In an announcement Thursday afternoon, Gov. Phil Murphy, Senate President Steve Sweeney (D-3) and Assembly Speaker Craig Coughlin (D-19) said they have reach an agreement on terms to raise wages for over one-million workers and promote “broad-based economic growth.”
Senate Republicans and Democrats announced and ratified committee assignments for the 116th Congress.
Treasury Secretary Steven Mnuchin has declined an invite from House Ways and Means Committee Chair Richard Neal (D-MA) to participate in a hearing next Thursday to discuss the impact of the partial government shutdown, which is now the longest in U.S. History.
NJ Department of Banking and Insurance Commissioner Marlene Caride Thursday issued a bulletin (Bulletin No. 19-01) encouraging entities regulated by the department to work with and assist New Jersey residents affected by the federal government shutdown.
America’s credit unions are embodying their structure and mission to ensure their members affected by the government shutdown have access to low- or no-interest loans with generous repayment terms. An estimated 800,000 federal employees and their families are facing financial uncertainty because they aren’t being paid during the shutdown.
Former Democratic presidential hopeful U.S. Sen. Bernie Sanders (I-VT) is planning to introduce legislation to raise the nation’s minimum wage to $15 an hour by 2024.
CUNA strongly supports efforts to help protect seniors from financial exploitation and to empower seniors to make responsible financial decisions, it wrote to the Senate Special Committee on Aging Wednesday. CUNA sent a letter for the record of the committee’s hearing on combating elder fraud.
New House Financial Services Committee Chairwoman Maxine Waters (D-CA) on Wednesday outlined issues she'd like to address in the 116th Congress and specifically said she plans to maintain transparency and access to the secondary mortgage market to ensure credit unions and community banks are not disadvantaged.
President Donald Trump Wednesday nominated former NCUA board member Rodney Hood to fill the board seat currently held by board member Rick Metsger. Hood was nominated in the last Congress but not confirmed, and previously served as vice chair of the NCUA board under President George W. Bush.
CUNA is continuing to collect information on the increasing the number of credit unions around the country that are providing assistance to furloughed federal workers. CUNA’s Shutdown Assistance page features information on the various ways credit unions are helping members affected by the shutdown.
New Jersey credit union leaders met yesterday with CUNA President/CEO Jim Nussle during his Whistle Stop Tour. The town meeting was held at the Newark Penn Station Hilton and co-hosted by the New Jersey Credit Union League (NJCUL).
The Credit Union Legislative Action Council (CULAC), the CUNA-League system’s federal political action committee (PAC), raised a record-breaking $5.3 million for the 2017-18 election cycle, CUNA announced Monday. That places CULAC among the top trade association PACs nationally.
According to an article in the Washington Post, House Small Business Committee Chairwoman Nydia Velázquez (D-NY) is calling for the Small Business Administration (SBA) to be reopened to ensure the nation's small businesses have access to capital.
The U.S. Supreme Court has denied certiorari to a lawsuit challenging the single-director structure of Consumer Financial Protection Bureau (CFPB). CUNA and the state leagues have been advocating on Capitol Hill for a commission structure at the CFPB to ensure long term continuity and stability in its policymaking.
The House is poised to vote this week on two short-term spending bills that would reopen the various departments and agencies affected by the ongoing partial government shutdown. One of the bills, expected to be voted on today, would fund the government through Feb. 1, while the other would fund it through Feb. 28.
CUNA President/CEO Jim Nussle appeared as the inaugural guest on “The CUInsight Experience,” a podcast featuring thought leaders from around the credit union community. Nussle shared the latest on CUNA’s advocacy efforts, including 2018 victories and goals for 2019, and discussed his view of CUNA’s role in the credit union system, among other topics.
The New Jersey Credit Union League (NJCUL) and credit union advocates were on-hand Monday as Rep. Mikie Sherrill (D-11), one of the four new members of New Jersey’s Congressional Delegation, held a celebratory grand opening of her district office in Parsippany.
Rep. Barry Loudermilk (R-GA) Wednesday re-introduced legislation which would reform the Bank Secrecy Act (BSA) and provide some relief to credit unions by raising thresholds for currency transaction (CTR) and suspicious activity reports (SAR), the Financial Reporting Threshold Modernization Act (H.R. 388).
After ending a 26-year run as mayor of Brigantine this year, Republican Phil Guenther will vie for one of the two Assembly seats up for election in the 2nd District this November.
Grassroots supporters of Donald Trump want to send state Assembly Minority Leader Jon Bramnick (R-21) a message that bashing the president won’t fly by recruiting a challenger against the nine-term incumbent in the June Republican primary.
Mark Calabria, chief economist for Vice President Mike Pence, has been nominated to lead the Federal Housing Finance Agency (FHFA). Ensuring credit unions have access to a viable secondary mortgage market is a top priority for CUNA and the state leagues.
Processing of Small Business Administration (SBA) loans has halted during the partial government shutdown now headed into its third week. The lack of loan approvals is creating problems for consumers and lenders that use the agency's programs, including credit unions.
Three-term Rep. Bonnie Watson Coleman (D-12) has secured a seat on the powerful House Appropriations Committee. Former Rep. Rodney Frelinghuysen (R-11) chaired the panel during the 215th Congress.
A report released last week by UK-based Juniper Research found that that global retailers are set to lose roughly $130 billion in digital card-not-present fraud between 2018 and 2023.
NJ Attorney General Gurbir Grewal announced Tuesday that New Jersey has entered into a multi-state settlement with Neiman Marcus that resolves allegations the chain failed to protect the personal information of shoppers, who made in-store purchases using payment cards.
Rep. Mikie Sherrill (D-11) has announced that her district office will open Monday, January 14, at 8 Wood Hollow Road in Parsippany. A celebratory grand opening is set for that morning from 8:45 to 9:45 a.m. The public is invited.
Lt. Gov. Sheila Oliver last week signed legislation (A-1414) requiring school districts to provide financial literacy education to middle school students in grades six through eight. The financial literacy instruction will emphasize budgeting, saving, credit, debt, insurance, investment, and other issues associated with personal financial responsibility to ensure New Jersey’s youth have access to the tools and foundation needed for sound financial decision-making.
The Democratic committees of the 1st Legislative District have selected Asm. Bob Andrzejczak (D-LD-1) to fill the state Senate seat vacated by now U.S. Congressman Jeff Van Drew (D-CD-2).
Credit union accomplishments during a turbulent political environment in 2018 stand out over any of the last 20 years of credit union advocacy, CUNA Chief Advocacy Officer Ryan Donovan wrote Monday in Credit Union Times. Donovan says these accomplishments have positioned credit unions well going into the new year and new Congress.
When we set out to create our bold advocacy agenda for 2019, step No. 1 was to listen.
CUNA wrote to leadership of the House and Senate Appropriations Committees Monday to call for inclusion of House-reported language that contains credit union-friendly provisions in any final appropriations legislation for fiscal year 2019. The House and Senate are in Washington, DC this week and are expected to continue negotiations to fund the government through the end of the fiscal year.
The House and Senate are in session this week. The focus will likely be on trying to come to an agreement to end the partial government shutdown now approaching its third week. In addition, party leaders in both chambers are wrapping up committee assignments for the 116th Congress.
The 116th Congress officially took office at noon Thursday, and CUNA, credit unions and leagues spent the hours before and after making their presence felt on Capitol Hill, greeting over 80 new and returning members in both the House and Senate.
WASHINGTON – The Fourth Circuit of Appeals has ruled in favor of Department of Labor Federal Credit Union (DOL FCU) related to a frivolous lawsuit alleging Web site non-compliance with the Americans with Disabilities Act (ADA). A panel of federal appeals court judges determined the plaintiff lacked standing.
This month, both the National Credit Union Administration (NCUA) and the Federal Housing Finance Agency (FHFA) have comment deadlines for proposed rules. The NCUA proposals involve bylaws and fidelity bonds, while the FHFA proposal deals with amendments to Federal Home Loan Bank (FHLB) housing goals. CUNA will be submitting comments on each proposal.
CUNA President/CEO Jim Nussle told Bloomberg that the 116th Congress would be able to work across party lines for key credit union issues. Nussle, along with CUNA Chief Advocacy Officer Ryan Donovan, spoke to Bloomberg about the need for federal data protection legislation and other topics.
Partial funding for the federal government ran out as members of Congress were unable to pass legislation for funding past Dec. 21. NCUA will continue to operate through the shutdown, as it is not funded through the appropriations process.
The House passed the Retirement, Savings, and Other Tax Relief Act (H.R. 88) Thursday, a bill that makes a CUNA-backed change to Unrelated Business Income Tax (UBIT). H.R. 88 contains a provision that would eliminate the new UBIT on not-for-profit transportation and athletic facilities fringe benefits.
CUNA wrote in opposition Thursday to a provision in a House bill that would place credit unions under the Community Reinvestment Act. The American Housing and Economic Mobility Act of 2018 (H.R. 7262) is the House equivalent of a Senate bill containing the same provision, which CUNA opposed in October.
CUNA joined the Illinois and Wisconsin Credit Union Leagues to file a brief Thursday in the U.S. Court of Appeals for the 7th Circuit in support of a credit union facing a lawsuit due to uncertainty with the Americans with Disabilities Act (ADA). The brief is the latest in CUNA/league advocacy efforts to defend credit unions, and the second one filed at the appellate level, which would provide binding precedent in the 7th circuit.
