Legislative & Political News

Salary History Ban Vote Postponed, Final Legislative Approval Set for Monday

TRENTON, N.J. – Legislation that would bar employers from asking job applicants about their salary history, or relying on it to determine a salary offer at any stage in the hiring process, originally scheduled for a Senate floor vote on Thursday, is now set for final legislative consideration on Monday.

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OTR Methodology, Corporate CU Proposal on NCUA Agenda Today

ALEXANDRIA, Va. -- The NCUA board will vote Friday on whether to issue a request for comment on its Overhead Transfer Rate (OTR) methodology, among other items on the agenda for its monthly board meeting. The meeting was postponed due to NCUA Acting Chair J. Mark McWatters’ Thursday appearance before the Senate Banking Committee.

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NCUA Files Motion in FOM Suit, Asks to Deny ABA Motion

WASHINGTON -- The NCUA this week filed a motion to deny the American Bankers Association (ABA) request for summary judgment its lawsuit against the agency’s field-of-membership (FOM) rule. The request, filed in the U.S. District Court for the District of Columbia, also asks the court to grant NCUA’s motion for summary judgment.

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McWatters Testifies on Regulatory Relief Legislation, NCUA Actions

WASHINGTON -- NCUA Acting Chair J. Mark McWatters discussed recommendations to “achieve real relief while maintaining safety and soundness” before the Senate Banking Committee Thursday, part of a hearing on regulators’ role in fostering economic growth.

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Expanded Paid Family Leave Clears Assembly, Scheduled for Senate Vote Monday

TRENTON, N.J. – Legislation that would expand the state’s Paid Family Leave Act passed the Assembly Thursday 49-23-3. Introduced by Assembly Speaker Vincent Prieto (D-32) the legislation (A4927) would expand the program that allows employees to take time from work to care for newborn and newly adopted children, or for sick family members. It would increase the weekly benefit and lengthen the leave time under the program currently in place, expand covered circumstances and the definition of family members, and lower the employer exemption threshold.

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CUNA Highlights NCUA Regulatory Relief Points Prior to Senate Banking Committee Hearing

WASHINGTON -- CUNA praised several regulatory relief suggestions from NCUA in a letter sent to Senate Banking Committee leadership Wednesday, a day before NCUA Acting Chair Mark McWatters is scheduled to testify. Scheduled for 10 a.m. today, the hearing will focus on financial regulators’ role in promoting economic growth.

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Push for Full CDFI Funding in FY18

WASHINGTON – CUNA again wrote to House and Senate appropriators Tuesday to push for full funding of the Treasury’s Community Development Financial Institutions (CDFI) Fund, at $248 million for fiscal year 2018. The administration’s budget submission to Congress zeroes out the CDFI Fund.

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Feedback Sought on Eliminating Regulatory Burden for Treasury RFI

WASHINGTON – CUNA is seeking feedback from credit unions on ways to eliminate regulatory burden as it prepares its response to the Treasury’s request for information (RFI) on streamlining regulations. The Treasury published the request in the Federal Register this week in response to executive orders from President Donald Trump.

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Legislation Barring Salary History Questions Set for Final Legislative Approval

TRENTON, N.J. – Legislation that would bar employers from asking job applicants about their salary history, or relying on it to determine salary at any stage in the hiring process, is scheduled for a vote by the full Senate tomorrow. The Assembly companion bill (A3480) passed the lower House 49-19-7 on May 22. Similar to the Assembly vote, the measure is expected to pass the upper chamber along a partisan line vote. The bill will then head to the Governor Christie for his consideration.

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League Launches Call-to-Action for Full CDRLF Funding

HIGHTSTOWN, N.J. – The NJCUL launched a Call-to-Action today asking its member credit union CEOs to contact Congressman Rodney Frelinghuysen (R-11) to express support for funding NCUA’s Community Development Revolving Loan Fund (CDRLF) at $2 million for fiscal year 2018. The administration’s budget submission to Congress eliminates CDRLF funding.

