Legislative & Political News

Push Continues for ADA Compliance Answers, Rep’s Watson Coleman and MacArthur Lend Support

WASHINGTON -- CUNA wrote in support of legislation Monday that CUNA President/CEO Jim Nussle called an important step forward in addressing the threat of litigation under the Americans with Disabilities Act (ADA). The ADA Education and Reform Act of 2017 (H.R. 620) was introduced in January by a bipartisan group of six House members and was reported favorably by the House Judiciary Committee in September.

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CFPB Releases Non-binding Principles for Consumer-led Data Sharing

WASHINGTON -- The CFPB yesterday released principles intended to help protect consumers when they allow third-party companies to access their financial data in exchange for certain products and services. The principles are not binding and do not create new data sharing regulatory requirements.

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GUDPA Rules, Proposed Re-adoption with Amendments Issued

TRENTON, N.J. – The N.J. Department of Banking & Insurance (DOBI) has issued a Notice of Proposed Rulemaking (PRN 2017-250) to re-adopt with amendments N.J.A.C. 3:34, the rules governing municipal deposits and municipal depositories under the Governmental Unit Depository Protection Act, or GUDPA.

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CUNA Advocating for ADA Compliance Answers

WASHINGTON -- CUNA President/CEO Jim Nussle reached out to CUNA members Tuesday morning to encourage credit unions to protect themselves from predatory litigation stemming from the Americans with Disabilities Act (ADA) and recommend resources to help. A number of credit unions have been subject to ADA-related lawsuits in recent months, and CUNA is working on a solution with Congress and federal agencies.

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CUNA asks Senate Banking Committee to Consider Consumer Data Vulnerabilities

WASHINGTON -- CUNA encouraged Congress to consider ways consumers’ personal data could be put at risk in a letter to Senate Banking Committee leadership Tuesday. CUNA President/CEO Jim Nussle submitted the letter for the record of the committee’s hearing on consumer data security and credit bureaus.

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Taxi Medallion Twofer Could Provide Relief

NEW YORK -- Crain’s New York Business reported yesterday that the New York City Council Transportation Committee chairman, a former livery driver himself, has a plan to save the yellow cab industry.

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CUNA, Leagues Back Bill that Addresses ADA Litigation Threats

WASHINGTON -- CUNA wrote in support of legislation Monday that CUNA President/CEO Jim Nussle called an important step forward in addressing the threat of litigation under the Americans with Disabilities Act (ADA). The ADA Education and Reform Act of 2017 (H.R. 620) was introduced in January by a bipartisan group of six House members and Rep. Tom MacArthur (R-3) from New Jersey added his co-sponsorship. The bill was reported favorably by the House Judiciary Committee in September.

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Credit Bureau Data Security Continues to Draw Lawmaker Attention

WASHINGTON -- Senate Banking Committee Chairman Mike Crapo (R-ID) sent a letter Thursday to three federal agencies requesting information on their ability to oversee credit bureaus and ensure consumer data is protected. Crapo expressed concern about a "regulatory gap" for data security standards.

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CFPB's TRID Guide Updated, Version 5.0 Now Covers Construction Loans, Tolerance Provisions

The CFPB updated its TILA/RESPA integrated disclosure rule's (TRID) Small-entity Compliance Guide with new guidance on construction loans and tolerance provisions for the total of payments, which credit unions may find useful as they work to comply with the revised rule-making.

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Senate Banking Committee Schedules Hearing on Credit Bureau Data Security

WASHINGTON -- The Senate Banking Committee will hold a hearing Tuesday on credit bureau consumer data security in further follow-up to the Equifax data breach which is believed to have affected more than 145 million Americans.

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HFSC Passes Eight CUNA-Backed Regulatory Relief Bills

The House Financial Services Committee (HFSC) passed eight CUNA-supported regulatory relief bills in a markup Thursday. CUNA wrote to committee leadership supporting the bills leading up to the markup.

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TCPA Concerns Shared with Energy, Commerce Subcommittee, Webinar Hosted, Web site Launched

WASHINGTON -- CUNA wrote to a House Energy and Commerce subcommittee Wednesday to request consideration of issues CUNA has raised with the Telephone Consumer Protection Act as the subcommittee conducts a mark-up. CUNA filed a petition seeking TCPA relief last month, and it was issued for comment by the Federal Communications Commission (FCC) last week.

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CUNA, Leagues Push for ADA Web site Guidance from DOJ

WASHINGTON -- CUNA and league partners are working with Congress to remedy an issue surrounding compliance with the Americans with Disabilities Act that is leading to lawsuits against credit unions. Credit unions are seeking guidance on what is required for Web sites and online banking software under the ADA.

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Support of Regulatory Relief Bills Outlined Before Mark-up

CUNA wrote House Financial Services Committee leadership Wednesday to support eight regulatory relief bills the committee is marking up. The mark-up began Wednesday and is expected to continue until at least today.

