Legislative & Political News

NCUA's Jan. 25 Agenda Includes Strategic Plan Vote

The NCUA board will vote on its 2018-2022 strategic plan at its Jan. 25 board meeting, according to the agenda released Thursday.

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CFPB, Mortgage Relief Bills Pass Financial Services Committee

The House Financial Services Committee (HFSC) passed four CUNA/League-backed regulatory relief bills in a mark-up that included a total of 17 bills. A number of committee members cited credit union support for the bills, and Rep. Scott Tipton (R-Colo.), specifically cited CUNA’s support for one.

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HMDA Regulatory Relief Bill Passes House

The House voted 243-184 Thursday night in favor of the CUNA/League-backed Home Mortgage Disclosure Adjustment Act (H.R. 2954) that would raise the reporting threshold for certain HMDA requirements.

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CFPB Announces RFIs on Consumer Protection Functions

The Consumer Financial Protection Bureau (CFPB) issued a call for evidence to ensure it is fulfilling its consumer protection functions, the bureau announced Wednesday. Acting Director Mick Mulvaney said the series of Requests for Information (RFIs) will be forthcoming in the Federal Register in the coming weeks.

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Equifax Judge Provides Updates in Class-Action Breach Suit

The judge in the Equifax data breach lawsuit made several decisions and set deadlines last week for the case. CUNA filed its lawsuit in October, in response to a data breach that exposed information of as many as 145 million consumers.

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State Bank of New Jersey Bill Introduced

To help fulfill a campaign promise made by Gov. Phil Murphy, Sen’s Nia Gill (D-34) and Richard Codey (D-27) have introduced legislation (S885) to would create a State Bank of New Jersey.

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Today’s ADA Webinar at Capacity, Recording Will be Available to Members

Registration has reached capacity for today’s free, CUNA members-only webinar on Americans with Disabilities Act (ADA) Web site compliance. However, registration is open for members, who want to watch a recorded version, which will be posted after the webinar concludes.

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Credit Union-backed Bills to See Floor Consideration, Committee Mark-up

Action is expected this week on several CUNA/League system-backed regulatory relief bills, one that is expected to see House floor consideration and others that will be marked-up by the House Financial Services Committee. The House is scheduled to consider the Home Mortgage Disclosure Adjustment Act (H.R. 2954), which would provide credit unions and other small lenders relief from Home Mortgage Disclosure Act (HMDA) reporting requirements.

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CUNA Launches Next Phase of Grassroots Support for Senate Regulatory Relief Bill

CUNA launched the second phase of its nationwide grassroots advocacy support of the Senate’s bipartisan regulatory relief bill this week after urging Senate leaders last week to give the bill floor consideration. The Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) is strongly supported by CUNA and the state leagues.

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Murphy Takes Oath of Office, Sets Stage for a Progressive Era

Philip (Phil) Dunton Murphy took the oath of office as New Jersey’s 56th governor yesterday at twelve noon in the Patriots Theater of the Trenton War Memorial in front of hundreds of state and local government officials and politicos from across the state.

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Fiordaliso Nominated for BPU President

Incoming Governor Phil Murphy has tapped Joseph Fiordaliso, currently a commissioner on the state Board of Public Utilities (BPU), as the agency's new president.

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CUNA, Leagues, CUs Continue TCPA Relief Push in FCC Meetings

CUNA, league representatives, and individual credit unions continued the push for regulatory relief under the Telephone Consumer Protection Act (TCPA) in a series of meetings with Federal Communications Commission (FCC) staff to open 2018. CUNA previously submitted a petition outlining ways the FCC could provide relief for credit unions.

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Senate Banking Committee to Discuss BSA Reforms

Following votes on numerous nominations including those to chair and vice chair the Federal Reserve Board, the Senate Banking Committee will hold another hearing on reforming and strengthening Bank Secrecy Act (BSA) enforcement. Tomorrow's hearing will feature witnesses from the Treasury and Justice departments. A hearing on the same topic last week featured witnesses from the private sector, including a representative from The Clearing House Association.

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CFPB Relief Bill Mark-Up, SBA 7(a) Program Hearing This Week

With the House and Senate back in session, the House Financial Services Committee is poised this week to mark-up more than a dozen bills, including one that would provide credit unions regulatory relief from the CFPB.

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Inaugural Day in Trenton, Murphy to Take Oath of Office at Noon

At eleven this morning officials from the three branches of state government and countless local officials and politicos from across the state will gather in the Patriots Theater of the Trenton War Memorial for the inauguration Ambassador Philip “Phil” Dunton Murphy as the 56th governor of New Jersey.