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Assembly Committee Approves Foreclosure Filing Surcharge Bill

TRENTON, N.J. – Legislation (A2036) that would establish a Foreclosure Prevention and Neighborhood Stabilization Trust Fund in the Department of Community Affairs was approved 5-0 yesterday by the Assembly Housing and Community Development Committee. The measure now heads to the Assembly Appropriations Committee for further consideration.

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Expanded Paid Family Leave Clears Assembly Committee, Assembly and Senate Bills Await Floor Votes

TRENTON, N.J. – Legislation that would expand the state’s Paid Family Leave Act was approved yesterday by the Assembly Appropriations Committee 8-2-1. The vote was along party lines, with Democrats voting in favor of and Republicans opposed to reporting the bill.

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CUs Invited to Participate in SBA Talk on CFPB Assessments

WASHINGTON -- Credit unions are invited to participate in the Small Business Administration Office of Advocacy’s upcoming roundtable on financial issues, scheduled for June 26. The roundtable will focus on the Consumer Financial Protection Bureau’s (CFPB) assessment process and recent request for information.

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McWatters to Testify before Senate Banking Committee on Economic Growth

WASHINGTON -- NCUA Chair J. Mark McWatters will testify before the Senate Banking Committee Thursday, as part of the committee’s focus on fostering economic growth. The committee previously hosted two other hearings on this topic, one in which CUNA testified. Thursday’s hearing will focus on economic growth from the regulators’ perspective.

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House, Senate Appropriators Pushed for Full CDRLF Funding

WASHINGTON -- CUNA wrote to House and Senate appropriators Friday in strong support of funding NCUA’s Community Development Revolving Loan Fund (CDRLF) at $2 million for fiscal year 2018. The administration’s budget submission to Congress eliminates CDRLF funding.

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Foreclosure Filing Surcharge Bill on Assembly Committee Agenda

TRENTON, N.J. – Legislation (A2036) that would establish a Foreclosure Prevention and Neighborhood Stabilization Trust Fund in the Department of Community Affairs is scheduled for consideration today by the Assembly Housing and Community Development Committee.

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Expanded Paid Family Leave on Assembly Committee Agenda

TRENTON, N.J. – Legislation that would expand the state’s Paid Family Leave Act is scheduled for consideration before the Assembly Appropriations Committee today. Introduced by Assembly Speaker Vincent Prieto (D-32) the legislation (A4927) would expand the program that allows employees to take time from work to care for newborn and newly adopted children, or for sick family members. It would increase the weekly benefit and lengthen the leave time under the program currently in place, expand covered circumstances and the definition of family members, and lower the employer exemption threshold.

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Expanded Paid Family Leave Clears Senate Committee

TRENTON, N.J. – Legislation that would expand the state’s Paid Family Leave Act was approved by the Senate Budget & Appropriations Committee Thursday. Introduced by Senate President Steve Sweeney (D-3), the legislation (S3085) would expand the program that allows employees to take time from work to care for newborn and newly adopted children, or for sick family members. It would increase the weekly benefit and lengthen the leave time under the program currently in place, expand covered circumstances and the definition of family members, and lower the employer exemption threshold.

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Steps to Reduce Regulatory Burden for FHA Mortgages Provided

WASHINGTON -- The Federal Housing Administration (FHA) should lower mortgage insurance premiums if the Mutual Mortgage Insurance fund shows continued strength, CUNA wrote to the Department of Housing and Urban Development (HUD) Wednesday. The letter was sent in response to a HUD request for information on executive orders relating to housing regulations.

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HMDA Reporting Bill Would Provide Needed Relief, CUNA Writes

WASHINGTON -- CUNA wrote in support of a Senate bill that would provide regulatory relief from Home Mortgage Disclosure Act (HMDA) reporting requirements Wednesday, a bill titled the Home Mortgage Disclosure Adjustment Act (S. 1310). The bill would raise the threshold for reporting requirements to 500 closed-end and 500-open end mortgages.

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Expanded Paid Family Leave on Committee Agenda

TRENTON, N.J. – Legislation that would expand the state’s Paid Family Leave Act is scheduled for consideration before the Senate Budget & Appropriations Committee today. Introduced by Senate President Steve Sweeney (D-3), the legislation (S3085) would expand the program that allows employees to take time from work to care for newborn and newly adopted children, or for sick family members. It would increase the weekly benefit and lengthen the leave time under the program currently in place.