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HFSC to Mark-Up Eight CUNA-Backed Reg Relief Bills

The House Financial Services Committee will mark-up eight CUNA-supported regulatory relief bills this week, part of a mark-up of 23 total pieces of legislation Wednesday. CUNA will continue its engagement through the mark-up to work toward advancing the bills through the legislative process.

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CUNA's TCPA Webinar to Address Petition Process, CU Impact

CUNA members are invited to attend a free webinar to discuss the regulatory relief goals of CUNA’s petition that was recently filed with the Federal Communications Commission (FCC) regarding the Telephone Consumer Protection Act (TCPA), which the FCC has opened for comment.

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Regulatory Relief Mark-Up Wednesday; Future of Housing Finance Hearing Thursday

WASHINGTON -- The House Financial Services Committee mark-up session tomorrow will include several credit union-backed bills, including ones related to Home Mortgage Disclosure Act improvements (H.R. 2954) and robocall scams targeting seniors (H.R. 3758).  Rep. Josh Gottheimer (D-5) is a co-sponsor of H.R. 3758, the Senior Safe Act of 2017.

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FCC Opens CUNA’s TCPA Petition for Public Comment

WASHINGTON -- The Federal Communications Commission (FCC) granted CUNA’s request and put out its Telephone Consumer Protection Act (TCPA) petition for public comment.

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First Gubernatorial Debate Tonight, League Sends Questionnaire on Key CU Issues

NEWARK, N.J. -- With exactly four weeks to election day when voters decide who will succeed Chris Christie as governor, Republican Kim Guadagno and Democratic Phil Murphy and will face off tonight in their first televised debate.

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Whole Foods Breach incudes Clark, Metuchen & Union Locations

AUSTIN, TX -- Taprooms and restaurants at three Whole Foods locations in New Jersey were affected by a credit and debit card breach, the company confirmed last week.

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NJ Minimum Wage Increases to $8.60 in 2018

TRENTON, N.J. -- On Friday, Sept. 29, the NJ Department of Labor and Workforce Development announced that New Jersey’s minimum wage will increase 16 cents from $8.44 per hour to $8.60 per hour on January 1, 2018.

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State Senate Vacancies Filled as Two Take Oath of Office

TRENTON, N.J. -- The state Senate swore in two new members yesterday, Democrat Colin Bell and Republican Kristin Corrado.

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CUNA to Host Free Webinar on TCPA Petition Oct. 11

WASHINGTON -- CUNA members are invited to attend a free webinar to discuss the petition CUNA filed last week regarding the Telephone Consumer Protection Act (TCPA). Registration is open for the member-only webinar scheduled for 3 p.m., Wednesday, Oct. 11.

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CUNA Continues Equifax Engagement w/ Congressional Letters

WASHINGTON -- CUNA continued its push for Congress to ensure consumers affected by the Equifax data breach are notified and protected with letters sent to three committees Wednesday and Thursday. The letters were sent to leaders of the Senate Banking Committee,  Senate Judiciary Committee and House Financial Services Committee, each of which conducted a hearing on the breach this week.

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Ex-Equifax CEO Testifies before Four Congressional Committees, Attributes Breach to Human Error

WASHINGTON – Former-Equifax CEO Richard Smith testified before four congressional committees this week. While defending the timeline and the actions he and other employees took after the breach was discovered, he said more can be done protect consumers' financial information and acknowledged Equifax's failure to apply a patch to a known security issue prior to the breach. Smith retired from the company last week following a meeting of its board of directors. Two senior security executives retired earlier in September.

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CUNA Files Equifax Lawsuit

WASHINGTON – CUNA filed its lawsuit Wednesday against Equifax, a suit brought in the wake of a data breach resulting in hackers accessing information on 145.5 million consumers and payment card data of more than 200,000 consumers. Several credit unions will join the lawsuit as well.

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Robocall Scams Discussed at Senate Hearing

WASHINGTON -- The Senate Special Committee on Aging yesterday hosted a hearing to get an update on how various entities are combatting robocalls and why so many Americans are still targeted by scams.

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Equifax Criticism Continues During Wednesday Senate Hearings

WASHINGTON -- Former Equifax CEO Richard Smith continued his tour on Capitol Hill yesterday to defend his previous employer's response to a data breach that disclosed the personal financial information of more than 145 million Americans.

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CUNA Subcommittee Discusses Regulatory Relief w/ NCUA, CFPB, Lawmakers

WASHINGTON -- Members of CUNA’s Consumer Protection Subcommittee discussed the need for regulatory relief and other topics with NCUA, the Consumer Financial Protection Bureau (CFPB), lawmakers and CUNA staff during their fly-in meeting this week. A chief topic of discussion with both NCUA and CFPB was CUNA’s Telephone Consumer Protect Act (TCPA) petition, and CUNA’s subsequent letters to the agencies asking for their support.

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CUNA Files Equifax Lawsuit, NJCUL Free Webinar Tomorrow on CU Legal Rights

WASHINGTON -- CUNA filed its lawsuit Wednesday against Equifax, a suit brought in the wake of a data breach resulting in hackers accessing information on 145.5 million consumers and payment card data of more than 200,000 consumers. Several credit unions will join the lawsuit as well.