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Governor Christie Signs Electronic Lien & Titling (ELT) Mandate

Governor Chris Christie signed into law NJCUL-requested legislation (S2968) that mandates establishment of an electronic lien and titling (ELT) system for New Jersey motor vehicles to replace the current paper system. The legislation received final legislative approval on the last day of the 217th Legislature. The measure passed the Senate 36 to 0 in the afternoon, and the Assembly 59 to 8 at 8:20 p.m.

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CUNA, Leagues, CUs Continue TCPA Relief Push in FCC Meetings

CUNA, league representatives, and individual credit unions continued the push for regulatory relief under the Telephone Consumer Protection Act (TCPA) in a series of meetings with Federal Communications Commission (FCC) staff to open 2018. CUNA previously submitted a petition outlining ways the FCC could provide relief for credit unions.

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Governor Christie Signs Bipartisan Bill to Draw Amazon’s HQ2 to New Jersey

Governor Chris Christie Thursday signed bipartisan legislation authorizing billions of dollars in state tax incentives to draw Amazon’s second headquarters, known as HQ2, along with 30,000 to 50,000 new jobs, to New Jersey. Governor Christie has urged Amazon to consider Newark as the ideal location, and the new law (A-5340/P.L.2017, c.282) will produce the majority of $7 billion being offered in State and city tax credits to Amazon’s HQ2 to locate in the Garden State.

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Updated IRS Withholding Tables Now Available

The Internal Revenue Service (IRS) has released Notice 1036, which updates the income-tax withholding tables for 2018 reflecting changes made by the tax reform legislation enacted last month. This is the first in a series of steps that the IRS will take to help improve the accuracy of withholding following major changes made by the new tax law.

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FOMC Members Express Differing Opinions on Rate Hikes

Federal Reserve Bank of NY President William Dudley yesterday reiterated his support of the Federal Open Market Committee's (FOMC) decision to increase interest rates. Dudley said "above-trend growth" offsets the low inflation that has made some on the committee more cautious toward rate hikes.

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CU Supporter Ed Royce to Retire from Congress

Congressman Ed Royce (R-CA) has joined the growing list of Capitol Hill lawmakers who will not seek re-election in November. Royce, who announced Monday his intention to retire from Congress at the end of this term, earned a reputation for being a credit union champion having introduced a number of pro-credit union bills during his tenure.

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CUNA Sets Free, Members-Only ADA Webinar for Jan. 18

Registration is now open for a CUNA members-only webinar featuring updates from CUNA and CUNA Mutual staff on litigation threats related to Web site compliance with the Americans with Disabilities Act (ADA). The free webinar is scheduled for Thursday, Jan. 18, from 3 to 3:45 p.m. (ET).

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NJ Attorney General, Bureau of Securities, and Consumer Affairs Issue Cryptocurrency Warning

With cryptocurrencies continuing to attract headlines, Attorney General Christopher S. Porrino and the Bureau of Securities, which is within the Division of Consumer Affairs, today reminded New Jersey investors to be cautious about investments involving cryptocurrencies.

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Bill to Strengthen SBA's 7(a) Oversight Introduced

Bipartisan legislation was introduced this week to increase the Small Business Administration's (SBA) oversight authority over its 7(a) loan program. Many credit unions participate in the program which helps mitigate loan risk and maximize small-business lending within their statutory member business loan (MBL) cap.

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Bill to Impose Fines for Credit Bureau Data Breaches Introduced

Senate Banking Committee members Elizabeth Warren (D-MA) and Mark Warner (D-VA) introduced a bill Wednesday that would create penalties for data breaches occurring at credit reporting agencies.

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ADA Website Accessibility Advocacy Page Launched

As CUNA continues to push for solutions to credit unions facing legal threats on Web site accessibility under the Americans with Disabilities Act, it has launched an advocacy page outlining the current situation and steps CUNA is taking. Credit unions are facing increased legal threats due to confusion over Web site compliance with the ADA. CUNA has been working with the Department of Justice and Congress to solve the issue.

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Governor-Elect Murphy’s Cabinet Taking Shape

Governor-elect Phil Murphy announced shortly after his election that Lt. Governor Sheila Oliver would also serve as commissioner of the Department of Community Affairs. In the weeks that followed his election and in the run up to his inauguration next Tuesday, Governor-elect Murphy is rounding out his selections for cabinet posts.

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Court Rejects CFPB Leadership Challenge

The U.S. District Court for the District of Columbia ruled Wednesday that President Donald Trump has the authority to appoint a director of the Consumer Financial Protection Bureau (CFPB). The case, English v. Trump, centered on whether Leandra English, picked by departing Director Richard Cordray, should serve as director rather than Mick Mulvaney, who Trump named interim director.