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TCPA Liability Concerns Outlined for House Subcommittee

WASHINGTON -- Consumers suffer when credit unions are forced to curtail communications with member-owners, as they cannot receive the information they need, CUNA wrote to the leadership of a House subcommittee Tuesday. The letter was sent to the House Judiciary subcommittee on the Constitution and civil justice, which conducted a hearing on lawsuit abuse and the Telephone Consumer Protection Act (TCPA).

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Treasury Report Contains Recommendations for CU Regulatory Relief

WASHINGTON -- The Treasury’s report on financial reform reflects a number of areas highlighted by CUNA and credit unions during meetings and follow-up letters. The report, released Monday, is titled “A Financial System that Creates Economic Opportunities: Banks and Credit Unions” and is the first of 4 Treasury is expected to released.

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TCPA, Flood Hearings this Week

WASHINGTON -- Both chambers of Congress are in Washington, D.C. this week. Scheduled hearings include a look at the Telephone Consumer Protection Act (TCPA), flood insurance and more.

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CUNA Reviewing Treasury Regulatory Relief Report, CUs Addressed

WASHINGTON -- The Department of the Treasury released a report Monday outlining more than 100 changes to financial regulations. CUNA is analyzing the report.

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Equal Pay Compromise Likely Dead as Democrats Await New Governor

TRENTON, N.J. -- Governor Chris Christie has vetoed various equal-pay bills passed by the Legislature since taking office, and lawmakers have been unable to assemble the votes necessary to override those vetoes.

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CUNA Witness, Senate Banking Committee Members Talk Negative Effects of Regulatory Burden

WASHINGTON -- Credit unions serve a vital role in their communities, CUNA board member Dallas Bergl told members of the Senate Banking Committee Thursday, but a one-size-fits-all regulatory climate threatens this relationship. Bergl, CEO of INVOA FCU, Elkhart, Ind., testified on behalf of CUNA for a hearing on ways community financial institutions can foster economic growth.

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CFPB Grants CUNA Request for Additional 60 Days on Small Biz RFI

WASHINGTON -- The Consumer Financial Protection Bureau (CFPB) Wednesday agreed to CUNA’s request to extend the comment deadline for its request for information (RFI) on small business lending. The bureau issued its request last month, and CUNA requested the 60-day extension in several recent meetings with the CFPB.

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CUNA Calls for CARD Act Relief in Response to CFPB RFI

WASHINGTON -- Excessive credit card requirements have the potential to divert credit union resources and attention away from meeting member needs, CUNA told the Consumer Financial Protection Bureau (CFPB) Thursday in a letter.

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NCUA Releases MBL FAQs to Aid Implementation

WASHINGTON -- NCUA’s revised member business lending (MBL) rule has been in effect for more than six months now, and according to the agency, it has received a number of questions about the rule and its implementation. In this quarter’s NCUA Report, the agency tackled some of the most frequently asked questions.

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CHOICE Act Passes House

WASHINGTON – The House voted 233-186 Thursday to pass the Financial CHOICE Act (H.R. 10), a regulatory relief bill with several credit union-friendly provisions.

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CU-Backed Candidate Wins Congressional Seat in California

LOS ANGELES – Credit union-backed Jimmy Gomez (D) won a special election Tuesday for the seat in California’s 34th congressional district, taking 60% of the vote. A state assemblyman, Gomez will now take the seat left open by former Rep. Xavier Becerra, who became state attorney general earlier this year.

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CUNA Reiterates NFIP Reauthorization Support to HFSC

WASHINGTON, W.A. -- CUNA reiterated its support for the reauthorization of the National Flood Insurance Program (NFIP) in a letter to House Financial Services Committee leadership Wednesday. The letter was sent for the committee’s hearing on flood insurance reform, and follows a similar letter CUNA sent in May to the Senate Banking Committee for an NFIP hearing.