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Fannie, Freddie Need to Rebuild Capital Buffers, FHFA Director Testifies

WASHINGTON -- Federal Housing Finance Agency (FHFA) Director Mel Watt told the House Financial Services Committee Tuesday that it would be "irresponsible" for the government-sponsored enterprises (GSEs) to not be allowed to rebuild their capital buffers.

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CUNA Requests TCPA Petition Support from NCUA, CFPB

WASHINGTON -- Members of CUNA’s Consumer Protection Subcommittee are in Washington, D.C. this week to meet with NCUA and the Consumer Financial Protection Bureau (CFPB) to discuss matters of importance to credit unions. This includes two letters CUNA sent to both agencies Tuesday seeking support for the petition it filed last week with the Federal Communications Commission (FCC) regarding the Telephone Consumer Protection Act (TCPA).

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ABA Files Additional Info. on FOM Rule Lawsuit

WASHINGTON -- The American Bankers Association (ABA) yesterday filed a notice of supplemental authority with the U.S. District Court for the District of Columbia against the NCUA's revised field-of-membership (FOM) rule, which took effect in February.

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CUNA Asks Congress to Ensure Awareness of Equifax Breach

WASHINGTON -- CUNA wrote to a House Energy and Commerce subcommittee Tuesday expressing concerns about the Equifax data breach’s effect on loan underwriting. The House Energy and Commerce subcommittee on digital commerce and consumer protection conducted a hearing on the breach Tuesday, with former Equifax CEO and Chairman Richard Smith testifying (see related story).

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Ex-Equifax CEO Testifies, Attributes Breach to Human Error

WASHINGTON – During his testimony before the House Energy and Commerce Subcommittee on Digital Commerce and Consumer Protection yesterday, former-Equifax CEO Richard Smith said more can be done to protect consumers' financial information in light of the company's recent data breach.

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Nussle Says TCPA Needs to Work for CUs in Op-Ed

WASHINGTON – CUNA President/CEO Jim Nussle said it’s time to make the Telephone Consumer Protection Act (TCPA) work for credit unions in a Credit Union Journal op-ed Monday. Nussle’s piece comes after CUNA filed a petition with the Federal Communications Commission (FCC) seeking TCPA relief last week.

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CUNA Participates in Treasury’s ‘Cut the Red Tape’ Summit

WASHINGTON – CUNA participated in the Treasury Department’s “Cut the Red Tape” summit Monday to discuss ways the agency might facilitate regulatory relief for financial institutions and other entities. CUNA Senior Director of Advocacy and Counsel Elizabeth Eurgubian was in attendance.

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CUNA on Hill for Equifax, Other Hearings this Week

WASHINGTON – CUNA is engaged with three separate hearings this week regarding the Equifax data breach, as well as several other hearings in both chambers of Congress. CUNA is continuing to monitor potential effects of the breach, while announcing its intention to sue Equifax and conducting a call on potential credit union legal actions.

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CUNA Outlines Path to TCPA Regulatory Relief in FCC Petition

CUNA filed a petition Friday with the Federal Communications Commission regarding the Telephone Consumer Protection Act (TCPA), outlining how it can provide credit unions with regulatory relief from the onerous requirements for communicating with member-owners. In the petition, CUNA proposes two routes for providing credit unions with greater ability to communicate with consumers about information they want and need on their cell phone.

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CUNA Stresses Merger Flexibility in Letter to NCUA

WASHINGTON -- CUNA forwarded a letter Thursday to the NCUA commenting on the agency’s proposed rule on emergency merger.

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Whole Foods Investigating Data Breach; CUNA/Leagues Continue Call for National Standard

AUSTIN, TX -- Whole Foods Market recently announced that those who drank and dined in its taprooms and full-service restaurants should closely monitor their debit and credit cards as card-payment information may have been hacked.

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MBL Cap Exclusion for Loans to Vets Re-introduced

Legislation to exclude loans made to veterans from the statutory credit union member business loan (MBL) cap was reintroduced yesterday. The bill, H.R. 3866, covers business loans to any veteran who served on active duty and was discharged or released under conditions other than dishonorable.

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CUNA Backs House Bill to Protect Seniors, FI Employees

WASHINGTON – CUNA President/CEO Jim Nussle sent a letter of support for legislation introduced by Reps. Bruce Poliquin (R-Maine) and Kyrsten Sinema (D-Ariz.) to protect financial institutions that suspect elder financial abuse. The Senior Safe Act of 2017 (H.R. 3758) also has a Senate companion bill (S.223).

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FCC Action on Reassigned Number Database Proposal Urged

WASHINGTON – CUNA urged the Federal Communications Commission (FCC) this week to move forward quickly on a notice of proposed rulemaking for the establishment of a database for reassigned numbers. The letter follows up CUNA’s August letter in which it backed the creation of such a database that all voice providers are required to report to.