CUNA and the state leagues advocacy agenda for 2019 reflects the needs of the credit union movement and the realities of the 2018 mid-term election results. As the 116th Congress convenes and new leadership takes over at federal regulators including the Consumer Financial Protection Bureau (CFPB), and later the National Credit Union Administration (NCUA), CUNA Chief Advocacy officer Ryan Donovan said the CUNA/league system is eager to continue its work for and alongside the credit union movement.
CUNA and the state leagues came into 2018 with a bold advocacy agenda and saw historic victories as a result of unparalleled engagement and 360-degree advocacy. Execution of this agenda in the legislative, regulatory and judicial arenas helped ensure credit unions and their members are well-positioned going into 2019.
The Bank of Louisiana is leading a class-action lawsuit on behalf of banks and other financial institutions in the wake of the Marriott International data breach that revealed personal information – including names, addresses, payment card details and passport numbers – of as many as 500 million customers.
CUNA wrote in support of an amendment to the FIRST STEP Act (S. 756) that would clarify the federal treatment of marijuana in states where it is legal Monday. The text of the CUNA-backed Strengthening the Tenth Amendment Through Entrusting States (STATES) Act of 2018 (S. 3032) was added to S. 756, which is currently pending on the Senate floor.
State legislation (S2262) that supplements the “Small Business Loan Act” by applying some disclosure provisions of the federal “Truth in Lending Act” (TILA) to certain loans made to small businesses in New Jersey was amended Monday to exempt credit unions and Credit Union Service Organizations (CUSOs).
CUNA is engaged with several happenings on Capitol Hill this week, including ongoing discussions to fund the federal government and the National Flood Insurance Program. Both are expected to expire at midnight Friday, and the House and Senate are expected to work this week on an agreement to fund government operations through all or part of remainder of fiscal year 2018.
In the last scheduled voting session of the year, both the Senate and Assembly canceled scheduled votes on legislation to expand New Jersey’s paid family leave program, reportedly to give lawmakers more time to discuss the issue.
On September 7, 2017, Equifax announced a cybersecurity incident affecting 143 million consumers. This number eventually grew to 148 million, nearly half the U.S. population and 56 percent of American adults. On September 14, 2017, the House Oversight and Government Reform Committee opened an investigation into the data breach.
In the final scheduled week of the legislative calendar, Congress will need to pass a government funding bill to prevent a partial government shutdown and extend the National Flood Insurance Program (NFIP) before it lapses. Both are set to expire Friday. As of this writing, the Administration and legislative leaders have yet to reach an agreement on boarder security funding so a partial shut-down is possible.
CUNA and the state leagues support the Federal Reserve developing a real-time payments network. CUNA sent its comment letter Friday in response to a Fed call for comments on its faster payments proposal.
WASHINGTON – In an article posted to News Now, titled “CUs, leagues from N.J., Dakotas Hike the Hill in Washington, D.C.”, CUNA highlights the New Jersey Credit Union League’s annual Hike-the-Hill that took place last week.
CUNA Chief Advocacy Officer Ryan Donovan met with senior administration officials at the White House Tuesday to discuss credit union advocacy priorities for 2019 and beyond.
CUNA President/CEO Jim Nussle and Chief Advocacy Officer Ryan Donovan were named to The Hill’s list of top lobbyists for 2018. This is the fifth consecutive year Nussle has appeared on the list.
Sen. Mike Rounds (R-S.D.) introduced a Senate version of a CUNA-backed bill to delay implementation of NCUA’s risk-based capital (RBC) rule by two years, to January 2021.
Several workplace-related bills are advancing in the state Legislature, receiving committee approval and/or being scheduled for floor consideration on Monday.
President Donald Trump Tuesday announced his intent to nominate Mark Calabria to succeed Mel Watt as head the Federal Housing Finance Agency (FHFA). Watt, who recently faced allegations involving his alleged conduct while at the agency, is set to depart in January.
"Application of the Current Expected Credit Losses (CECL) standard to credit unions continues to be inappropriate," CUNA wrote to the House Financial Services sub-committee on financial institutions and consumer credit Tuesday. The sub-committee conducted a hearing yesterday on the impact of the standard, which was set forth by the Financial Accounting Standards Board (FASB).
WASHINGTON – Credit union advocates traveled to Washington Tuesday for a day of meetings with the offices of the New Jersey’s congressional delegation.
The Bureau of Consumer Financial Protection (BCFP) will issue a proposal to revise its current “No-Action” letter policy following CUNA efforts to have the Bureau amend to provide clarity regarding enforcement and supervision expectations. The proposal will have a 60-day comment period after it is published in the Federal Register, which is expected soon.
CUNA wrote to the Treasury Monday to call for parity for executive compensation at not-for-profit employers, agreeing with a recent letter sent by the American Society of Association Executives (ASAE) that called on the Treasury to provide parity between for-profit and not-for-profit organizations by grandfathering not-for-profit employer contracts in effect on or before Nov. 2, 2017.
CUNA asked the National Credit Union Administration (NCUA) to continue to review its rules governing credit union service organizations (CUSOs) to achieve greater regulatory relief in a letter sent Monday. CUNA also reiterated its long-time stance that NCUA should not have examination and enforcement authority over third-party vendors, including CUSOs.
CUNA will be engaged with several hearings in both chambers of Congress this week, including one on the impact of the Financial Accounting Standards Board’s (FASB) current expected credit loss (CECL) standard. The House and Senate are both in session this week, and could vote on a farm bill, as well as a tax bill that contains two CUNA-supported extensions of expired tax provisions, H.R. 88.
President Donald Trump signed a bill crafted by Congressional negotiators Thursday that will extend funding of the federal government, including the National Flood Insurance Program (NFIP), to Dec. 21.
CUNA wrote to Bureau of Consumer Financial Protection (BCFP) Acting Director Mick Mulvaney Thursday to thank him for his service during the 13 months he served as acting director for the agency. Kathy Kraninger was confirmed by the Senate to become bureau director Thursday; Mulvaney will continue his duties as director of the Office of Management and Budget.
CUNA President/CEO Jim Nussle addressed a “new era” at the Bureau of Consumer Financial Protection (BCFP) in a Credit Union Times op-ed Thursday with the confirmation of Director Kathy Kraninger. Kraninger was confirmed by Senate vote Thursday afternoon.
A number of issues of importance to credit unions are set for discussion this week on Capitol Hill.
Assembly Labor Committee consideration of a bill (A-15) to increase the state’s minimum wage, originally scheduled for today, has been postponed. Friday, the New Jersey Credit Union League requested the bill be amended to provide relief to not-for-profits and increase the small employer threshold.
Legislation (A-15) to increase the state’s minimum wage will be considered by Assembly Labor Committee on Monday. The measure is sponsored by Assembly Speaker Craig Coughlin (D-19).
The House and Senate have passed a two-week government spending bill that also reauthorizes the National Flood Insurance Program (NFIP) through Dec. 21. The president is expected to sign the measure, which must happen before midnight tonight to avoid a partial government shutdown.
The Senate voted 50-49 Thursday to confirm Kathy Kraninger as the next director of the Bureau of Consumer Financial Protection (BCFP). Kraninger replaces Acting Director Mick Mulvaney and will serve a five-year term as director.
For the second straight year, CUNA will award two small credit unions full scholarships to the CUNA Governmental Affairs Conference (GAC) via a contest run through the CUNA Small Credit Union Community, sponsored by CUNA Mutual Group.
The Senate will vote today on the nomination of Kathy Kraninger to lead the Bureau of Consumer Financial Protection (BCFP). Kraninger was nominated to replace Acting Director Mick Mulvaney and was approved by the Senate Banking Committee in August.
A Treasury task force report on how to overhaul the U.S. Postal System to return it to sustainability released Tuesday specifically noted that the US Postal Service (USPS) should not pursue postal banking given its "narrow expertise and capital limitations."
The New Jersey Credit Union League (NJCUL) has scheduled a Hike-the-Hill for Tuesday, December 11.
CUNA, leagues and credit unions participated in a Department of Justice (DOJ) roundtable Monday to discuss topics related to the Americans with Disabilities Act (ADA). Credit unions in more than 30 states are facing lawsuits due to ambiguity about how the ADA applies to Web site, and CUNA has made finding a solution a top priority.
Due to the passing of former President George H.W. Bush, the House will not vote this week and the Senate is not expected to be in before Wednesday.
Marriott International revealed last week that as many as 500 million customers had personal information including names, addresses, payment card details and passport numbers compromised in a data breach going as far back as 2014.
The House Republican Conference chose ranking members for House committees in the 116th Congress last week, with several credit union supporters being named ranking members of notable committees. With Democrats taking control of the House for the next Congress, Democratic lawmakers will chair all House committees, with Republicans serving as ranking members.
CUNA and the leagues were heavily involved in the mid-term election, including providing support for 388 House and Senate candidates nationwide to help continue the positive momentum for credit union priorities in Congress.
The House Democratic Caucus conducted leadership elections for the 116th Congress this week, with many credit union-friendly lawmakers taking leadership roles. Current House Minority Leader Nancy Pelosi (D-Calif.) was nominated as Speaker of the House for the 116th Congress.