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BSA Regulatory Relief Changes Outlined for Senate Banking Committee Hearing

It is important to strike a balance between costs to financial institutions and the benefits of Bank Secrecy Act (BSA), anti-money laundering (AML) and Office of Foreign Assets Control (OFAC) regulations, CUNA wrote Tuesday to Senate Banking Committee leadership. The letter was entered into the record for the committee’s hearing on reforming and strengthening BSA enforcement.

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Support for House Regulatory Relief Bills Outlined Prior to Sub-Committee Hearing

CUNA outlined its support for two regulatory relief bills prior to a House Financial Services subcommittee on financial services and consumer credit hearing Tuesday. One bill would exempt community financial institutions from Consumer Financial Protection Bureau (CFPB) rules, while the other would delay data collecting requirements under the Home Mortgage Disclosure Act (HMDA).

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CUNA, Leagues Call for Floor Consideration of Senate Regulatory Relief Bill

CUNA and leaders of the 38 credit union leagues representing all 50 states and the District of Columbia wrote to Senate leadership Tuesday to urge floor consideration of the Senate’s bipartisan regulatory relief bill. CUNA and the Leagues strongly supports the Economic Growth, Regulation Relief and Consumer Protection Act (S. 2155), which was introduced by a bipartisan group of legislators in November and passed the Senate Banking Committee in December.

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Democratic Assembly Committee Assignments and Chairs Announced

Assembly Speaker Craig J. Coughlin (D-19) announced the chairs and Democratic membership of the Assembly committees for the 218th legislative session, which began Tuesday.

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Senate Leadership, Committee Chairs Take Shape

Senate President Steve Sweeney Tuesday announced the committee chairmanships and memberships for the 218th Legislative Session. The Senate leadership was sworn-in at the Senate’s organizational meeting along with the members of the state Senate.

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New Legislature Convenes, CU Supporter Coughlin Takes Assembly Helm

The 218th New Jersey State Legislature was sworn-in Tuesday, and long-time credit union supporter Asm. Craig Coughlin (D-19) took over as speaker of the General Assembly. Coughlin replaced Asm. Vincent Prieto (D-32), who served two terms as Assembly speaker, the third most powerful position in state government.

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CUNA Backs Bill to Modernize U.S. AML/CFT Regime

CUNA wrote in support of legislation Thursday that would modernize anti-money laundering/countering the financing of terrorism (AML/CFT). The Counter Terrorism and Illicit Finance Act was introduced by Reps. Steve Pearce (R-N.M.) and Blaine Luetkemeyer (R-Mo.).

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Financial Education from CUs is Essential for Consumers, CUNA Tells CFPB

Credit unions resources used for financial education and literacy can be strained by regulatory costs, CUNA told the Consumer Financial Protection Bureau (CFPB) in a letter sent this week. Responding to a bureau proposal to renew Office of Management and Budget approval for information on financial coaching for veterans and low-income consumers, CUNA outlined credit unions’ role in financial education.

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Push for ADA Web site Clarity Continues, GAC Breakout Session Scheduled

CUNA remains engaged in combating predatory class action threats related to Web site accessibility requirements surrounding the Americans with Disabilities Act (ADA), CUNA President/CEO Jim Nussle wrote to members Monday. Credit unions have been hit with increasing lawsuit threats over uncertainty about ADA Web site requirements.

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Regulatory Relief, BSA Hearings This Week

A House Financial Services subcommittee will conduct a hearing on two credit union-backed regulatory relief bills, and CUNA will also be engaged in several other Congressional hearings this week. The bills will be considered Tuesday as part of a House Financial Services subcommittee on financial institutions and consumer credit hearing on proposals for a more efficient federal regulatory regime.

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ELT Mandate Gets Final Legislative Approval, Heads to Governor

NJCUL-requested legislation (S2968; A1943) that would mandate establishment of an electronic lien and titling (ELT) system for New Jersey motor vehicles to replace the current paper system received final legislative approval late Monday evening, the last day of the 217th Legislature. The measure passed the Senate 36 to 0 in the afternoon, and the Assembly 59 to 8 at 8:20 p.m.

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Key Points of Federal Data Breach Legislation Outlined

CUNA joined with several other organizations Thursday and wrote to House Energy and Commerce members in support of federal legislation to protect personal information and ensure consumers are notified of a data breach in a timely manner. The letter was sent to Reps. Greg Walden (R-Ore.), committee chairman and Bob Letta (R-Ohio), chairman of the subcommittee on digital commerce and consumer protection.

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ELT on Senate and Assembly Calendars Today, Last Day of 217th Legislature

Today is the final day of the state’s 2016-2017 legislative session but before the 218th Legislature convenes tomorrow, both the state Senate and Assembly are poised to give final legislative approval to NJCUL-requested legislation (S2968; A1943) that would mandate establishment of an electronic lien and titling (ELT) system for New Jersey motor vehicles. If passed by both chambers, the measure will be sent to Gov. Chris Christie for his consideration before his term ends on January 16.