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New Regulation CC Proposal Sought

WASHINGTON – The Consumer Financial Protection Bureau (CFPB) should re-propose changes to Regulation CC (which governs the Expedited Funds Availability Act) first proposed by the Federal Reserve in 2011. CUNA wrote to the bureau Wednesday highlighting the significant concerns it raised in 2011.

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Bill to Raise HMDA Reporting Thresholds Supported

WASHINGTON – CUNA wrote to Rep. Tom Emmer (R-Minn.) Wednesday in support of his bill that would provide regulatory relief from some Home Mortgage Disclosure Act (HMDA) reporting requirements. The Home Mortgage Disclosure Adjustment Act (H.R. 2954) would raise the reporting threshold for certain HMDA requirements.

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Nussle Urges Support for CU Priorities in Senate Appropriations Bill

WASHINGTON -- CUNA wrote to Senate appropriators Wednesday to support funding levels for two credit union-related funds, and to keep language placing the NCUA under appropriations out of any Senate appropriations bill. The House passed its appropriations bill earlier this month, and the Senate appropriations subcommittees are currently constructing their bills.

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CUNA, 68 CDFI CUs Call for Full FY2018 Funding

WASHINGTON -- CUNA and 68 certified Community Development Financial Institution (CDFI) credit unions wrote to Congress Wednesday to strongly support full funding for the Treasury's CDFI Fund at $248 million for Fiscal Year (FY) 2018, the same amount Congress appropriated for FY 2017.

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GOP Tax Proposal Silent on CUs, Unfunded Cuts Could Pose a Threat

WASHINGTON -- While no changes to the credit union tax exemption were proposed in the Republicans' latest tax reform platform released Wednesday, CUNA and the state leagues remain prepared to defend the credit union tax status if necessary. The 9-page document calls for tax cuts, but does not provide specific details about how they would be funded.

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TCCUSF Closure Tops NCUA’s Agenda

ALEXANDRIA, Va. -- The NCUA board will vote on closing the Temporary Corporate Credit Union Stabilization Fund (TCCUSF) at today’s board meeting.

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Nussle Discusses Tax Reform Process, Timing on CNBC

CUNA President/CEO Jim Nussle appeared on CNBC’s "Squawk Box" Tuesday morning to share thoughts on the tax reform process. Nussle has extensive experience on the topic as he served in Congress from 1991 to 2007 and as director of the Office of Management and Budget from 2007 to 2009.

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Sen. Warren Launches Industry Probe, Will Introduce Equifax Bill

WASHINGTON – U.S. Senator Elizabeth Warren said on Friday that she has begun an investigation into Equifax's data breach and, along with 11 other Democratic senators, will introduce a bill to give consumers the ability to freeze their credit for free.

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Nussle Posts CU Mission and Structure Remain Unchanged, So Should Tax Status

WASHINGTON – The credit union mission and structure remain unchanged, and so should the credit union tax status, CUNA President/CEO Jim Nussle wrote in a LinkedIn post Monday. Nussle responded to a recent article in U.S. News questioning the tax treatment of credit unions.

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CUNA, CUs Meet with SBA on Small Business Lending

WASHINGTON – CUNA and several member credit unions participated in the Small Business Administration’s (SBA) Office of Advocacy Financial Roundtable Monday. The discussion featured the Consumer Financial Protection Bureau’s (CFPB) request for information on the small business lending market.

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CUNA Backs Bill to Clarify CFPB Insurance Supervision Authority

WASHINGTON – CUNA wrote Monday in support of the Business of Insurance Regulatory Reform Act of 2017 (H.R. 3746), which clarifies the business of insurance is exempt from Consumer Financial Protection Bureau (CFPB) authority.

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Settlement Approved in Home Depot Breach Lawsuit

ATLANTA – The chief judge for the U.S. District Court for the Northern District of Georgia approved a settlement Friday between Home Depot and financial institutions in a lawsuit brought in the wake of a 2014 data breach. CUNA, state leagues, and a number of credit unions are among the plaintiffs.

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Faster Payments Task Force Concerns Voiced

WASHINGTON -- CUNA joined with other trade associations Thursday to write to Federal Reserve leadership outlining concerns with the Fed’s Secure Payments Task Force. The Task Force was established to provide a forum for stakeholder collaboration and to advise the Federal Reserve on matters related to payments security.

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Nussle Pens Op-ed on CFPB Arbitration Rule

WASHINGTON -- The Consumer Financial Protection Bureau’s (CFPB) arbitration rule is the latest harmful example of one-size-fits-all regulations and must go, CUNA President/CEO Jim Nussle wrote Friday in Morning ConsultNussle wrote in support of the Senate acting to repeal the rule through the Congressional Review Act.

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Make Your Voice Heard: Registration Open for CUNA GAC Set for Feb. 25 to March 1, 2018

MADISON, Wis., and WASHINGTON – More than 5,000 credit union professionals will gather in Washington, D.C., in 2018 for the foremost credit union event of the year: the 2018 CUNA Governmental Affairs Conference, set for February 25 – March 1.