The Senate voted 50-49 to end debate on the nomination of Kathy Kraninger to lead the Bureau of Consumer Financial Protection (BCFP) Thursday, setting up a final vote on the nomination in the coming days. Kraninger was nominated to replace Acting Director Mick Mulvaney. The Senate Banking Committee approved her nomination in August.
Both the House and Senate passed a bill Thursday to extend the National Flood Insurance Program (NFIP) until Dec. 7. The program was set to expire at midnight tonight if the extension wasn't passed.
CUNA and the state leagues support efforts to track money laundering and terrorist financing but also believe it's important to strike the balance between the costs to financial institutions and the benefits to the federal government. CUNA sent a letter for the record of a Senate Banking Committee hearing on combating illicit finance.
The New Jersey Credit Union League (NJCUL)'s Vice President of Corporate and Governmental Affairs Chris Abeel spoke on the potential impact to credit unions of the recent mid-term elections here in New Jersey and nationally at Thursday’s meeting of Visions FCU’s NJ-West Advisory Board.
The Senate could vote on the nomination of Kathy Kraninger to lead the Bureau of Consumer Financial Protection (BCFP). Kraninger currently serves as an associate director at the Office of Management and Budget (OMB). President Donald Trump nominated her in June to lead the Bureau.
Katz Government Affairs (KGA), the League’s long-time representatives in Trenton, was voted one of New Jersey's top three lobbying firms in NJBIZ magazine’s 2018 Reader Rankings survey, announced Tuesday.
The House is expected to vote on a one-week extension of the National Flood Insurance Program (NFIP) as early as today. The NFIP expires at midnight Friday.
CUNA raised concerns with several taxes contained in the Tax Cuts and Jobs Act in a Tuesday letter to Capitol Hill lawmakers. The letter was sent to Sen. Orrin Hatch (R-Utah), Sen. Ron Wyden (D-Ore.), Rep. Kevin Brady (R-Texas) and Rep. Richard Neal (D-Mass.) in response to Monday night’s release of the Retirement, Savings and Other Tax Relief Act of 2018 (H.R. 88).
Former Kansas Bank Commissioner Michelle Bowman was sworn-in Monday to serve on the Federal Reserve Board. Bowman is the first Fed governor to fill a spot designated for someone with community banking experience.
Legislation (S2703) that would legalize recreational use marijuana in New Jersey gained the approval of the Senate Budget and Appropriations Committee and the Assembly Appropriations Committee during a joint hearing Monday. The joint-committee voted seven to four in the Senate and six to three in the Assembly in support of the legalization, taxation and regulation of small amounts of marijuana for adults 21 years and older.
The New Jersey Credit Union League (NJCUL) has scheduled a Hike-the-Hill for Tuesday, December 11.
Gov. Phil Murphy Monday called on the Legislature to pass a $15-per-hour minimum wage bill before they break for the holidays.
While the nomination of a permanent director to lead the Bureau of Consumer Financial Protection (BCFP) is a positive development, CUNA believes the best solution is a multi-member, bipartisan commission. CUNA wrote to Senate leadership Monday in advance of upcoming Senate consideration of Kathy Kraninger to lead the Bureau as director.
CUNA is engaged with several hearings in Congress this week, as well as a Senate confirmation vote on the director of the Bureau of Consumer Financial Protection (BCFP). CUNA wrote to Senate leadership Monday in advance of its expected vote on Kathy Kraninger to lead the Bureau.
The Jersey City Council last week approved an ordinance imposing a one percent tax on the payroll of out-of-town employees starting January 1. Mayor Steve Fulop is expected to sign the measure.
Department of Housing and Urban Development (HUD) Secretary Ben Carson visited HUD FCU in Washington, DC earlier this week as the credit union received a $10,000 grant from the National Credit Union Administration (NCUA)'s Community Development Revolving Loan Fund (CDRLF) for leadership development.
CUNA advocated against efforts to have the Office of the Comptroller of the Currency (OCC) recommend that the Community Reinvestment Act be expanded to apply to credit unions in a letter written Tuesday. CUNA responded to an advanced notice of proposed rulemaking from the OCC on reforming the CRA regulatory framework.
As both 2018 and the 115th Congress wind down, CUNA will pursue several credit union priorities in the next few weeks. Congress will also work toward funding the federal government, which expires Dec. 7.
Senate Majority Leader Mitch McConnell (R-KY) filed cloture Thursday on several nominations, including Kathy Kraninger to lead the Bureau of Consumer Financial Protection (BCFP), setting up a Senate vote on confirmation for the week after Thanksgiving.
CUNA applauds the Federal Housing Finance Agency (FHFA) efforts to address investor concerns surrounding the Uniform Mortgage-Backed Security (UMBS) before the security is launched in the to-be-announced market on June 9, 2019. CUNA filed its letter with the agency Thursday in response to a proposed rule on the uniform security.
CUNA welcomes the Federal Housing Finance Agency’s (FHFA) efforts to adopt strong capital requirements, but has concerns about the lack of analysis of the impact on the cost of conventional mortgage credit in the primary market. CUNA filed a comment letter with FHFA Thursday in response to a proposed rule on capital requirements for government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac.
While there are still some races in last week’s mid-term elections that have yet to be decided, it is clear that an unusually large number of new lawmakers will descend on Capitol Hill when the116th Congress convenes on January 3rd.
The Internal Revenue Service and Treasury should delay new Unrelated Business Income (UBIT) taxes until the IRS issues clear and final rules, CUNA and other organizations wrote to the IRS. CUNA wrote to the IRS to specifically request a delay in the implementation of the new taxes.
House Republicans conducted leadership elections Wednesday, filling positions for the 116th Congress. Rep. Kevin McCarthy (R-CA) was named House minority leader.
While there are still some races in last week’s midterm elections that have yet to be decided, the suspense over New Jersey’s remaining race finally lifted Wednesday afternoon when Democrat challenger Andy Kim was declared the winner over two-term Republican incumbent Tom MacArthur in the 3rd Congressional District.
CUNA is continuing its advocacy with lawmakers to secure a fix for an excise tax contained in the Tax Cuts and Jobs Act of 2017 (TCJA). The new law requires tax-exempt entities to pay a 21% excise tax on the five highest-paid employees’ compensation that individually exceed $1 million annually, effective Jan. 1, 2018.
Credit unions have a long history of safeguarding information and are subject to numerous requirements, unlike others that use or maintain consumer information, CUNA wrote to the National Telecommunications and Information Administration (NTIA) Friday. CUNA sent its comments in response to a request for comment on developing an administration policy for consumer data privacy.
The House and Senate return to session this week following the mid-term elections and have a number of items to address during the lame duck session.
The Jersey City Council introduced the payroll tax ordinance by a 7-0-1 vote. Wednesday's 90-minute hearing was the first time the council heard from the public on the proposed payroll tax, which would amount to one percent on any business's total non-resident payroll. The wages of Jersey City residents would be exempt. The council is expected to hold a final vote on the plan by the end of the year. All the money would be set aside for schools.
New Jersey’s 3rd Congressional District race is still too close to call.
State Sen. Jeff Van Drew was successful last week in his bid to succeed retiring Congressman Frank LoBiondo (R-2). He will be the next member of Congress from the 2nd District when he assumes office in January.
The NJCUL has scheduled a Hike-the-Hill for Tuesday, December 11.
CUNA will pursue the extension of two expired tax cuts, known as “tax extenders,” during the final months of the 115th Congress. Tax extenders are temporary tax provisions, generally cuts, that have scheduled expiration dates, but are often extended by Congress.
Despite the divided Congress that will take office in January, CUNA, leagues and credit unions are well-positioned in a challenging legislative environment, CUNA noted in its post-election whitepaper, released Thursday. Titled “Credit Union-Friendly Majority in a Divided Congress,” the paper provides a comprehensive breakdown of credit union involvement in the election, what the results mean and CUNA’s plans for the 116th Congress.
"Credit unions are well positioned after Tuesday’s election into the 116th Congress," CUNA President/CEO Jim Nussle said during CUNA’s post-election webinar Thursday. Nussle was joined by Chief Advocacy Officer Ryan Donovan and Chief Political Officer Richard Gose to break down the election results, which can also be found in great detail in CUNA’s post-election whitepaper.
CUNA President/CEO Jim Nussle and other CUNA leaders will break down what a Democrat-controlled House and a larger Republican majority in the Senate means for credit unions Thursday in a free webinar for CUNA members. Nussle will be joined by Chief Advocacy Officer Ryan Donovan and Chief Political Officer Richard Gose.
While the 3rd District Democrat challenger to two-term incumbent Congressman Tom MacArthur (R-3) declared victory last night, MacArthur has yet to concede, and the race is still too close to call Thursday morning.
Congressman-elect Jeff Van Drew will be the guest speaker at Rider University’s Rebovich Institute of Politics on Monday, November 12. The event is free and open to the public. NJCUL Vice President of Corporate and Governmental Affairs will be in attendance. Interested credit union advocates are encouraged to attend as well. Please contact Chris Abeel for additional information and registration, or feel free to register directly here.
New Jersey state legislative elections are held in even years but Tuesday there were ten special legislative elections, one for the state Senate and nine for the Assembly. These were essentially ratifications of the local Democratic parties’ choices to fill seats that had been vacated over the last year.