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Former N.J. Governor Brendan Byrne Dies at Age 93

Former New Jersey Governor Brendan T. Byrne, who, during his two-terms as governor, left an enduring legacy in New Jersey that ranged from preserving 1.1 million acres of the state’s Pine Barrens, creating the state’s first income tax, and signing a law to legalize casinos in Atlantic City, died Thursday. He was 93 years old.

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New Jersey Participates in Nationwide Settlement with PHH Mortgage Corp

Department of Banking and Insurance Commissioner Richard J. Badolato announced Wednesday that New Jersey is participating in a 47-state legal settlement with PHH Mortgage Corp. The settlement with the Mt. Laurel – based company will assist borrowers harmed by PHH Mortgage during 2009-2012, due to severe operational deficiencies in the firm’s mortgage servicing.

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Nussle Calls for Continued Support for Senate Regulatory Relief Bill

CUNA President/CEO Jim Nussle urged credit union stakeholders to maintain the momentum of support for the Senate’s bipartisan regulatory relief bill in an action alert issued Wednesday. In the video, Nussle said more work remains after CUNA’s Campaign for Common-Sense Regulation achieved several significant victories in 2017.

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CUs Should be Exempt from Stress Testing, CUNA Maintains in Comment Letter

CUNA maintains credit unions should remain exempt from stress testing requirements, as Congress intended, in a comment letter on NCUA’s proposed rule on capital planning and supervisory stress testing. NCUA’s proposal would remove some of the capital planning and stress testing requirements currently applicable to certain covered credit unions and and provide a multi-tier graduated schedule for credit union compliance.

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2018 CUNA Advocacy Agenda Outlined

CUNA’s 2018 advocacy agenda is to revolutionize the operating environment for credit unions. This agenda has four main points: reduce regulatory burden, expand and protect credit union powers, enhance payment security and preserve the credit union tax status.

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Call-to-Action Issued, Tell Sen’s Menendez & Booker to Support Regulatory Relief Bill

The Economic Growth, Regulatory Relief, and Consumer Protection Act (S.2155) was reported favorably from the Senate Banking Committee in December. The bi-partisan legislation includes several provisions that would improve the operating environment for credit unions and their ability to better serve their members.

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District Court Hears Arguments on Preliminary Injunction Request on CFPB Leadership Challenge

U.S. District Judge Timothy Kelly heard arguments on Dec. 22 for a preliminary injunction request filed by Leandra English challenging President Trump's appointment of Mick Mulvaney to serve as interim director of the Consumer Financial Protection Bureau (CFPB). CUNA is participating in the case having filed an amicus, or friend of the court, brief.

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CFPB Announces CUNA-Requested Delay of Prepaid Rule

CUNA’s request for a delay in the effective date of the Consumer Financial Protection Bureau’s (CFPB) prepaid accounts rule has been granted to allow additional implementation time, the bureau announced Thursday. It also expects to issue a final rule amending parts of the prepaid rule.

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Senate Examination Bill Backed by CUNA

CUNA wrote in strong support of a Senate examination fairness bill Wednesday, viewing it as a strong step toward ensuring regulators conduct fair exams. The Financial Institution Fairness and Reform Act (FIEFRA) (S. 2237) was introduced by Sens. Jerry Moran (R-Kansas) and Joe Manchin (D-W. Va.).

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Tax Reform Passes Congress with CU Exemption Intact

WASHINGTON – Republican tax reform legislation (H.R. 1) which leaves the credit union tax status untouched has passed both houses of Congress.

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Tax Reform Nearing Reality with CU Exemption Intact

WASHINGTON -- With a House vote Tuesday afternoon and Senate action overnight on the conference report for the Republican tax reform legislation, the bill now awaits a second House vote to approve a technical correction before heading to the president.

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DOBI Commissioner Nominated, Gov-Elect Murphy Taps Asw. Caride

TRENTON, N.J. -- Governor-elect Phil Murphy (D) Tuesday announced the nomination of Assemblywoman Marlene Caride (D-36) to serve as commissioner of the Department of Banking and Insurance (DOBI) and said that he would ask her to help establish a public bank for the state.

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Murphy to Tap Caride to Head Department of Banking and Insurance

TRENTON, N.J. – Governor-elect Phil Murphy will turn to Assemblywoman Marlene Caride (D-36) to head the state Department of Banking and Insurance, sources say. A formal announcement is expected later today.

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What Tax Reform Means for Credit Unions, CUNA Analysis Available

WASHINGTON -- CUNA released its analysis of what the final tax reform bill means for credit union operations. The House-Senate tax reform conference committee reported its final tax bill, which would cut taxes by roughly $1.5 trillion over 10 years and would make significant changes to and simplify U.S. tax laws.  