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League, CU Advocates Meet with Rep’s Payne and Pascrell

HIGHTSTOWN, N.J. – As part of its ongoing advocacy program, the NJ Credit Union League and credit union advocates met with Congressmen Donald Payne, Jr. (D-10) and Bill Pascrell, Jr. (D-9) this week to discuss tax reform, regulatory burden and common-sense regulation, as well as other issues of concern to credit unions. Congressman Pascrell serves on the House Ways and Means Committee which has jurisdiction over all tax legislation and is ground-zero for tax reform.

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GAC Registration Opens Today

WASHINGTON -- The 2018 CUNA Governmental Affairs Conference (GAC) registration is now open. This event is the premier event for political impact in the credit union industry, gathering thousands of industry leaders to remind lawmakers and regulators why credit unions are Americans’ best financial partners.

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CFPB Finalizes ECOA Compliance Reforms, Issues HMDA Guidance Proposal

WASHINGTON -- The Consumer Financial Protection Bureau (CFPB) Wednesday finalized CUNA-supported changes to its Equal Credit Opportunity Act (ECOA) regulations, while issuing a separate proposal seeking input on proposed Home Mortgage Disclosure Act (HMDA) policy guidance. CUNA supported the ECOA changes in its comment letter sent in May, saying the changes would provide a measure of regulatory relief.

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TCCUSF Closure on NCUA Sept. 28 Agenda

ALEXANDRIA, Va. -- The NCUA board will discuss closing the Temporary Corporate Credit Union Stabilization Fund (TCCUSF) at its Sept. 28 meeting, according to the agenda released Wednesday. CUNA strongly supports closure of the fund and for NCUA to begin issuing refunds starting in 2018, the only national trade association for credit unions to hold that position.

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RBC 'Stop and Study' Bill Reintroduced

WASHINGTON -- Legislation that would require NCUA to conduct a study on the appropriate capital requirements for credit unions before implementing its final risk-based capital (RBC) rule scheduled to take effect Jan. 1, 2019 has been reintroduced in the House.

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NCUA Funding Amendment a Win for 360-degree Advocacy, Says CUNA CAO

MADISON, Wis. -- CUNA Chief Advocacy Officer Ryan Donovan called last week’s successful amendment keeping NCUA out of the appropriations process a great example of what’s possible with 360-degree advocacy in an interview with CUBroadcast Tuesday. Donovan, being interviewed from Madison, Wis., talked about how CUNA, leagues, credit unions and members made their voices heard during the process, as well as what comes next.

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League, CU Advocates Meet with Congressman Pascrell

HIGHTSTOWN, N.J. – As part of its ongoing advocacy program, the NJ Credit Union League and credit union advocates met yesterday with Congressman Bill Pascrell, Jr. (D-9) to discuss tax reform, regulatory burden and common-sense regulation, as well as other issues of concern to credit unions. A long-time credit union supporter, Pascrell serves on the House Ways and Means Committee which has jurisdiction over all tax legislation and is ground-zero for tax reform.

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CUNA Continues to Urge Arbitration Vote, Engaged with Tax Hearing

WASHINGTON – Though the House is in recess this week, the Senate is in session, and CUNA is engaged with a number of happenings this week on Capitol Hill. Most notably, CUNA will continue encouraging senators to vote in favor of the repeal of the Consumer Financial Protection Bureau's arbitration rule under the Congressional Review Act.

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League, CU Advocates Meet with Congressman Payne

HIGHTSTOWN, N.J. – As part of its ongoing advocacy program, the NJ Credit Union League and credit union advocates met yesterday with Congressman Donald Payne, Jr. (D-10) to discuss regulatory burden and common-sense regulation, as well as other issues of concern to credit unions. The League is also meeting this morning with Congressman Bill Pascrell, Jr. (D-9).

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Nussle Op-ed Highlights Key Advocacy Victory

WASHINGTON -- CUNA President/CEO Jim Nussle celebrated a major advocacy victory for CUNA and its league partners in an op-ed piece published online by the Credit Union Times on Friday.

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League, CU Advocates Meeting this Week with Rep’s Payne and Pascrell

HIGHTSTOWN, N.J. – As part of its ongoing advocacy program, the NJ Credit Union League and credit union advocates will meet with Congressmen Donald Payne, Jr. (D-10) and Bill Pascrell, Jr. (D-9) this week to discuss regulatory burden and common-sense regulation, as well as other issues of concern to credit unions.

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Additional Small Biz Data Collection Adds to CU Burden, CUNA Says

Credit unions are concerned about the likely unintended consequences of having to collect additional data on small business lending, CUNA wrote to the Consumer Financial Protection Bureau (CFPB) Thursday. CUNA’s letter was written in response to the bureau's request for information about the small business lending market.

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Employers Must Use New I-9 Form by Monday

WASHINGTON – Employers must begin using the new Form I-9 by Monday to verify that their employees are eligible for work in the U.S.. The federal government released the new form on July 17, the second such update this year, according to the news Web site HR Dive.