While many races have yet to be called, including one in New Jersey, it is clear that Republicans retained control of the Senate while Democrats gained a House majority in Tuesday’s midterm elections.
2004 Democratic presidential nominee and former secretary of State, John Kerry, will bring his extensive experience and insights directly to the leaders of the credit union movement as he delivers the key note address at the 2019 CUNA Governmental Affairs Conference (GAC) in March.
CUNA and the New Jersey Credit Union League (NCJUL) are urging credit union stakeholders to exercise their right to vote in today’s mid-term elections.
CUNA staff will host a post-election webinar Thursday, where CUNA President/CEO Jim Nussle, Chief Advocacy Officer Ryan Donovan, Chief Political Officer Richard Gose and Deputy Chief Advocacy Officer for Political Action Trey Hawkins will give a comprehensive breakdown on how the election results will shape CUNA advocacy efforts going forward.
With election day tomorrow, CUNA’s “Credit Unions Vote” campaign is still underway, and voters can use CUNA’s CreditUnionsVote.com Web site to make the process easier. The site lets visitors enter basic information to check voter registration status, find their polling place, tweet about voting and more.
Capitalizing on Amazon raising its minimum wage for all of its New Jersey employees to $15 an hour, Gov. Phil Murphy used the occasion to push the Legislature to match the rate for all State workers according to a report in ROI-NJ.
The Center for Responsive Politics (CRP) projects that more than $5.2 billion will be spent this election cycle, making it the most expensive midterm election by a wide margin. The overall estimated cost would represent a 35 percent increase over the 2014 cycle in nominal dollars, the largest increase in at least two decades.
CUNA has launched a Web site highlighting each of the candidates supported by CUNA, the state leagues and credit unions in the 2018 mid-terms. CUNA and the leagues have invested nearly $7 million on more than 380 pro-credit union candidates for the U.S. House and Senate from across the nation.
CUNA and the state leagues have invested nearly $7 million in over 380 pro-credit union U.S. House and Senate candidates across the nation. This support included not only direct contributions to candidate campaign committees by CULAC, the Credit Union Legislative Action Council, but direct voter engagement via mailers, and television, radio and online ads in targeted districts.
As the Nov. 6 mid-term election approaches, credit unions have a lot at stake in the new Congress. The 115th Congress brought major wins for credit unions, and CUNA, leagues and credit unions are already focused on continuing the momentum in the next Congress.
New Jersey Credit Union League (NJCUL) President/CEO David Frankil Thursday wrote members of Congress from New Jersey to thank them for adding their name to the delegation letter to NCUA Chairman J. Mark McWatters on the agency’s treatment of taxi medallion loans.
Congressman Tom MacArthur (R-3) visited the Toms River Store of First Atlantic FCU to tour the facility and meet with the New Jersey Credit Union League (NJCUL) and credit union advocates. MacArthur serves on the House Financial Services Committee and has been a strong credit union supporter while serving in Congress.
Credit Union Legislative Action Council (CULAC), the CUNA/League System’s federal political action committee (PAC), launched its final independent expenditure (IE) for the 2018 midterm election cycle Tuesday. CULAC is ranked among the top five largest PACs for trade associations.
All 14 members of New Jersey’s congressional delegation signed a letter to the National Credit Union Administration (NCUA)'s Chairman J. Mark McWatters on the agency’s treatment of taxi medallion loans.
The Bureau of Consumer Financial Protection (BCFP) issued its Fall 2018 rule-making agenda this week, with several items reflecting CUNA’s advocacy with the Bureau. The agenda is a snapshot of the Bureau’s regulatory priorities over the coming months into 2019.
Effective October 29, 2018, most private sector employers in New Jersey will be required to provide at least 40 hours of paid sick leave in a 12-month period to every New Jersey employee for their own diagnosis, treatment, or preventative care, or, for that of a family member. The law covers most employers and does not include a small business exemption or minimum number of employees. While there are a few exemptions for certain types of employees or employment situations, a credit union or credit union employee would not fall into one of the exemptions.
CUNA support for credit union-friendly candidates in this year’s mid-term election was covered by two Washington, D.C. publications Wednesday. CUNA announced several independent expenditures Wednesday, which follows a similar announcement several weeks ago, part of the $7 million CUNA is investing in this year’s mid-terms.
Credit Union Legislative Action Council (CULAC), the federal PAC of CUNA, is launching its first round of independent expenditures (IEs) for the 2018 midterm election cycle. The IEs are being launched in various stages throughout the week.
Gov. Phil Murphy has signed legislation (A2762, now P.L. 2018, c.122) designed to increase the use of the State’s paid family leave insurance law for pregnancy or child birth.
A new Federal Reserve study found that between 2012 and 2015, the value of fraudulent electronic payments increased 37 percent, driven primarily by card fraud. During the same time period, the total value of electronic payments increased only 12 percent.
As part of its initiative to educate, train, and build an “army” of volunteer advocates, the New Jersey Credit Union League has extended an invitation to all New Jersey credit union volunteers attending its 2018 Convention to a special Advocacy Reception Sunday at 2:15 pm with special guest State Senator Jeff Van Drew, the leading candidate to replace retiring Congressman LoBiondo in the 2nd District.
The Federal Housing Finance Agency (FHFA), Fannie Mae and Freddie Mac have jointly launched a new promised centralized hub, Mortgage Translations, of online resources to assist lenders and others in the mortgage business as they serve limited English proficient (LEP) borrowers.
In comments Monday during the Mortgage Bankers Association annual conference, Treasury Secretary Steven Mnuchin’s top housing advisor Craig Phillips told the crowd that the Trump administration is working to end the conservatorship of Fannie Mae and Freddie Mac.
Legislation to expand New Jersey’s paid family leave law was held in the Senate Budget and Appropriations Committee Monday.
The Assembly Financial Institutions and Insurance Committee Monday approved by an 8-3 vote legislation (A4134) that would establish a retirement savings program for certain private sector employees, the “New Jersey Secure Choice Savings Program.” The Senate companion bill (S2891) was scheduled for consideration by the Senate Labor Committee on Sept. 12 but was held at the sponsor’s request.
The NJ Department of Labor and Workforce Development (LWD) announced that New Jersey’s current state minimum wage of $8.60 will increase to $8.85 on January 1, 2019.
Legislation (S2528) that would expand benefits under the state’s paid family leave law is scheduled to be considered today by the Senate Budget Committee. The measure was approved by the Senate Labor Committee in May. The Assembly companion bill (A3975) has been reported to the floor and is awaiting a vote by the full Assembly.
Legislation (A4134) that would establish the “New Jersey Secure Choice Savings Program,” a retirement savings program for certain private sector employees, is on today’s Assembly Financial Institutions and Insurance Committee agenda. The Senate companion bill (S2891) was scheduled for consideration by the Senate Labor Committee on Sept. 12 but was held at the sponsor’s request.
The New Jersey Credit Union League (NJCUL) and credit union advocates met Friday with Congressman Josh Gottheimer (D-5). Gottheimer serves on the House Financial Services Committee.
Legislation (S2528) that would expand benefits under the state’s paid family leave law is scheduled to be considered Monday by the Senate Budget Committee. The measure was approved by the Senate Labor Committee in May. The Assembly companion bill (A3975) has been reported to the floor and is awaiting a vote by the full Assembly.
Legislation (A4134) that would establish the “New Jersey Secure Choice Savings Program,” a retirement savings program for certain private sector employees, is on Monday’s Assembly Financial Institutions and Insurance Committee agenda. The Senate companion bill (S2891) was scheduled for consideration by the Senate Labor Committee on Sept. 12 but was held at the sponsor’s request.
The Senate Banking Committee will hold a hearing on “Exploring the Cryptocurrency and Blockchain Ecosystem” today. Scheduled to testify are Dr. Nouriel Roubini, Professor of Economics and International Business, New York University Stern School of Business; and Mr. Peter Van Valkenburgh, Director of Research, Coin Center.
The Federal Communications Commission (FCC) has issued a proposal seeking further comment on the definition of an autodialer under the Telephone Consumer Protection Act (TCPA). CUNA has called on the FCC to clarify the definition of autodialer in a May petition to the FCC.
Sen. Elizabeth Warren’s (D-Mass.) proposal to place credit unions under the Community Reinvestment Act (CRA) would be a step backward in access to affordable mortgage credit, CUNA Chief Advocacy Officer Ryan Donovan wrote in The Hill Wednesday. Donovan’s op-ed was written in response to Warren’s bill that contains a provision placing credit unions under the CRA.
While the American Housing and Economic Mobility Act of 2018 (S. 3503) has a laudable goal, its provision to extend the Community Reinvestment Act (CRA) to credit unions runs counter to the goal of increasing access to credit. CUNA President/CEO Jim Nussle wrote to all 100 Senators Wednesday to oppose the section in S. 3503 that would expand the reach of the CRA to credit unions, including to Sen. Elizabeth Warren (D-Mass.), the bill’s sponsor.
A number of credit union priorities were discussed during yesterday's Senate Banking Committee hearing on financial regulators' implementation of the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155), including serving underserved communities, exam efficiency, cybersecurity and creating a faster, real-time payments system.
CUNA applauds the National Credit Union Administration’s timely implementation of provisions in the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) and continues to await fulfillment of several provisions by the Bureau of Consumer Financial Protection (BCFP).