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Congress, Senate in Final Sessions of the Year this Week

WASHINGTON -- The House – and possibly the Senate – is expected today to vote on the agreed-upon tax reform legislation released Friday, the Conference Report for H.R. 1, the Tax Cuts and Jobs Act. The credit union tax exemption is untouched in the final language.

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ELT Mandate Passes Senate and Assembly Committees

TRENTON, N.J. – NJCUL-requested legislation (S2968; A1943) that would mandate establishment of an electronic lien and titling (ELT) system for New Jersey motor vehicles to replace the state’s current paper-based system received final committee approval in both houses of the Legislature on Monday. The measure was voted on in the Senate Budget & Appropriations and the Assembly Appropriations committees. It was approved by the Senate Transportation Committee earlier this month and by the Assembly Transportation Committee in January.

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Bill Introduced to Enable All-charters to Add Underserved Areas

WASHINGTON – Legislation that would allow credit unions of all charter types to add underserved areas to their fields of membership was introduced Thursday just before the U.S. House recessed for the holidays. 

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CUNA Backs Rep. Emmer’s HMDA Delay Bill

Rep. Tom Emmer (R-Minn.) released a bill Thursday that would delay the expanded data collection and reporting requirements under the Home Mortgage Disclosure Act (HMDA). CUNA supports the bill, which would provide regulatory relief for credit unions.

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ELT Mandate on Senate and Assembly Committee Agendas Today

TRENTON, N.J. – NJCUL-requested legislation (S2968; A1943) that would mandate establishment of an electronic lien and titling (ELT) system for New Jersey motor vehicles to replace the state’s current paper-based system is scheduled for final committee consideration in both houses of the Legislature this morning. The measure will be voted on in the Senate Budget & Appropriations and Assembly Appropriations committees. It was approved by the Senate Transportation Committee earlier this month and by the Assembly Transportation Committee in January.

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CU Tax Status Untouched in Reform Bill

WASHINGTON – House and Senate conference committee members unveiled their tax reform bill, and like all other versions of the bill the credit union tax status remains untouched. The House and Senate are expected to vote on the measure next week.

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NJCUL, CU Advocates Visit Capitol Hill to Discuss Taxi Medallion Loans

WASHINGTON – NJCUL and representatives of four credit unions visited Capitol Hill yesterday to discuss taxi medallion loans. 

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ELT Mandates Slated for Final Senate and Assembly Committee Action Monday

TRENTON, N.J. – NJCUL-requested legislation (S2968; A1943) that would mandate establishment of an electronic lien and titling (ELT) system for New Jersey motor vehicles to replace the state’s current paper based system is scheduled for final committee consideration in both houses of the Legislature on Monday. The measure will be voted on in the Senate Budget & Appropriations and Assembly Appropriations committees. It was approved by the Senate Transportation Committee earlier this month and by the Assembly Transportation Committee in January.

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CUNA announces keynote speakers for 2018 Governmental Affairs Conference

MADISON, Wis., and WASHINGTON, DC – The Credit Union National Association (CUNA) has announced three keynote speakers at the 2018 CUNA Governmental Affairs Conference.

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House Passes CUNA-Backed Privacy Notice Clarification

The House voted 275-146 in favor of a CUNA-backed bill Thursday that would provide privacy notice clarity. The Privacy Notice Technical Clarification Act (H.R. 2396) would update the Gramm-Leach-Bliley Act to update the exception for certain annual notices provided by financial institutions.

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DOD Publishes CUNA-Requested MLA Guidance

The Department of Defense (DOD) published CUNA-requested guidance on changes to the Military Lending Act (MLA) Thursday. CUNA is currently reviewing the guidance to determine its impact.

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HFSC Passes Examination Fairness, Two Other Reg Relief Bills

The House Financial Services Committee passed three CUNA-backed regulatory relief bills during a markup Wednesday. CUNA wrote to the Committee in advance of the markup, expressing support for bills that would allow easier access to financial services, repeal NCUA’s risk-based capital rule and provide an independent examination process.

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CUNA Brief Supports Accountability in Appointing CFPB Leader

WASHINGTON -- CUNA filed an amicus brief Tuesday supporting the president’s authority to appoint an interim Consumer Financial Protection Bureau (CFPB) director under the Vacancies Reform Act.

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House Passes Bill with TILA, RESPA Regulatory Relief

WASHINGTON -- The House voted 294-129 in favor of a bill Tuesday that would provide mortgage-related regulatory relief, The Community Institution Mortgage Relief Act of 2017 (H.R. 3971).