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CUs Get Significant Regulatory Relief in House-Passed Appropriations Bill

WASHINGTON – The House voted Thursday in favor of H.R. 3354, an appropriations bill that contains several major victories for credit unions. The bill keeps NCUA out of the appropriations process, a provision the CUNA/league system advocated heavily for on Capitol Hill, and contains significant regulatory relief, including changes to the Consumer Financial Protection Bureau (CFPB).

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CUNA, Trades Urge Senate to Repeal CFPB Arbitration Rule, NJCUL Weighs-in with Sen’s Menendez and Booker

WASHINGTON and HIGHTSTOWN, N.J. -- CUNA, along with trade associations representing nearly every community financial institution in America, sent a joint letter to Senate leadership Monday to support repeal of the Consumer Financial Protection Bureau’s (CFPB) arbitration rule and the NJCUL weighed-in with its own letter to Senators Robert Menendez (D-NJ) and Cory Booker (D-NJ).

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Major CU Victory as House Adopts NCUA Funding Amendment, Passes Bill with Several Regulatory Relief Priorities

WASHINGTON -- The U.S. House approved by voice vote Wednesday an amendment removing language placing NCUA under the appropriations process from its appropriations bill (H.R. 3354). CUNA and the leagues worked closely to engage credit union activists over the last few weeks in a nationwide Call-to-Action to ensure the amendment was approved.

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CUNA, DCUC take MLA Concerns Directly to Senior DoD Officials, Lawmakers Pen Letter to DoD

WASHINGTON -- CUNA and the Defense Credit Union Council (DCUC) met with Department of Defense (DoD) officials Wednesday to discuss the need for additional guidance relating to changes to the Military Lending Act (MLA). CUNA Chief Compliance Officer Jared Ihrig and DCUC President/CEO Tony Hernandez attended the meeting with Andy Cohen, director of the Office of Financial Readiness at the Office of the Under Secretary of Defense (Personnel and Readiness); Fred Drummond, deputy assistant secretary for Force Education and Training; and Lt. Col. Reggie Yager, acting director of Legal Policy.

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DOBI to Publish Long-awaited Prize-linked Account Rules for State Charters

TRENTON, N.J. -- The NJ Department of Banking and Insurance (DOBI) has notified the NJCUL that the long-awaited 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" have been finalized and the Notice of Adoption is scheduled to appear in the NJ Register on Oct. 2nd.

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NCUA Funding Amendment Adopted, Strong CU Grassroots Activism Results in Major Victory

WASHINGTON -- The U.S. House approved by voice vote Wednesday an amendment removing language placing NCUA under the appropriations process from its appropriations bill (H.R. 3354). CUNA and the leagues worked closely to engage credit union activists over the last few weeks in a nationwide Call-to-Action to ensure the amendment was approved.

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CUNA/League System Advocacy Leads to Relief for Nearly 500 CUs in HELOC Rule

WASHINGTON -- In what is a significant victory for CUNA's 360-degree advocacy efforts, two-thirds of all credit unions that would have been subject to home equity line of credit reporting under the Home Mortgage Disclosure Act (HMDA) will receive direct exemptions.

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CUNA, Trades Urge Senate to Repeal CFPB Arbitration Rule, NJCUL Weighs-in with Sen’s Menendez and Booker

WASHINGTON and HIGHTSTOWN, N.J. -- CUNA, along with trade associations representing nearly every community financial institution in America, sent a joint letter to Senate leadership Monday to support the repeal of the Consumer Financial Protection Bureau’s (CFPB) arbitration rule, and the NJCUL weighed-in with its own letter to Senators Robert Menendez (D-NJ) and Cory Booker (D-NJ).

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NCUA Funding Call-to-Action Continues with Afternoon Vote Possible

HIGHTSTOWN, N.J. – The nationwide urgent Call-to-Action on NCUA funding continues with Congress expected to vote on the important Amodei-Aguilar Amendment as early as this afternoon.

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League Pens Letter to House Delegation, NCUA Funding Call-to-Action Continues

WASHINGTON – CUNA and the state leagues launched an urgent Call-to-Action on NCUA funding Thursday afternoon. With a vote possibly as soon as late today or tomorrow, the urgent Call-to-Action continues, and yesterday, NJCUL President/CEO David Frankil faxed a letter to each member of the state’s U.S. House delegation.

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President Signs Funding Package for Flood Insurance and CDFI

WASHINGTON -- President Donald Trump signed a funding package Friday that will fund the federal government and reauthorize the National Flood Insurance Program through Dec. 8. Current funding for the federal government was set to expire Sept. 30.

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NCUA Funding Call-to-Action Continues

WASHINGTON -- CUNA and the state Leagues launched an urgent Call-to-Action on NCUA funding Thursday afternoon.

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CUNA backs FCRA, RESPA, TRID Regulatory Relief Bills

WASHINGTON -- CUNA wrote in support of three pieces of regulatory relief legislation Thursday, bills that were among six discussed in a House Financial Services subcommittee hearing. The letter, sent to subcommittee Chair Rep. Blaine Luetkemeyer (R-Mo.) and ranking member Lacy Clay (D-Mo.), was sent for the record of the hearing.