CUNA and the state leagues are investing a record-breaking $7 million in support of credit union-friendly candidates for the 2018 mid-term election cycle with most of the expenditures coming via from the Credit Union Legislative Action Council (CULAC), the federal political action committee of CUNA and the state leagues.
Governor Phil Murphy Monday unveiled his economic development strategic plan – “The State of Innovation: Building a Stronger and Fairer Economy in New Jersey” – to set New Jersey on the path to a stronger future where innovation and diversity are at the forefront of the state’s economy.
CUNA will be engaged with a hearing on the implementation of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) this week, in addition to other activities on Capitol Hill this week. NCUA Chairman J. Mark McWatters will be one of several federal financial regulators expected to testify at the hearing, which will be conducted by the Senate Banking Committee.
CUNA was recognized last week for its grassroots success in getting tens of thousands of messages to Capitol Hill lawmakers in support of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). CUNA’s grassroots engagement with credit union leaders, which started at the 2018 CUNA Governmental Affairs Conference, resulted in more than 50,000 messages sent to Congress, and the bill being signed into law in May.
NJ Attorney General Gurbir Grewal announced Wednesday that the ride-sharing company Uber Technologies, Inc. has agreed to pay a total of $148 million to resolve a multi-jurisdiction investigation into a data breach that compromised the personal information of Uber riders and drivers.
As a House Financial Services sub-committee readies for today’s hearing to examine opportunities in the financial space for fintech, new research suggests that unregulated fintech companies could set the stage for another financial crisis.
The Federal Open Market Committee (FOMC) decided Wednesday to raise the federal funds target rate by a quarter-point to a range of 2 to 2.25 percent. This is the third rate hike this year.
The House passed the conference report to H.R. 6157 Wednesday, a “minibus” bill that includes a continuing resolution to fund the government through Dec. 7. The federal government is scheduled to shut down Sept. 30 if President Trump does not sign the bill.
HIGHTSTOWN, N.J. – The New Jersey Credit Union League (NJCUL) met Monday with senior leadership of the NJ Department of Banking & Insurance (DOBI), including Commissioner Marlene Caride and Division of Banking Director Patrick Mullen.
Current laws and examination practices ensure that credit unions members private information is properly protected, CUNA wrote Tuesday to the Senate Commerce Committee. CUNA’s letter was sent to committee leadership for the record its hearing on safeguards protecting consumer data privacy.
The US Department of Justice (DoJ), in a response to more than 100 House members calling for guidance and clarity regarding Web site accessibility requirements under the Americans with Disability Act (ADA), said that "noncompliance with a voluntary technical standard for Web site accessibility does not necessarily indicate noncompliance with the ADA."
CUNA and the state leagues strongly oppose a bill introduced Tuesday by Sen. Elizabeth Warren (D-MA) that would require credit unions to be examined for compliance with the Community Reinvestment Act (CRA). Congress exempted credit unions from the CRA when it was enacted in 1977 determining it would be unnecessary and counter-intuitive for it to apply to member-owned financial cooperatives.
The Federal Open Market Committee (FOMC), the Federal Reserve's monetary policy-setting arm, begins a two-day meeting today and is expected to raise rates for the third time this year.
CUNA wrote Monday in support of a bill it says provides a “much needed and long overdue” modernization of Bank Secrecy Act (BSA) reporting thresholds. The Financial Reporting Threshold Modernization Act (H.R. 6850) was introduced by Rep. Barry Loudermilk (R-GA).
Both the House and Senate are in session this week, and CUNA will be engaged with several hearings conducted by both chambers. CUNA is also closely monitoring government funding negotiations this week, as it is currently expected to expire Sept. 30.
HIGHTSTOWN, N.J. – The New Jersey Credit Union League (NJCUL) and credit union advocates, including a credit union board member from Federal Employees (Newark) FCU, met Monday with Congressman Donald Payne, Jr. (D-10).
A change to the tax status of large credit unions will impact small credit unions as well, Freedom CU President/CEO Ken Payne wrote in Credit Union Journal Friday. Payne’s op-ed on how credit unions are stronger together comes as bankers are ramping up attacks on the credit union tax status.
CUNA launched its “Credit Unions Vote” campaign Thursday which is focused on getting credit union members to vote in the November mid-term elections. The non-partisan campaign features a Web site where credit union members can visit to check their registration status, register to vote, participate in early voting and find their polling place.
Rep. Barry Loudermilk (R-GA) introduced the Financial Reporting Threshold Modernization Act (H.R. 6850) on Thursday. The bill would reform the Bank Secrecy Act (BSA) and provide some relief to credit unions by raising certain thresholds, including those for currency transaction (CTR) and suspicious activity reports (SAR).
Earlier this week, the Federal Reserve Board approved final amendments to the liability provisions of Regulation CC, which governs availability of funds and collection of checks. These amendments continue the Board's efforts to update Regulation CC to reflect the evolution of the nation's check collection system from one that is largely paper-based to one that is virtually all electronic.
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced grants and loans to 302 organizations totaling $202.2 million Wednesday.
Krebs on Security reported Tuesday that more than 14 million customer records from an online payment company used by state and local governments have been exposed by a security vulnerability.
CUNA is engaged with continuing government funding discussions and a Senate hearing on fin tech this week. The House is in recess until Sept. 25.
Senate Finance Committee Chairman Orrin Hatch (R-UT) and Sen. James Lankford (R-OK) introduced legislation Monday that would require the Bureau of Consumer Financial Protection (BCFP) to issue timely guidance on its rules in order to facilitate industry compliance and better protect consumers.
The New Jersey Credit Union League and credit union advocates met Monday morning with Congressman Frank Pallone (D-6) and in the afternoon with Congressman Bill Pascrell, Jr. (D-9). Pallone is the ranking Democrat on the House Energy and Commerce Committee and is in line to become chairman if the Democrats capture a House majority in the November mid-term elections. Pascrell serves on the House Ways and Means Committee. Both committees are extremely important when it comes to credit union-related legislation.
Credit unions' tax-exempt status remained untouched following the House Ways and Means Committee's markup of the "Tax Reform 2.0" package Thursday.
The time is now for Congress to enact stricter data security standards that better protect credit unions and consumers, CUNA President/CEO Jim Nussle wrote Thursday in Credit Union Journal. Nussle noted that with the heads of Facebook and Twitter before Congress last week and the markup of a data breach notification bill this week, data security is on a lot of policymakers’ minds right now.
The House Financial Services Committee (HFSC) advanced two credit union-backed bills at its Thursday markup, bills covering compliance consistency and data security. CUNA wrote in support of both bills prior to the markup.
The New Jersey Credit Union League (NJCUL) and credit union advocates met Thursday with George Helmy, Sen. Cory Booker’s (D-NJ) state director, and other senior state staff to discuss credit union priorities for the balance of the 115th Congress. The discussion focused on post-S. 2155 regulatory relief priorities, the need for the Department of Justice to issue Americans with Disabilities Act (ADA) Web site compliance rules, the ongoing problem of merchant data breaches and the need to subject retailers to the same data security requirements as card issuers, and issues relating to NCUA’s treatment of taxi medallion loans and participations.
Legislation (S2891) that would establish the “New Jersey Secure Choice Savings Program,” a retirement savings program for certain private sector employees, was removed from Thursday’s Senate Labor Committee agenda following opposition from the League.
CUNA joined other trade organizations Wednesday requesting an extension of the comment deadline for the Bureau of Consumer Financial Protection’s proposed policy to encourage trial disclosure programs. Specifically, CUNA requests the comment deadline be extended an additional 45 days beyond the current Oct. 10 deadline.
The Senate Banking Committee announced Tuesday it will postpone its hearing on the implementation on the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). Originally scheduled for Thursday, the hearing is now scheduled to take place Oct. 2.
The Consumer Information Notification Requirement Act (H.R. 6743) is a strong step in the right direction, and CUNA looks forward to working with Congress to do more on data security, CUNA President/CEO Jim Nussle wrote Tuesday. CUNA’s letter was sent to Rep. Blaine Luetkemeyer (R-Mo.), who introduced the bill last week.
Interest rate swaps and caps promote safety and soundness by helping community-based depository institutions hedge interest rate risks related to fixed-rate mortgage loans held in portfolio and similar fixed-rate investments, the World Council of Credit Unions wrote Monday. The World Council sent its letter to the Basel Committee on Banking Supervision, the primary global standard setter for the prudential regulation of banks, in response to its consultative document on “Incentives to centrally clear over-the-counter derivatives.”
CUNA will be engaged with a Senate Banking Committee hearing on implementation of S. 2155, the markup of a data breach notification bill and other activities on Capitol Hill this week. National Credit Union Administration (NCUA) Chairman J. Mark McWatters will be among federal financial regulators who will be testifying before the Senate Banking Committee Thursday on implementation of S. 2155, which contains several regulatory relief provisions from credit unions.
The credit union tax status remains untouched in the House Ways and Means Committee release of “Tax Reform 2.0,” legislation intended to make several changes to the Tax Cuts and Jobs Act of 2017.
Legislation (S2891) that would establish the “New Jersey Secure Choice Savings Program,” a retirement savings program for certain private sector employees, is on Thursday’s Senate Labor Committee agenda. The Assembly companion bill (A4134) is pending consideration by the Assembly Financial Institutions and Insurance Committee.