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CUNA Backs Bill Limiting DOJ’s Operation Choke Point

WASHINGTON -- CUNA wrote this week to support the Financial Institution Consumer Protection Act of 2017 (H.R. 2706) which would place limits on Operation Choke Point, an initiative credit unions believe uses broad enforcement tactics that could create unnecessary risks to consumers and the economy.

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CUs Invited to Participate in SBA Talk on CFPB Assessments

WASHINGTON -- Credit unions are invited to participate in the Small Business Administration Office of Advocacy’s upcoming roundtable on financial issues, scheduled for June 26. The roundtable will focus on the Consumer Financial Protection Bureau’s (CFPB) assessment process and recent request for information.

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HMDA Relief Bill Introduced in Senate

WASHINGTON – A bill that would provide credit unions regulatory relief related to the Home Mortgage Disclosure Act (HMDA). The Home Mortgage Disclosure Adjustment Act (S. 1310) was introduced in the U.S. Senate yesterday.

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'And the Nominees Are'...NJ Primary Election Results

TRENTON, N.J. – Yesterday, registered Democrats and Republicans went to the polls to select their choice to succeed Governor Chris Christie when his term expires in January. They also selected nominees to all 120 state legislative seats, and countless other down-ballot county and municipal seats.

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CUNA Member to Testify Before Senate Banking Committee, CHOICE on House Floor

WASHINGTON – CUNA is engaged with both House and Senate proceedings this week, as the House prepares to vote on a piece of regulatory relief legislation and a CUNA board member will testify before a Senate Committee. Dallas Bergl, who also serves as CEO of INOVA FCU, Elkhart, Ind., will testify before the Senate Banking Committee Thursday.

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Motion to Dismiss Wendy’s Data Breach Suit Rejected

PITTBURGH, PA – The U.S. District Court for the Western District of Pennsylvania has denied Wendy's motion to dismiss the lawsuit against them, a class action lawsuit brought against the company alleging it failed to comply with industry standards to protect payment card and customer data.

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Feedback Sought on TCPA Concerns, Issues

WASHINGTON – CUNA and the state leagues seek feedback from member credit unions on the Telephone Consumer Protection Act (TCPA) and ways it may have adversely affected the way they can communicate with members. CUNA sent a survey to member credit unions last week as a way to best measure and present the compliance burdens and costs associated with the TCPA.

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CHOICE Act Vote Anticipated, Regulatory Burden to Be Highlighted at Senate Banking Hearing

WASHINGTON – Congress returns today from its Memorial Day recess for the June work period. Both the House and the Senate are expected to engage in the debate on regulatory relief this week.

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CUNA Provides CFPB w/ Detailed Recommendations to Protect CUs, Members

WASHINGTON – CUNA submitted a letter to the Consumer Financial Protection Bureau (CFPB) Thursday, detailing the numerous ways agency rulemakings have affected, and in many cases harmed, credit unions, their members and consumers. The letter also includes recommendations on how the bureau can improve its regulations to provide relief to credit unions and their members.

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CUNA Reiterates Request for Extension of Small Business Lending RFI

WASHINGTON – CUNA and several credit unions met last week with representatives from Consumer Financial Protection Bureau (CFPB) to discuss the recently released Request for Information (RFI) regarding the small business lending market. This RFI is the pre-rule stage for implementing a section of Dodd-Frank that amends the Equal Credit Opportunity Act requiring financial institutions to compile and submit information concerning credit applications made by women-owned, minority-owned and small businesses.

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Paid Family Leave Expansion Advancing in Assembly

TRENTON, N.J. – Legislation that would expand New Jersey's paid family leave program advanced in the Assembly on Thursday, little more than a week after it was proposed for introduction by Assembly Speaker Vincent Prieto (D-32). Senate President Stephen Sweeney (D-3) introduced a competing measure (S3085) in the upper house in March.

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INOVA FCU CEO to Testify at Senate Banking Committee Hearing

WASHINGTON – Dallas Bergl will testify on behalf of CUNA before the Senate Banking Committee June 8 for a hearing titled "Fostering Economic Growth: The Role of Financial Institutions in Local Communities." Bergl, CEO of INOVA FCU, Elkhart, Ind. and CUNA board member, will discuss how regulatory burdens are impacting his ability to best serve the financial needs of his members.