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DOBI Re-Issues Pre- and Post-Disaster Regulatory Guidance Bulletin

TRENTON, N.J. – With what is proving early on to be an historic hurricane season, the NJ Department of Banking and Insurance has re-issued its Pre- and Post-Disaster Regulatory Guidance Bulletin.

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ADA Bill Could Curb Frivolous Lawsuits Against CUs

An Americans with Disabilities Act (ADA) bill that cleared the House Judiciary Committee would likely curb frivolous lawsuits against credit unions filed under the ADA. The bill would set conditions for filing civil actions over the failure to remove an architectural barrier to an existing public place, among other things.

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CFPB CUAC Met Thursday in Washington

WASHINGTON -- The Consumer Financial Protection Bureau’s (CFPB) Credit Union Advisory Council (CUAC) held a public meeting Thursday afternoon at CFPB Headquarters in Washington, D.C.

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NJCUL Testifies on ELT at Red Tape Review Commission Hearing

LAWRENCEVILLE, N.J. – In its continuing effort to advance Electronic Lien and Titling (ELT) in New Jersey, New Jersey Credit Union League (NJCUL) President/CEO David Frankil testified at Thursday’s Red Tape Review Commission (RTRC) hearing in Lawrenceville. The invitation to testify was a result of Lieutenant Governor Kim Guadagno’s recent visit to the League’s headquarters to hear first-hand about credit union public policy issues and legislative priorities. Guadagno chairs the commission.

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CUNA, Leagues Launch Urgent Call-to-Action on NCUA Funding

WASHINGTON -- CUNA and the state Leagues launched an urgent Call-to-Action on NCUA funding yesterday afternoon.

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U.S. District Court Rules DOL’s Overtime Rule Remains Unenforceable

SHERMAN, TX -- A US District Court last week ruled against the Department of Labor’s Overtime Rule in the case of Nevada v. U.S. Department of Labor (DOL). If upheld, the overtime rule would have increased the threshold for overtime pay eligibility by approximately double the previous rate and added several other compliance burdens including a required recalculation of salaries at a fixed 40 percentile every three years. 

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NJCUL Testifying on ELT at Today’s Red Tape Review Commission Hearing

HIGHTSTOWN, N.J. – In its continuing effort to advance Electronic Lien and Titling (ELT) in New Jersey, New Jersey Credit Union League (NJCUL) President/CEO David Frankil is testifying at this afternoon’s Red Tape Review Commission hearing in Lawrenceville. The invitation to testify was a result of Lieutenant Governor Kim Guadagno’s recent visit to the League’s headquarters to hear first-hand about credit union public policy issues and legislative priorities. Guadagno chairs the commission.

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CUNA Engaged w/ Appropriations, Reg-relief Hearing this Week

WASHINGTON -- With both chambers of Congress back in Washington, D.C. this week, CUNA is engaged with activities this week while looking ahead to proposals to fund the government past Sept. 30. CUNA Chief Advocacy Officer Ryan Donovan said CUNA is paying particularly close attention to the appropriations legislation on the floor this week, a large bill that includes 8 appropriations, including the financial services and general government (FSGG) appropriations bill.

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CFPB CUAC Meets Tomorrow in Washington

WASHINGTON -- The Consumer Financial Protection Bureau’s (CFPB) Credit Union Advisory Council (CUAC) will hold a public meeting tomorrow afternoon at CFPB Headquarters in Washington, D.C.   

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Former Freeholder Selected to Fill Senate Seat Left Vacant by Jim Whelan’s Passing

EGG HARBOR CITY, N.J. -- Atlantic County Democratic Committee members unanimously elected Colin Bell last night to the state Senate seat left vacant when incumbent Senator Jim passed away last month. State statute requires party county committee members fill legislative vacancies in a timely manner when a lawmaker resigns or passes away to ensure continuity of representation.

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NJCUL to Testify on ELT at Tomorrow’s Red Tape Review Commission Hearing

HIGHTSTOWN, N.J. – In its continuing effort to advance Electronic Lien and Titling (ELT) in New Jersey, New Jersey Credit Union League (NJCUL) President/CEO David Frankil will testify at tomorrow’s Red Tape Review Commission hearing in Lawrenceville. The invitation to testify was a result of Lieutenant Governor Kim Guadagno’s recent visit to the League’s headquarters to hear first-hand about credit union public policy issues and legislative priorities. Guadagno chairs the commission.

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Call for Flood Insurance Program Extension Expected

WASHINGTON -- In the wake of Hurricane Harvey’s devastation in his home state of Texas, U.S. House Financial Services Committee Chairman Jeb Hensarling (R-TX) is expected to propose a three-month extension to the National Flood Insurance Program (NFIP) before it expires at the end of the month.