The Bureau of Consumer Financial Protection (BCFP) Friday announced new members for its reconstituted Credit Union Advisory Council (CUAC). All seven of the selected CUAC members are currently CUNA member credit unions.
British Airways announced that consumers who booked flights with the company between Aug. 21 and Sept. 5 had their personal data stolen. The information compromised in the breach includes credit card numbers, expiration dates and security codes, and names, street addresses and email addresses.
Rep. Blaine Luetkemeyer (R-MO) formally introduced data breach notification legislation Friday, a bill that would provide credit unions regulatory relief if they suffered a data breach. The bill is titled the Consumer Information Notification Requirement Act.
Governor Phil Murphy and Assembly Speaker Craig Coughlin (D-19) held a press conference Thursday where they indicated that the top two legislative priorities for this fall are legalizing recreational marijuana and increasing the state's minimum wage to $15 an hour.
The Fourth Circuit U.S. Court of Appeals will hear arguments Oct. 30 in an appeal by Department of Labor (DOL) FCU in a frivolous lawsuit alleging Web site noncompliance with the Americans with Disabilities Act (ADA). The lawsuit is just one of many around the country facing credit unions due to uncertainty about how the ADA applies to Web sites.
A new bi-partisan housing finance reform discussion draft unveiled Thursday by House Financial Services Committee Chairman Jeb Hensarling (R-TX) and Rep. John Delaney (D-MD) would preserve a credit union-sought government guarantee to the secondary mortgage market and create more lending opportunities for small lenders.
CUNA President/CEO Jim Nussle discussed grassroots advocacy, the Bureau of Consumer Financial Protection and the appropriations process Wednesday in an interview with National Journal. Nussle served as a member of Congress from Iowa from 1991 to 2007, and as director of the Office of Management and Budget from 2007 to 2009.
The National Credit Union Administration (NCUA) Chairman J. Mark McWatters will be among federal financial regulators testifying before the Senate Banking Committee Sept. 13 on implementation of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). The hearing is scheduled to begin at 10 a.m. and will be live streamed on the committee’s Web site.
Six Senators wrote to Attorney General Jeff Sessions Wednesday with concerns shared by credit unions, banks and small businesses over how the Americans with Disabilities Act (ADA) applies to Web sites. Credit unions around the country continue to face legal threats due to uncertainty over how to make Web sites compliant with the ADA. Finding a solution is a top priority for CUNA and the state leagues.
The House and Senate are both back in Washington, D.C. this week, and CUNA is engaged with several activities on Capitol Hill, including ongoing discussions to fund the federal government after Sept. 30, when funding runs out.
Credit union-backed candidates saw victories in Tuesday’s elections, including primaries in Florida and a runoff election in Oklahoma. Candidates are backed by credit union leagues and the Credit Union Legislative Action Council, CUNA’s political action committee.
Congress got the credit union “formula” right, American Consumer Institute (ACI) President Steve Pociask wrote in Inside Sources in response to false banker claims appearing in the Wall Street Journal. CUNA President/CEO Jim Nussle’s response to the banker claims appeared in the Wall Street Journal last week.
Sen. Chris Van Hollen (D-MD) expressed concern to Federal Reserve Chairman Jerome Powell over the delay in implementing a real-time payment system in a letter Tuesday and asked him a series of questions pertaining to the legislative and regulatory needs to get the system underway.
The Senate voted 69-26 Tuesday to confirm Richard Clarida as vice chairman of the Federal Reserve Board. Clarida has offered support of reducing the regulatory burden facing community-based financial institutions by better tailoring regulations.
According to a report by KrebsOnSecurity released Tuesday, Fiserv recently fixed a Web platform weakness that exposed personal and financial details of customers across hundreds of financial institutions' Web sites.
CUNA joined a group of organizations this week to call on Senate leadership to ensure mortgage regulatory relief language remains in the conference committee version of the 2019 financial services and general government appropriations bill. The Mortgage Choice Act (H.R. 1153) language is a bipartisan measure that passed the House in February and is strongly supported by CUNA and the state leagues.
Credit unions are supporting several candidates in Tuesday’s primary elections in Arizona and Florida, and a candidate in a runoff election in Oklahoma. Candidates are backed by credit union leagues and the Credit Union Legislative Action Council (CULAC).
The top official overseeing student loans at the Bureau of Consumer Financial Protection (BCFP) resigned on Monday saying Trump Administration policies were harming students and families.
The Internal Revenue Service (IRS) issued proposed regulations last week providing rules on the availability of charitable contribution deductions when the taxpayer receives or expects to receive a corresponding state or local tax credit.
In the latest reported data breach, information from some 567,000 payment cards may have been exposed at the Cheddar's Scratch Kitchen restaurant chain between November 3, 2017, and January 2 the parent company announced Wednesday.
Kathy Kraninger’s nomination to lead the Bureau of Consumer Financial Protection (BCFP) cleared the Senate Banking Committee 13-12 Thursday and now heads to a final vote by the full Senate.
HIGHTSTOWN, N.J. – NJCUL President/CEO David Frankil sent a letter today to Sen. Cory Booker (D-NJ) voicing credit union opposition to a bill he and Senate Banking Committee Ranking Member Sherrod Brown (D-OH) have introduced, The Stop Overdraft Profiteering Act of 2018 (S.3343).
CUNA and credit unions responded to the latest banker attack in the Wall Street Journal Thursday, with CUNA President/CEO Jim Nussle leading the response letters to the editor. Nussle responded to claims by a Florida banking association on credit unions’ tax status.
A Senate Banking Committee vote on the nomination of Kathy Kraninger to lead the Bureau of Consumer Financial Protection (BCFP) is expected today. During her nomination hearing last month, Kraninger said that rule-makings by the Bureau should be tailored "to reduce the burden of compliance, particularly on consumers and smaller marketplace participants."
CUNA Senior Director of Advocacy and Counsel Alexander Monterrubio appeared on CUBroadcast recently to discuss CUNA’s latest efforts at finding a solution to credit unions being hit with abusive lawsuits under the Americans with Disabilities Act (ADA). Credit unions are facing these lawsuits due to uncertainty about how the ADA applies to Web sites.
CUNA will be engaged with the Senate Banking Committee’s mark-up of several nominees Thursday, most notably director of Bureau of Consumer Financial Protection (BCFP) nominee Kathy Kraninger. The Senate Banking Committee is expected to meet in executive session to consider the nominees Thursday morning.
The New Jersey Credit Union League (NJCUL) will be meeting with Congressman Bill Pascrell (D-9) August 29th to discuss credit union priorities for the balance of the 115th Congress. The discussion is expected to focus on post-S. 2155 regulatory relief priorities, the need for the Department of Justice to issue Americans with Disabilities Act (ADA) Web site compliance rules, the ongoing problem of merchant data breaches and the need to subject retailers to the same data security requirements as card issuers, and issues relating to NCUA’s treatment of taxi medallion loans and participations.
The Senate Banking Committee is expected to vote on the nomination of Kathy Kraninger to lead the Consumer Financial Protection Bureau (CFPB) on August 23. During her nomination hearing before the committee last month, Kraninger said that rule-makings by the Bureau should be tailored "to reduce the burden of compliance, particularly on consumers and smaller marketplace participants."
This year has been a “wildly successful year in credit union advocacy,” CUNA Chief Advocacy Officer Ryan Donovan said, and during the August recess credit unions have a great opportunity for additional efforts. The House has adjourned until Sept. 4.
The Bureau of Consumer Financial Protection will reportedly suspend routine examinations of lenders for compliance with the Department of Defense's (DoD) Military Lending Act (MLA) rule, a rule that has posed compliance challenges to many credit unions. CUNA and the state leagues continue to push for clarity in the form of guidance or revisions.
A report released last week by UK-based Juniper Research estimates that cybercriminals will steal more than 146 billion personal and financial data records globally over the next five years. In addition, the firm expects the U.S. to become an even bigger target for data breaches, with over half of all breaches to occur here by 2023.
President Donald Trump signed the National Defense Authorization Act (NDAA) for fiscal year 2019 Monday at Fort Drum, enacting the legislation without a provision that could have negatively impacted military credit unions. CUNA and leagues successfully fought for removal of a section of the bill that would have the House bill, which was removed when the conference report of the bill was released Monday.
CUNA will conduct two training programs for young credit union professionals in September, building off the successful program CUNA hosted last year. Registration is open now for the all-day programs, scheduled for September 10 and 24 at Credit Union House.
The Bureau of Consumer Financial Protection (BCFP) issued a final rule on Friday amending Regulation P providing regulatory relief by exempting credit unions that meet specific criteria from the requirement to send annual privacy notices to members. CUNA continues its evaluation of the final rule but supports efforts to reduce burdens associated with redundant and unnecessary regulations.
The New Jersey Credit Union League (NJCUL) met with Congressman Donald Norcross (D-1) Thursday to discuss credit union priorities for the balance of the 115th Congress. The discussion focused on post-S. 2155 regulatory relief priorities, the need for the Department of Justice (DOJ) to issue Americans with Disabilities Act (ADA) Web site compliance rules, the ongoing problem of merchant data breaches and the need to subject retailers to the same data security requirements as card issuers, and issues relating to NCUA’s treatment of taxi medallion loans and participations.