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CUNA Engaged with Tax Talks, HFSC Markup this Week

Both chambers of Congress are in Washington, D.C. this week, and CUNA is engaged with several activities, including the tax reform conference committee and a markup of regulatory relief bills. Members of the House and Senate are expected to meet starting Wednesday to work on the tax reform bill, versions of which have passed the House and Senate with no changes to the credit union tax status.

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House Passes CUNA-Backed Bill to Remove Service Barriers

WASHINGTON -- The House passed the CUNA-backed bill Monday that would prevent regulators from requesting termination of certain accounts without a material reason. The Financial Institution Consumer Protection Act (H.R. 2706) is consistent with CUNA’s bipartisan, pro-consumer Campaign for Common-Sense Regulation by removing barriers keeping credit unions from more effectively serving their members.

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Financial Services Committee Markup, NCUA Board Meeting this Week

WASHINGTON – The full House Financial Services Committee will conduct a markup this week that will include a bill to repeal the NCUA's risk-based capital rule (RBC).

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CU-backed Regulatory Relief Bill Passes Senate Committee

WASHINGTON -- The Senate Banking Committee voted 16-7 to pass the CUNA-backed, bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). CUNA and the state leagues strongly support the bill which contains several regulatory relief provisions for credit unions.

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Final Emergency Merger, Re-Organization Rules on NCUA Agenda​

The NCUA board will consider final rules on emergency mergers and agency reorganization at its Dec. 14 meeting, according to an agency release Thursday. The meeting is scheduled to begin at 10 a.m. (ET) Dec. 14, and will be streamed live on NCUA’s Web site.

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Adjusted High-Cost Home Loan Threshold Issued by DOBI

TRENTON, N.J. – The NJ Department of Banking & Insurance (DOBI) has issued an adjusted threshold for determining high-cost home loans under the New Jersey Home Ownership Security Act of 2002 with Bulletin No. 17-10

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FHA Stops Insuring PACE Home Mortgages, a Win for CUs

WASHINGTON -- The Federal Housing Administration (FHA) announced Thursday it will no longer insure new mortgages on properties that include Property Assessed Clean Energy (PACE) assessments, a victory for credit union mortgage lenders.

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Home Depot Payments Start in January, Equifax Suits Combined

LOUISVILLE, Ky. -- Credit unions that filed claims under the Home Depot data breach settlement will begin receiving settlements payments from the company starting in January. A settlement was approved in September that included the creation of a $25 million fund by Home Depot and an agreement to strengthen its future data security measures.

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CUNA Supports Three Regulatory Relief Bills in Letter to HFSC

WASHINGTON -- CUNA wrote to House Financial Services Committee leadership Thursday in support of three regulatory relief bills being discussed at the committee’s hearing. The bills would provide relief on several fronts.

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Tell Sen’s Menendez & Booker to Support Regulatory Relief Bill

WASHINGTON --The Economic Growth, Regulatory Relief, and Consumer Protection Act (S.2155) is slated for committee markup today. The bi-partisan legislation includes several provisions that would improve the operating environment for credit unions and their ability to better serve their members.

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Senate Banking Committee Passes CUNA-Backed Reg Relief Bill

The Senate Banking Committee voted 16-7 to pass the CUNA-backed, bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). CUNA strongly supports the bill, which contains several regulatory relief provisions for credit unions.

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ELT Mandate Passes Senate Transportation Committee

TRENTON, N.J. – NJCUL-requested legislation (S2968) that would mandate establishment of an electronic lien and titling (ELT) system for New Jersey motor vehicles to replace the state’s current paper based system passed the Senate Transportation Committee Monday by a 5-0 vote. The NJCUL worked with the sponsor, committee members and staff and was at the hearing to help ensure the measure was approved. The bill now heads to the Senate Appropriations Committee. The Assembly companion bill (A1943) was approved by the Assembly Transportation Committee in January and is on the agenda for the next Assembly Appropriations Committee meeting.

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CUNA Engaged w/ Sen Reg Relief Markup, House Bill this Week

CUNA is heavily engaged in its support of the bipartisan Senate regulatory relief bill, scheduled to be marked up by the Senate Banking Committee Tuesday. The Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) contains several regulatory relief provisions for credit unions, and would achieve several goals of CUNA’s bipartisan, pro-consumer Campaign for Common-Sense Regulation.

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Congress pushes FCC for CUNA-suggested TCPA relief

More than a dozen bipartisan members of Congress wrote to Federal Communications Commission (FCC) Chairman Ajit Pai Monday asking for CUNA-requested clarifications of the Telephone Consumer Protection Act (TCPA). CUNA filed a petition with the FCC in September, which was opened for comment. A majority of comments received supported CUNA’s position.