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Chairman Hensarling and Director Cordray Exchange Letters on Motives, Plans

WASHINGTON -- U.S. House Financial Services Committee Chairman Jeb Hensarling (R-TX) wrote to CFPB Director Richard Cordray Monday asking about his motives behind the reported rush to finalize the CFPB's payday lending rule and his future at the CFPB. Hensarling questioned whether Cordray's rulemaking efforts are influenced by his political ambitions. He asked Cordray to respond in writing by Wednesday.

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League, CU Advocates Meet with Congressman Pallone, Senator Menendez

LONG BRANCH & NEWARK, N.J. – As part of its ongoing advocacy program, the NJ Credit Union League and credit union advocates met this week with Congressman Frank Pallone (D-6) and Senator Robert Menendez (D-NJ) to discuss regulatory burden and common-sense regulation, as well as other issues of concern to credit unions.

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Cordray Responds to Hensarling Letter, Says No Political Considerations in Rulemaking, 'No further insights' on Future at CFPB

WASHINGTON -- CFPB Director Richard Cordray said that his work on the payday lending rule is not swayed by political considerations and that he has "no further insights to provide" regarding his future at the CFPB and potential resignation. Cordray was responding to a request on these matters from U.S. House Financial Services Committee Chairman Jeb Hensarling (R-TX).

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League, CU Advocates Meet with Senator Menendez

NEWARK, N.J. – As part of its ongoing advocacy program, the NJ Credit Union League and credit union advocates met with Senator Robert Menendez (D-NJ) yesterday to discuss regulatory burden and common-sense regulation, as well as other issues of concern to credit unions.

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House Financial Services Chair asks Cordray about Motives, Future at CFPB

WASHINGTON – U.S. House Financial Services Committee Chairman Jeb Hensarling (R-TX) wrote to CFPB Director Richard Cordray Monday asking about his motives behind the reported rush to finalize the CFPB's payday lending rule and his future at the bureau. He asked Cordray to respond in writing by today.

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Proposed OTR Changes Provide Relief, CUNA Says

WASHINGTON -- NCUA’s proposed changes to the overhead transfer rate are consistent with CUNA’s continued opposition of transfer of agency expenses from the share insurance fund for non-insurance related costs. CUNA wrote to NCUA Tuesday in response to proposed revisions to the OTR methodology.

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TCCUSF Proposal Reviewed in NCUA’s 3rd Quarter Report

ALEXANDRIA, VA -- The quarterly NCUA Report, released Tuesday, further discusses the agency’s proposal to close the Temporary Corporate Credit Union Stabilization Fund (TCCUSF) and increase the National Credit Union Share Insurance Fund's operating level from 1.3 percent to 1.39 percent.

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CUNA Backs FCC Action on Re-assigned Number Database

WASHINGTON -- CUNA supports the establishment of a centralized, Federal Communications Commission (FCC) supervised database to which all voice providers should be required to report reassigned numbers, it told the FCC in a letter sent Monday. CUNA responded to the FCC’s notice of inquiry about robocalling and re-assigned phone numbers.

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League, CU Advocates Meet with Congressman Pallone

LONG BRANCH, N.J. – As part of its ongoing advocacy program, the NJ Credit Union League and credit union advocates met with Congressman Frank Pallone (D-6) yesterday to discuss regulatory burden and common-sense regulation, as well as other issues of concern to credit unions.

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Nussle: Arbitration Rule Latest Example that CFPB Doesn’t Get CUs

CUNA President/CEO Jim Nussle responded to a recent op-ed from Consumer Financial Protection Bureau (CFPB) Director Richard Cordray in a LinkedIn post Friday. Cordray wrote in the New York Times defending the CFPB’s arbitration rule, leading Nussle to respond that the bureau’s failure to exempt credit unions from the rule shows a fundamental misunderstanding of the nature of credit unions.

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Former Wall Township Mayor Sworn in as Assemblyman

TRENTON, N.J. – Edward "Ned" Thomson, the former Republican mayor of Wall Township, was sworn in last week as an assemblyman representing the 30th Legislative District. Assembly Speaker Vincent Prieto administered the oath of office during a ceremony Thursday at the Statehouse.

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CU Advocates Meeting This Week with Sen. Menendez, Rep’s Pallone and Pascrell as Congressional Recess Meetings Continue

HIGHTSTOWN, N.J. – As part of its ongoing advocacy program, the NJ Credit Union League and credit union advocates are meeting this week with Senator Robert Menendez (D) and Representatives Frank Pallone (D-6) and Bill Pascrell (D-9) to discuss regulatory burden and common-sense regulation, as well as other issues of concern to credit unions.

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HELOC Threshold Increase Finalized, CUNA will Continue Push for CU Exemption

WASHINGTON -- The Consumer Financial Protection Bureau (CFPB) finalized its temporary increase of the reporting threshold for data required under the Home Mortgage Disclosure Act (HMDA) Thursday. CUNA strongly advocated for the increased threshold, which applies to credit unions and community banks originating 500 or less home equity lines of credit through calendar years 2018 and 2019.

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