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N.J. Legislation Barring Salary History Questions Advances

TRENTON, N.J. – Legislation sponsored by state Senator Nia H. Gill (D-34) and Senate Majority Leader Loretta Weinberg (D-37) that would bar employers from asking job applicants about their salary history, or relying on it to determine salary at any stage in the hiring process, was approved Wednesday by the New Jersey Senate Labor Committee.

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Murphy Reverses Course, Agrees to Cap Spending in the General Election

NEWARK, N.J. – Amid intense criticism from both Republicans and Democrat rivals for spending more than $20 million on the Democratic primary for governor, Phil Murphy announced yesterday that if he wins his party’s nomination he will limit his general election campaign spending and apply for public matching funds.

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Bill to Study Impact of HMDA Data Collection Gets Support

WASHINGTON – CUNA President/CEO Jim Nussle wrote in support of a bill that would call for a study of the data required by the Consumer Financial Protection Bureau (CFPB) under the Home Mortgage Disclosure Act (HMDA). The Homeowner Information Privacy Protection Act, or HIPPA, (H.R. 2204) was introduced April 27 by Rep. Randy Hultgren (R-Ill.).

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ABA Files Motion for Summary Judgment on NCUA’s FOM Rule

WASHINGTON – The American Bankers Association (ABA) filed a motion for summary judgment Friday in its suit against NCUA’s revised field-of-membership (FOM) rule.

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CUNA Continues Relief Push After Durbin Repeal Out of CHOICE

WASHINGTON – CUNA President/CEO Jim Nussle said he is disappointed with the removal of Durbin amendment repeal language from the Financial CHOICE Act, but pledged that CUNA, the leagues, and credit unions will continue the offensive in the push for regulatory relief. House Republicans decided to remove the Durbin repeal language from the bill prior to its consideration on the House floor, which could be in early June.

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Target Data Breach Settlement Announced by NJ Attorney General

TRENTON, N.J. – New Jersey Attorney General Christopher Porrino announced Wednesday that Target Corp. has agreed to pay New Jersey, 46 other states and the District of Columbia a total of more than $18 million to resolve a multi-state investigation into a data breach that compromised the payment card information of more than 41 million shoppers nationwide. 

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Video Highlights National Journal Praise of CUNA/League System

WASHINGTON – A video released this week highlights the recognition of the CUNA/league system as one of the most powerful advocacy voices in the country. A National Journal survey released in December 2016 found the CUNA/league system ranked first among all financial services trade associations studied in terms of advocacy effectiveness and 6th among those across all industries.

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Guadagno, Murphy Lead in Primary Races for Governor

GALLOWAY, N.J. – Republican Kim Guadagno and Democrat Phil Murphy both lead by double-digit%ages in the primary races to select their parties’ nominees for New Jersey governor according to a Stockton University Poll released yesterday.

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McWatters Recommends HMDA, UDAAP Relief for CUs in Letter to CFPB

WASHINGTON – NCUA Acting Chair J. Mark McWatters wrote that a number of changes should be considered to Consumer Financial Protection Bureau (CFPB) rules and policy makings to provide regulatory relief for credit unions, particularly with respect to exemption authority, the Home Mortgage Disclosure Act (HMDA) and the Unfair, Deceptive and Abusive Acts or Practices (UDAAP) requirements of Dodd-Frank.

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FY18 Budget Proposal Zeroes Funds, Makes Changes to CFPB

WASHINGTON – President Donald Trump’s proposed fiscal year 2018 budget, released Tuesday, zeroes out two crucial credit union funds: the Treasury’s Community Development Financial Institutions (CDFI) Fund and NCUA’s Community Development Revolving Loan Fund (CDRLF). CUNA, the state leagues and credit unions successfully fought to restore fiscal year 2017 CDFI funding, and the CUNA/league system remains committed to seeing full funding in fiscal year 2018 and beyond.