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Tell Sen’s Menendez & Booker to Support Regulatory Relief Bill

WASHINGTON – The Economic Growth, Regulatory Relief, and Consumer Protection Act (S.2155) is slated for committee markup today. The bi-partisan legislation includes several provisions that would improve the operating environment for credit unions and their ability to better serve their members.

in Legislative & Political News
ELT Mandate Passes Senate Transportation Committee

TRENTON, N.J. – NJCUL-requested legislation (S2968) that would mandate establishment of an electronic lien and titling (ELT) system for New Jersey motor vehicles to replace the state’s current paper based system passed the Senate Transportation Committee yesterday by a 5-0 vote. The NJCUL worked with the sponsor, committee members and staff and was at the hearing to help ensure the measure was approved. The bill now heads to the Senate Appropriations Committee. The Assembly companion bill (A1943) was approved by the Assembly Transportation Committee in January and is on the agenda for the next Assembly Appropriations Committee meeting.

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Nussle Pens Op-ed, CFPB Commission Best Option for Consumers

WASHINGTON -- CUNA President/CEO Jim Nussle joined his counterparts from other trade organizations to publish an op-ed Friday that highlights why a bipartisan commission is the solution to leadership questions at the Consumer Financial Protection Bureau (CFPB). The Morning Consult op-ed spells out the numerous reasons a commission at the CFPB is the best option for consumers.

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ELT Mandate Slated for Committee Action Today

TRENTON, N.J. – NJCUL-requested legislation (S2968) that would mandate establishment of an electronic lien and titling (ELT) system for New Jersey motor vehicles to replace the state’s current paper-based system is scheduled for Senate Transportation Committee consideration this morning. The NJCUL has been working with the sponsor, committee members and staff and will be at the hearing to help ensure the measure is reported favorably. The Assembly companion bill (A1943) was approved by the Assembly Transportation Committee in January and is on the agenda for the next Assembly Appropriations Committee meeting.

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Senate Passes Its Tax Reform Bill, CU Status Untouched

WASHINGTON -- The Senate voted Saturday morning in favor of the Tax Cuts and Jobs Act, passing a tax reform bill that leaves the credit union tax status untouched.

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CFPB Director Steps-down, Court Dismisses Challenge to Trump’s Interim Director

WASHINGTON – Richard Cordray officially stepped down from his post as CFPB director last Friday and at the same time named his chief of staff as deputy director of the agency in an attempt to prevent President Trump from naming an interim director. In the meantime, the president named Mick Mulvaney, his Office of Management and Budget (OMB) director, as the CFPB interim director.

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State Senator Van Drew Enters Race to Succeed LoBiondo

CAPE MAY COURT HOUSE, N.J. – State Sen. Jeff Van Drew (D-1) announced Wednesday that he will seek the Democratic Party nomination for the 2nd Congressional District in 2018.

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CUNA Calls for CU Push to Move Senate Regulatory Relief Bill Forward

WASHINGTON -- CUNA issued an action alert Thursday urging credit unions to contact their members to push for Senate support for the bipartisan regulatory relief bill introduced earlier this month. The Senate Banking Committee is expected to markup the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) Tuesday, and CUNA President/CEO Jim Nussle urged stakeholders to continue the advocacy push to advance the bill, which would accomplish several goals CUNA has been working for since launching its Campaign for Common-Sense Regulation earlier this year.

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ELT Mandate Slated for Committee Action Monday

TRENTON, N.J. – NJCUL-requested legislation (S2968) that would mandate establishment of an electronic lien and titling (ELT) system for New Jersey motor vehicles to replace the state’s current paper based system is scheduled for Senate Transportation Committee consideration Monday. The Assembly companion bill (A1943) was approved by the Assembly Transportation Committee in January and is on the agenda for the next Assembly Appropriations Committee meeting.

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Judge throws out restraining order request in CFPB leadership lawsuit

A U.S. District Court in Washington, D.C. has thrown out a request for a restraining order that would block OMB Director Mick Mulvaney from assuming leadership as interim director of the Consumer Financial Protection Bureau (CFPB).

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CUNA ramps up S. 2155 support in advance of markup

CUNA is continuing its advocacy push and nationwide grassroots support of the bipartisan Senate regulatory relief bill leading up to the Senate Banking Committee’s markup of the bill, scheduled to begin Tuesday. The Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) was introduced earlier this month by a bipartisan group of Senators, and contains a number of regulatory relief provisions that would help credit unions more effectively serve their members.

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CUNA engaged with Senate tax reform bill, hearings this week

CUNA is engaged with a number of activities on Capitol Hill this week, including the Senate’s tax reform consideration and several hearings. The Senate Finance Committee passed the Tax Cuts and Jobs Act, which leaves the credit union tax status untouched, earlier this month.