The Borough of Red Bank is seeking proposals from financial institutions to provide primary banking services for the Borough. The Borough’s objective in soliciting proposals is to enable it to select a respondent that will provide high quality and cost-effective services to the municipality.
The New York City Council voted Wednesday to halt the issuance of new for-hire vehicle licenses for 12 months while it studies the booming industry. Under the cap, Uber and Lyft could still be granted licenses for wheelchair-accessible vehicles, but would be prevented from adding new ride-hail vehicles for one year. The city’s Taxi and Limousine Commission could also issue licenses in particular neighborhoods that are running low on ride-hail vehicles.
Credit union supported candidates saw victories in Tuesday’s primaries, including in Kansas and Michigan, and a likely victory in Ohio’s special election. Candidates are supported by the CUNA’s political action committee, the Credit Union Legislative Action Council, and state leagues.
CUNA and the Illinois Credit Union League (ICUL) saw a victory late Tuesday with the dismissal of a frivolous lawsuit against Aurora (Ill.) Policemen Credit Union. CUNA and the league worked with the credit union to file an amicus brief on its behalf.
Yesterday, Mikie Sherrill, the Democratic candidate for Congress in the 11th District, took time from her busy campaign schedule to meet with credit union leaders at the New Jersey Credit Union League’s office.
A U.S. Court of Appeals has upheld a district judge’s decision to bar the National Credit Union Administration (NCUA) from bringing legacy breach of fiduciary duty claims on residential mortgage-backed securities certificates the agency inherited from the failure of five corporate credit unions.
Senators Cory Booker (D-NJ) and Sherrod Brown (D-OH) have introduced The Stop Overdraft Profiteering Act of 2018.
The New Jersey Credit Union League (NJCUL) met with Congressman Leonard Lance (R-7) Tuesday to discuss credit union priorities for the balance of the 115th Congress. The discussion focused on post-S. 2155 regulatory relief priorities, the need for the Department of Justice to issue Americans with Disabilities Act (ADA) Web site compliance rules, the ongoing problem of merchant data breaches and the need to subject retailers to the same data security requirements as card issuers, and issues relating to NCUA’s treatment of taxi medallion loans and participations.
Credit unions are involved with dozens of primary races across Kansas, Michigan, Missouri and Washington today, as well as a special election in Ohio. Hawaii’s primaries will take place Saturday, August 11.
Credit unions saw an industry-changing victory 20 years ago with the passage of H.R. 1151, CUNA President/CEO Jim Nussle wrote in an op-ed Monday, a win that demonstrated the credit union system is at its best when it works together. Nussle was serving as a member of Congress from Iowa in 1998 and voted for H.R. 1151.
Twenty years ago today, President Bill Clinton signed into law the Credit Union Membership Access Act (H.R. 1151).
Two credit union-friendly candidates won their primary elections Thursday in Tennessee. Both candidates are supported by the Tennessee Credit Union League and the Credit Union Legislative Action Council (CULAC), CUNA’s political action committee.
Government-sponsored enterprises (GSEs) Freddie Mac and Fannie Mae reported net incomes of $2.4 billion and $4.4 billion, respectively, in the second quarter of 2018. Each entity saw slight increases from their first-quarter gains.
CUNA staff hosted a webinar Tuesday highlighting the latest Member Activation Program (MAP) campaign, Stop the Data Breaches. CUNA launched the campaign last week to focus on educating and activating members to call on members of Congress to enact data breach legislation. A recording of the webinar is available for free to CUNA members.
A blast email was sent to New Jersey credit unions Thursday afternoon alerting them of an unsolicited “Call-to-Action” email from an outside player that was not issued nor endorsed by either CUNA or the NJCUL.
Mercer County Freeholder Anthony Verrelli (D) won appointment to fill the Assembly seat left vacant when Reed Gusciora (D) was elected mayor of Trenton. He will join state Sen. Shirley Turner (D) and Asw. Verlina Reynolds-Jackson in representing the 15th Legislative District, which covers parts of Hunterdon, and Mercer counties.
The Federal Open Market Committee (FOMC) did not raise rates at the close of its two-day policy-setting meeting Wednesday citing a strengthening labor market and rising economic activity.
The Senate passed its Financial Services and General Government (FSGG) Appropriations Act for Fiscal Year 2019 Wednesday as part of a package of four appropriations bills.
The Senate voted in favor of the National Defense Authorization Act (NDAA) Fiscal Year 2019 (H.R. 5515) conference report that omits a harmful provision to military credit unions. As a result, credit unions will continue to receive exemption from costs associated to the furnishing of office space and/or land (including ATM placement) on military bases – as governed by Section 124 of the Federal Credit Union Act.
HIGHTSTOWN, N.J. — New Jersey Credit Union League (NJCUL) President/CEO David Frankil led a delegation of credit union officials from New Jersey to Alexandria, Virginia and Washington D.C. yesterday.
HIGHTSTOWN, N.J. — New Jersey Credit Union League (NJCUL) President/CEO David Frankil led a delegation of credit union officials from New Jersey to Alexandria, Virginia and Washington D.C. yesterday.
The U.S. Senate voted Tuesday to extend the National Flood Insurance Program (NFIP) until November 30, providing program funding for an additional four months. Extending the program prevents potentially significant disruption to housing markets in flood-prone areas of the country.
Major merchant data breaches continue to put millions of consumers at risk, CUNA and other financial trade organizations wrote in a joint letter Tuesday. The joint letter was sent to Rep. Bob Latta (R-Ohio), chairman of the House Energy and Commerce sub-committee, and follows up a letter CUNA wrote last week on the same topic.
CUNA will be engaged with several Senate floor activities this week, including consideration of several bills that would have an impact on credit unions. The Senate Banking Committee will also vote on the nomination of Kathy Kraninger to serve as Consumer Financial Protection Bureau director.
In its comment letter submitted Monday, CUNA wrote to NCUA that it appreciates the agency’s efforts to expand opportunities to provide short-term, small-dollar loans, but expressed concerns about the agency’s proposed Payday Alternative Loan (PAL) rule. NCUA proposed the rule May 24.
Mitigating losses from data breaches remains a top credit union priority, CUNA wrote to Rep. Bob Latta (R-OH), chair of the House Energy and Commerce sub-committee on digital commerce and consumer protection Friday. CUNA’s letter comes as CUNA launches its Stop the Data Breaches campaign under its Member Activation Program (MAP).
CUNA and leagues will be on hand with nearly 6,000 attendees at the National Conference of State Legislatures (NCSL) Legislative Summit July 30-Aug. 2 in Los Angeles. Attendees include state lawmakers, legislative staff, government officials, business representatives, and others interested in public policy.
CUNA launched its latest Member Activation Program (MAP) Campaign this week, “Stop the Data Breaches,” focused on educating and activating members to call on members of Congress to enact data breach legislation. CUNA will be hosting a free, members-only Stop the Data Breaches webinar Tuesday, July 31 at 3 p.m.
The House Ways and Means Committee released a two-page outline commonly referred to as “Tax Reform 2.0” this week. This bill will likely not have any direct positive or negative effects on credit unions.
The U.S. House passed the National Defense Authorization Act for Fiscal Year 2019 (H.R. 5515). The Act, which passed on Thursday, excluded a provision, which CUNA fought to exclude, that could have negatively impacted credit unions on military bases.
The U.S. House passed legislation Wednesday that would extend the National Flood Insurance Program's (NFIP) funding an additional four months, through Nov. 30. CUNA and the state leagues support this extension to prevent potentially significant disruption to housing markets in flood-prone areas of the country.
All indications suggest that New Jersey will adopt a $15 per-hour minimum wage this year.
CUNA wrote this week in support of the Senate’s Financial Services and General Government (FSGG) Act for Fiscal Year 2019 and its funding levels for several vital credit union funds. The Senate is expected to finish consideration of the bill Thursday.
The Financial Accounting Standards Board (FASB) agreed to propose a CUNA-advocated for change to its current expected credit losses (CECL) standard at its Wednesday board meeting.
More than 5,700 credit unions will begin receiving share insurance fund distributions this week as a result of the CUNA-supported plan from NCUA. CUNA continues to press NCUA to reduce the Share Insurance Fund Normal Operating Level (NOL).
CUNA’s newly launched Member Activation Program (MAP) community was highlighted this month in Associations Now, in an article noting CUNA’s efforts to expand the reach of its government relations work. CUNA Grassroots Manager Adam Engelman spoke to the publication about the new community’s origins and CUNA’s goal for the online community.
CUNA and the state leagues' efforts to remove language putting credit unions on military bases at a potential disadvantage was successful with the removal of Section 2808 of the National Defense Authorization Act for Fiscal Year 2019 (H.R. 5515).
CUNA is engaged with appropriations legislation, a bill to extend the National Flood Insurance Program (NFIP) and an oversight hearing of the Federal Communications Commission, among other activities in Washington, D.C. this week.
CUNA will continue to push the Senate this week to take up credit union-backed, House-passed regulatory relief measures and approve the delay the NCUA’s risk-based capital (RBC) rule, a provision that has passed the House three times. The House this week is expected to vote on a four-month extension of the National Flood Insurance Program, which expires July 31. Both chambers are also working out the final details of the National Defense Authorization Act (NDAA).
Two members of the Senate Banking Committee called for board/commission oversight of the Consumer Financial Protection Bureau (CFPB) during the confirmation hearing of Kathleen Kraninger, President Trump’s choice to lead Bureau.