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Durbin Repeal to be Stripped from CHOICE Act

WASHINGTON -- House Republican leaders will drop language from the Financial CHOICE Act (H.R. 10) that would have eliminated a cap on debit card swipe fees, a major victory to retail lobbyists who have spent months working to kill the provision.

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Reminder: May 25 Webinar Kicks Off CUNA Reg Burden Study

Credit unions interested in participating in CUNA’s updated regulatory burden study only have a few days left to register in time for an introductory Webinar scheduled for this Thursday at 2 p.m. (ET).

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Upcoming Recess Opportunity to Continue Advocacy Momentum

CUNA is engaged with several activities on Capitol Hill this week, the last week both the House and Senate are in session before both chambers recess until June 5. CUNA Chief Advocacy Office Ryan Donovan urges credit unions to keep up the advocacy momentum over the recess, arranging credit unions visits, in-district meetings and other opportunities.

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Two Weeks Out, Guadagno Leads in Matching Funds

TRENTON, N.J. – Lieutenant Governor Kim Guadagno’s (R) campaign for governor has received nearly $1.78 million in public matching funds and that total surpasses all the other candidates from both parties, according to the Election Law Enforcement Commission (ELEC).

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Importance of CUs Never Greater, CUNA Tells Ways and Means Leaders

WASHINGTON – The importance of not-for-profit credit unions in the marketplace is as significant today as it has ever been, CUNA wrote to House Ways and Means Committee leadership last week.

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Two Former Veeps Backing Murphy for Governor

NASHVILLE, TN – Former Vice President Al Gore, a vocal environmental advocate who won the Nobel Prize in 2007, endorsed Phil Murphy for New Jersey governor this week.

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Full 7(a) Funding, SBA Simplifications Backed

WASHINGTON – CUNA and the state leagues are supporting the Small Business Administration’s 7(a) loan program and advocating for the highest possible federal funding level, CUNA President/CEO Jim Nussle wrote to House Small Business Committee leadership Wednesday. The letter was sent for the record of the committee’s hearing reviewing the 7(a) loan program.

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Gottheimer Introduces Bipartisan Bill to End Anti-LGBTQ Credit Discrimination

WASHINGTON – Congressman Josh Gottheimer (NJ-5), a member of the House Committee on Financial Services, introduced the Freedom from Discrimination in Credit Act (FDCA) of 2017 (H.R. 2498), a bipartisan bill to amend the Equal Credit Opportunity Act (ECOA) to prohibit credit discrimination based on sexual orientation and gender identity. Senator Patty Murray (D-WA) introduced the Senate version (S. 1143).

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CUNA to Tout Benefits of CU Tax Status for Reform Hearing

WASHINGTON – CUNA will be closely engaged with a House Ways and Means Committee hearing this week on tax reform, and will submit a letter for the record. CUNA’s letter will urge Congress to retain and reaffirm the credit union tax status.

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CUNA, Leagues Continue Durbin Repeal Push

WASHINGTON – CUNA and the state leagues have renewed the Call-to-Action to ensure language repealing the Durbin amendment remains in the Financial CHOICE Act (H.R. 10) as it moves to the House floor. The alert calls on credit union stakeholders to write to members of Congress to push for Durbin repeal, and outlines the ways it has harmed credit unions and consumers.

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Bill Introduced to Allow Student Loan Debt to Be Discharged in Bankruptcy

WASHINGTON – U.S. Reps. John Katko (R-NY) and John Delaney (D-MD) have introduced legislation to allow people to discharge their student loan debt when they file bankruptcy.

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NJCUL Submits Letter to Congressional Delegation on 1-4 Unit Exemption Bill

HIGHTSTOWN, N.J. – NJCUL has written to members of New Jersey’s congressional delegation to express support for the Credit Union Residential Loan Parity Act (S.836; H.R. 389).

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CUNA Lays Out Principles for Secondary Mortgage Market

WASHINGTON – CUNA supports the creation of an efficient, effective, and fair secondary housing market with equal access to lenders of all sizes, CUNA wrote to Senate Banking Committee leadership Thursday. The letter was sent for the record of the committee’s hearing on the status of the housing finance system. Federal Housing Finance Agency Director Mel Watt was the sole witness at that hearing.

