voided under the Congressional Review Act.

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On Behalf of CU System, CUNA Engaged with House S. 2155 Consideration, Markups this Week

This week will be a busy one on Capitol Hill, as both chambers are in session for a number of votes, mark-ups, and hearings. CUNA is most notably engaged with House consideration of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), which is expected to see a House vote as early as Tuesday.

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DOBI Re-Issues Disaster-Related Bulletins

TRENTON, N.J. – The Department of Banking & Insurance (DOBI) has re-issued two disaster-related bulletins.

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CUNA-Requested ADA Language Added to House Appropriations Bill

CUNA-requested language requesting the Department of Justice clarify Web site accessibility standards for the Americans with Disabilities Act (ADA) was successfully added to a House appropriations bill Friday. Credit unions around the country are facing numerous legal challenges due to uncertainty with how the ADA applies to Web sites, and CUNA has made finding a solution a top advocacy priority.

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Nussle Calls for Final S. 2155 Push, House Vote Likely this Week

The House intends to vote on the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) as early as Tuesday. The House Rules Committee will meet on the bill Monday at 5 p.m., which clears the way for likely consideration this week.

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House Rules Committee to Meet on S. 2155, Setting Up Vote

The House Rules Committee announced it will meet on the Economic Growth, Regulatory Relief and Consumer Protect Act (S. 2155) Monday at 5 p.m. (ET), paving the way for the House to vote on the bill next week. CUNA and leagues strongly support the bill, which contains several regulatory relief provisions for credit unions. The CUNA/league system is urging stakeholders to contact their members of Congress to support the bill.

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RBC Rule Delay Included in House Foreign Investment Bill

Language to delay the NCUA's risk-based capital (RBC) rule by two years is included in the Foreign Investment Risk Review Modernization Act of 2018 (H.R. 5841) introduced in the U.S. House yesterday. House Financial Services Committee Chairman Jeb Hensarling (R-TX) was instrumental in getting the language added to the foreign investment bill.

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NCUA’s Streamlined CDFI Process Available for CUs June 4-22, September 10-28

Credit unions interesting in coordinating with NCUA in the agency’s streamlined Community Development Financial Institution (CDFI) certification applications process will be able to do so from June 4-22 and September 10-28 this year. The agency discussed the process, and what credit unions can do with CDFI certification, during a webinar Wednesday.

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Fed Nominees Voice Support for Tailoring Regulations

Testifying before the Senate Banking Committee Tuesday, Federal Reserve Board of Governor nominees Richard Clarida and Michelle Bowman offered their support of reducing the regulatory burden facing community-based financial institutions by better tailoring regulations. 

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FCC Seeks Input on TCPA Issues Highlighted by CUNA

The Federal Communications Commission (FCC) issued a public notice requesting comments on several issues CUNA has raised regarding the Telephone Consumer Protection Act (TCPA). CUNA has asked the FCC to take action to clarify several aspects of the TCPA after several parts were overturned by the D.C. Court of Appeals in March.

in Legislative & Political News
FinCEN Should Continue Work to Ease CDD Issues, CUNA Writes

The Treasury’s Financial Crimes Enforcement Network (FinCEN) should continue to work with the financial services industry as any issues with implementation of its customer due diligence (CDD) rule arise, CUNA wrote Tuesday. CUNA sent a letter for the record of a House sub-committee hearing on the rule, which became effective last week. 

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Regulatory Reform (S. 2155) Vote Expected Next Week, CUNA/Leagues Renew Call-to-Action

The House intends to vote on the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) next week, as early as Tuesday, according to numerous reports. Leagues across the nation have joined CUNA President/CEO Jim Nussle in urging credit unions to make a final push to encourage members of the House to support the bill.

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