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Mulvaney announces freeze of CFPB rulemaking actions

Acting Consumer Financial Protection Bureau (CFPB) Director Mick Mulvaney announced a freeze of rulemaking actions at the bureau Monday, several hours after CUNA sent a letter requesting a freeze on new rules and requirements.

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CUNA Outlines CFPB Concerns to Acting Director Mulvaney

CUNA wrote to Mick Mulvaney, who was named interim Consumer Protection Bureau (CFPB) director, Monday morning to outline ways the bureau could provide credit unions with regulatory relief. Mulvaney was named acting director by President Donald Trump Friday, and CUNA continues to follow leadership developments at the bureau. 

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CUs, Others ‘Amply Demonstrate’ Need for TCPA Reforms, CUNA Says

WASHINGTON -- Numerous comments by credit unions and state leagues, other trade associations, consumer groups, and other third parties support CUNA’s petition calling for reforms to the Telephone Consumer Protection Act (TCPA). CUNA filed its response comments to the petition Tuesday, highlighting how most responses to the petition “amply demonstrate” the need for CUNA’s proposed changes.

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CFPB Director Steps down, Cordray and President Name Different Successors

WASHINGTON – Richard Cordray officially stepped down from his post as CFPB director Friday at the same time naming his chief of staff as deputy director of the agency. In the meantime, President Donald Trump named Mick Mulvaney, his director of the White House Office of Management and Budget (OMB), as interim CFPB director, a conflict which may be played out in the courts.

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Minimum Wage Increase Gains Momentum

TRENTON, N.J. – Making good on a campaign promise even before taking office, Governor-elect Phil Murphy (D) held a press conference Monday to announce support for gradually increasing the minimum wage to $15 an hour. 

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Senate FSGG Appropriations Bill Contains CU Victories

WASHINGTON – The Senate Appropriations Committee released its draft financial services and general government (FSGG) funding package Monday, which includes a number of significant wins for credit unions.

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Support for Bipartisan Regulatory Relief Bill Expressed in CUNA Letter

WASHINGTON – CUNA wrote to five senators Monday to support their bipartisan legislation that contains regulatory relief provisions for credit unions. The Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) was introduced last week, and addresses several goals of CUNA's Campaign for Common-Sense Regulation.

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CUNA Launches Grassroots Support of Senate Regulatory Relief Bill

WASHINGTON – CUNA and the state leagues have launched a nationwide grassroots effort to support the bipartisan Senate regulatory relief bill introduced last week. The Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) is aligned with the goals of CUNA’s Campaign for Common-Sense Regulation.

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Residents Deceived into Paying Scammers via Western Union Can Apply for Compensation from Settlement Fund

TRENTON, N.J. – Attorney General Christopher Porrino announced last week that New Jersey residents who were deceived into sending payments to scammers using Western Union’s wire transfer service can now apply for compensation from a $586 million fund related to a multi-state settlement with Western Union in which New Jersey participated.

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Frelinghuysen’s District Moved to “Toss-up”

WASHINGTON -- The Cook Political Report has moved New Jersey’s 11th congressional district from "Leans Republican" to "Toss-up" signaling a potential problem for 12-term incumbent Congressman Rodney Frelinghuysen (R-11).

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Much-improved Payday Rule Published in Federal Register

WASHINGTON -- The Consumer Financial Protection Bureau (CFPB) published its final short-term, small-dollar loan rule in the Federal Register Friday, with an effective date of Jan. 16th. The final rule is much-improved over the proposed rule, CUNA believes, and CUNA’s Final Rule Analysis of the rule is available with details.

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CUNA Raises ADA-web site Concerns in Letter to House Judiciary Committee

WASHINGTON -- CUNA raised its concerns over Web site compliance with the Americans with Disabilities Act (ADA) in a letter to the House Judiciary Committee for its Department of Justice (DOJ) oversight hearing. CUNA has been strongly pushing for guidance in this area as credit unions are facing legal threats due to confusion over how the ADA applies to Web sites.

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House Financial Services Committee Passes CU-backed Regulatory Relief Bills

WASHINGTON -- The House Financial Services Committee completed its markup of 23 bills Wednesday, passing three credit union-supported bills that would offer regulatory relief.

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Tax Reform Passes Full House, Senate Version Passes Committee

WASHINGTON – Thursday afternoon the U.S. House passed the Republican tax reform bill, the Tax Cuts and Jobs Act (H.R. 1). Later in the evening the Senate Finance Committee passed its version of tax reform. Both bills leave the credit union tax exemption fully intact.

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NCUA Board Approves 2018-2019 Budget

New, Simpler Methodology Yields 61.5 Percent Overhead Transfer Rate

ALEXANDRIA, Va. – The National Credit Union Administration Board held its tenth open meeting of 2017 at the agency’s headquarters here Thursday and unanimously approved three items:

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