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World Council Supports Allowing CUs to Raise Alternative Capital

WASHINGTON – Authorizing credit unions to issue capital shares is fully consistent with congressional intent, credit union history, credit unions’ tax status and credit unions’ mutual structure, the World Council of Credit Unions wrote to NCUA Tuesday. The World Council submitted its letter in response to NCUA’s advance notice of proposed rulemaking (ANPR) on alternative capital.

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Reps. King, Sherman Write NCUA to Support Alternative Capital for CUs

WASHINGTON – Reps. Peter King (R-N.Y.) and Brad Sherman (D-Calif.) wrote to NCUA this week to support the ability of credit unions to allow supplemental capital for risk-based capital purposes. The legislators co-sponsored a bill that would make the necessary statutory changes to allow credit unions to accept supplemental capital.

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CUs Urge Caution as CFPB Examines Small Biz Lending

WASHINGTON – The credit union perspective was highlighted during the Consumer Financial Protection Bureau’s (CFPB) field hearing Wednesday on small business lending. Sharon Lindeman, vice president of regulatory advocacy for the California and Nevada Credit Union Leagues, asked the bureau to proceed with caution when it comes to drafting a definition for small businesses and small business loans, and to limit data collection to the elements specifically required by the Dodd-Frank Act.

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Obamacare Vote’s Potential Impact on NJ Congressional Delegation

WASHINGTON – The Cook Political Report has changed Rep. Tom MacArthur’s (R-3) district from “solid Republican” to “likely Republican” following his prominent role in passing the America Health Care Act (AHCA) in the U.S. House last week. 

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Senator Menendez Circulating ‘Dear Colleague’ Letter on CDFI Funding

WASHINGTON – The CUNA/League system’s lobbying efforts and recent Call-to-Action on CDFI Funding were successful in securing $248 million in funding for the Community Development Financial Institutions (CDFI) Fund for fiscal year 2017. 

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Murphy and Guadagno Maintain Leads, as Ciattarelli Gains

HAMDEN, CT – According to a Quinnipiac University poll released Friday Democrat Phil Murphy and Republican Lieutenant Governor Kim Guadagno both maintain sizable leads in the races for their respective party’s nomination for governor in the June 6 primary election.

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Senate President Continues Push for Expanded Family Leave Law

TRENTON, N.J. – Senate President Steve Sweeney (D-3) and Senator Patrick Diegnan Jr. (D-18) held a roundtable discussion Monday on their effort to expand the state’s Paid Family Leave law. Sweeney and Diegnan are sponsors of legislation that would expand the program that allows employees to take time from work to care for newborn and newly adopted children, or for sick family members. 

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CU Files Lawsuit in Chipotle Data Breach Suit

MANCHESTER, N.H. – Bellwether Community CU, Manchester, N.H., filed a complaint against Chipotle last week alleging injury after a security breach that occurred in March. According to the complaint, the breach compromised names, credit and debit card numbers, expiration dates, card verification values and other information.

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FCRA Liability Reforms Supported

WASHINGTON – CUNA wrote Monday in support of the FCRA Liability Harmonization Act (H.R. 2359), legislation it believes would make frivolous Fair Credit Reporting Act (FCRA) litigation less likely while balancing consumer protections.

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Housing Finance, Cybersecurity Hearings this Week

WASHINGTON – With only the Senate in session this week, CUNA is engaged in a number of Congressional hearings, including one that will examine the status of the housing finance system. 

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CUNA, California and Nevada League to Submit Testimony to CFPB Small Biz Field Hearing Wednesday

LOS ANGELES, CA – Credit unions will be represented in the upcoming Consumer Financial Protection Bureau (CFPB) field hearing on small business lending by Sharon Lindeman, vice president of regulatory advocacy for the California and Nevada Credit Union Leagues.

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CUNA Weighs-In on NFIP Reauthorization

WASHINGTON – CUNA supports efforts to reauthorize the National Flood Insurance Program (NFIP) later this year, President/CEO Jim Nussle wrote to Senate Banking Committee leadership Thursday. The letter was sent for the record of a hearing on the NFIP conducted by the Senate Banking Committee.

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Funding Bill with CU Priorities Heads to President, CDFI Funding Increased

WASHINGTON –The Senate voted 79-18 yesterday to pass a $1.1 trillion bill that funds the federal government through Sept. 30. The House approved the measure Wednesday by a 309-118 vote. 

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Comedian Joe Piscopo Ends Speculation, Endorses Guadagno

PARAMUS, N.J. – Former Saturday Night Live comedian and radio talk-show host Joe Piscopo ended speculation Wednesday about a possible gubernatorial run and endorsed Lieutenant Governor Kim Guadagno.

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CHOICE Act Passes Committee with Durbin Repeal, Advocacy Offensive Continues

WASHINGTON – The House Financial Services Committee voted 34-26 Thursday in favor of House Financial Services Committee Chairman Jeb Hensarling’s (R-Texas) Financial CHOICE Act. The Dodd-Frank Act replacement bill contains a number of regulatory relief provisions that would benefit credit unions, but several concerning items as well.

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CUNA Backs CLEARR Act with Mortgage Lending Reg. Relief

WASHINGTON – CUNA wrote in support of a bill Monday containing several regulatory relief provisions related to mortgage lending. The Community Lending Enhancement and Regulatory Relief (CLEARR) Act of 2017 (H.R. 2133) was introduced by Rep. Blaine Luetkemeyer (R-Mo.), chair of the House Financial Services subcommittee on financial institutions and consumer credit.

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Gubernatorial Debates Kick-Off May 9

TRENTON, N.J. – The first gubernatorial debate in each party will take place on May 9—the Republicans at 6:30 p.m., the Democrats at 8:00 p.m.

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Bill Preserves, Increases CDFI Funding

WASHINGTON – The House and Senate will vote on a newly released spending package to fund government operations through Sept. 30, 2017. The bill contains several CUNA-backed provisions, including a large increase in funding for the Treasury’s Community Development Financial Institutions (CDFI) Fund.

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CU Priorities Present in Funding Bill, Report Language

WASHINGTON – The Consolidated Appropriations Act for Fiscal Year 2017 contains a number of items of interest to credit unions, in addition to full Community Development Institutions (CDFI) funding. CUNA wrote to House and Senate leadership Monday, urging them to support the bill.

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CUNA, Leagues Hone In on Durbin Repeal in CHOICE Act, Call-to-Action Continues

WASHINGTON – The House Financial Services Committee has begun marking up Rep. Jeb Hensarling’s (R-Texas) Financial CHOICE Act (H.R. 10). CUNA sent a letter to the committee during a hearing on the bill last week, outlining positive aspects, concerns and additional suggestions, and will submit a letter for the markup. The NJCUL has sent letters communicating support for repeal of the Durbin amendment to the two committee members from NJ, Reps Tom MacArthur (R-3) and Josh Gottheimer (D-5), as well as the rest of the Garden State’s delegation in the U.S. House. 

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Congressional Appropriators Unveil $248 Million Recommendation for CDFI Fund in 2017

Largest Appropriation in Fund History

NEW YORK – This week, Congress unveiled the 2017 Omnibus Appropriations text, after passing a five-day Continuing Resolution for 2017 last week. The House Rules Committee will consider and vote on the appropriations legislation, after which it will be passed to the Senate for consideration ahead of the May 5th Continuing Resolution deadline.

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Congress Funds Government for One Week, CUNA Pushes for CDFI

WASHINGTON – Congress has passed a bill to extend government funding through May 5, keeping the government open for one week while it tries to pass a long-term measure. CUNA is continuing its advocacy efforts for full funding of the Community Development Institutions (CDFI) Fund in appropriations legislation during the next week.

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CUNA, Trades Write in Support of House, Senate PACE Bills

WASHINGTON – CUNA joined with nearly 30 other trade organizations to write in support of House and Senate bills that would require Property Assessed Clean Energy (PACE) lenders to make consumer disclosures to potential borrowers about the impact these loans could have on the marketability of their homes.

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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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