In a Thursday vote, the U.S. House approved the Financial Services and General Government (FSGG) Appropriations Act for Fiscal Year 2019 (H.R. 6147). CUNA and the state leagues support the legislation as it continues to build upon CUNA’s Campaign for Common-Sense Regulation.
CUNA sent a letter to Senate Banking Committee leadership ahead of the Consumer Financial Protection Bureau's (BCFP or Bureau) Director nomination hearing. The letter was written to Chairman Michael Crapo (R-ID) and Ranking Member Sherrod Brown (D-OH) in support of the nomination process and urges Congress to support a bipartisan commission for the CFPB.
The U.S. House is scheduled to vote on the Financial Services and General Government Appropriations Act for Fiscal Year 2019 (H.R. 6147) today.
“Blue state” Democrats have been saying it for a long time, and now New Jersey has joined a coalition of predominately Democratic states that have filed a lawsuit saying the new federal tax law is a politically motivated attack on them.
The structure of the government caretaker of Fannie Mae and Freddie Mac is unconstitutional, a federal court has ruled.
CUNA joined other trade association in sending a letter to House leaders urging the adoption of Rep. Patrick McHenry’s (R-N.C.) amendment to the Financial Services and General Government (FSGG) appropriations bill to prohibit the U.S. Postal Service from providing banking services.
As CUNA continues to press NCUA to reduce the Share Insurance Fund Normal Operating Level (NOL), the agency has announced it will issue dividends in 2018 during the week of July 23 for more than 5,700 eligible institutions.
The CUNA Advocacy Team is busy in both the House and Senate as both chambers are in session this week.
CUNA President/CEO Jim Nussle and Deputy Chief Advocacy Officer Elizabeth Eurgubian attended roundtable discussion Thursday with Consumer Financial Protection Bureau (CFPB) Acting Director Mick Mulvaney. The roundtable featured discussion of several of the Bureau’s recent requests for information about how it performs its functions.
There were little or no real surprises in New Jersey’s Congressional primary elections. Those incumbents running for re-election won their party’s nomination for an additional term, and all CULAC-supported candidates won their race.
According to a story in Politico, during an unrelated Atlantic City press conference Tuesday Gov. Phil Murphy said that he wants lawmakers to send him legislation before the end of the year that would raise the state's minimum wage to $15 per hour. Support for a $15 minimum wage was one of the positions candidate Murphy campaigned on last year, and he has re-affirmed that commitment on numerous occasions since taking office in January.
The Fair Credit Reporting Act (FCRA) and its implementing regulations and guidance could be updated to provide more clarity and flexibility, CUNA wrote the Senate Banking Committee leadership Wednesday. CUNA sent its letter for the record of the committee’s Thursday hearing on the FCRA and credit bureaus.
A former Camden councilman has been tapped to fill the Assembly seat vacated when the incumbent resigned following his arrest on domestic violence charges.
Judge Brett Kavanaugh, President Trump’s nominee to fill the U.S. Supreme Court seat opening as a result of the retirement of Justice Anthony Kennedy, has served on the U.S. Court of Appeals for the D.C. Circuit since 2006. In 2016, he wrote an opinion for a three-judge panel that found the Consumer Financial Protection Bureau (CFPB)’s single-director structure unconstitutional.
CUNA launched a new online community this week for its Member Activation Program (MAP), a forum where credit union industry professionals can discuss advocacy issues, communications, best practices and exchange ideas and resources to better advocate for credit unions. The MAP Community is a free and available to all CUNA members.
Consumer Financial Protection Bureau (CFPB) Acting Director Mulvaney announced he has selected Brian Johnson, who currently serves as Principal Policy Director at the Bureau, to assume the responsibilities of Acting Deputy Director.
CUNA will be engaged with a Senate Banking Committee hearing on the Fair Credit Reporting Act (FCRA) this week, in addition to other activities in both chambers. The House and Senate are also expected to consider several natural resources bills.
In the world of financial services, credit unions continue to provide a steady, reliable, community-based alternative, CUNA writes in its updated white paper on the credit union tax status, released Thursday. CUNA’s research finds that, in 2017 alone, the credit union system created $15 billion in financial benefits to members and non-members alike.
Consumer Financial Protection Bureau Deputy Director Leandra English will step down from the Bureau and no longer challenge Acting Director Mick Mulvaney for leadership of the Bureau, according to reports Friday. President Donald Trump nominated White House budget official Kathy Kraninger to lead the Bureau in June.
The National Credit Union Administration (NCUA) issued information Thursday on changes to Home Mortgage Disclosure Act (HMDA) reporting required by the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). CUNA has pushed regulators to issue guidance on the numerous regulatory relief provisions contained in the bill.
The Federal Communications Commission (FCC) should take the opportunity suggested by CUNA and others to update the Telephone Consumer Protection Act (TCPA) to treat informational calls to wireless phones the same as calls to landlines, CUNA wrote Thursday. CUNA filed reply comments to the FCC’s petition asking for comments on the TCPA.
The Consumer Financial Protection Bureau (CFPB) has several ways in which it can assist the credit union industry in complying with regulatory requirements, CUNA wrote in its comprehensive white paper to the Bureau. CUNA submitted a copy of its white paper in response to the Bureau’s request for information on guidance and implementation support.
President Trump signed legislation that would strengthen the Small Business Administration's (SBA) 7(a) loan program.
The NJCUL wrote to members of New Jersey’s Congressional Delegation to oppose a provision in the House version of the National Defense Authorization Act (H.R. 5515) that would exclude credit unions from the current resources furnished to them on military bases. The provision would be a detriment to military credit unions while granting banks access to the same bases.
Numerous credit union-friendly candidates saw victories in Tuesday’s primary and runoff elections in multiple states. Primaries took place in Colorado, Maryland, New York, Oklahoma, Utah, and runoffs took place in Mississippi and South Carolina.
The Consumer Financial Protection Bureau (CFPB) should ramp up its efforts to issue new and amended regulations as required by the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), CUNA wrote Wednesday. CUNA was a strong supporter of the bill, which was signed into law May 24.
CUNA sent its latest graphic, Setting the Record Straight, combating banker falsehoods to Capitol Hill Wednesday about large credit unions and the credit union tax status. CUNA sent two previous communications to Congressional staffers in recent weeks, all aimed at providing the truth behind banker attacks.
CUNA wrote to oppose a provision in the House version of the National Defense Authorization Act (H.R. 5515) that would exclude credit unions from the current resources furnished to them on military bases. CUNA and the leagues believe this provision would be a detriment to military credit unions while granting banks access to the same bases.
CUNA continued its pushback against banker falsehoods Tuesday with a message to Congressional staffers showing the facts behind banker claims about the credit union tax status. CUNA sent a message earlier this month, and will continue outreach as appropriate.
CUNA urged the Senate Banking Committee to delay NCUA’s risk-based capital rule and eliminate maturity limits on federal credit union loans. CUNA outlined these issues in a letter sent for the record of the committee’s hearing on ways to enhance consumer access to capital.
The House passed a bill Tuesday that contains a CUNA/League-backed provision to delay the implementation date of NCUA’s risk-based capital rule. Specifically, it would push the bill’s effective date back to Jan. 1, 2021, from the currently scheduled Jan. 1, 2019 date.
Credit unions are supporting dozens of candidates in Tuesday’s elections, including primaries in Colorado, Maryland, New York, Oklahoma and Utah, and runoffs in Mississippi and South Carolina. Candidates are supported by CUNA, leagues and the Credit Union Legislative Action Council (CULAC), the CUNA/League political action committee (PAC).
The State Assembly Thursday approved by a 46-28-0 vote a bill (A4163) to allow municipalities with populations over 200,000 to impose a 1% employer payroll tax.
A disability leave measure received final legislative approval Thursday and has been sent to Gov. Phil Murphy, who is expected to sign it into law.
The Supreme Court on Monday ruled that American Express can continue its anti-steering policy that bars its merchants from telling customers they prefer one credit card brand over another. The lawsuit was originally brought by the Justice Department and 17 states in 2010, which argued that Amex's merchant rules deter competition and result in higher fees for consumers.
A U.S. District Court judge for the Southern District of New York ruled Thursday that the Consumer Financial Protection Bureau’s (CFPB) structure is unconstitutional. The ruling contradicts a previous ruling by the D.C. Circuit Court of Appeals in an unrelated case.
CUNA will be engaged with a Senate Banking Committee hearing Tuesday on ways to increase consumer access to capital, the first Senate hearing on regulatory relief proposals following the enactment of S. 2155. Titled “Legislative Proposals to Increase Access to Capital,” the hearing is scheduled to begin at 10 a.m. and will be streamed live.
Following the years of effort it took for the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) to be constructed, introduced and signed into law, CUNA President/CEO Jim Nussle said credit unions are continuing to build on that momentum toward additional relief. In an interview with the Washington Examiner this week, Nussle spoke about achieving regulatory relief in today’s climate, the future of the credit union movement and more.
CUNA filed a brief with the U.S. Court of Appeals for the Fourth Circuit in Griffin v. DOL FCU Wednesday, its latest legal advocacy effort to defend credit unions facing threats due to uncertainty regarding how the Americans with Disabilities Act (ADA) applies to Web sites. A judge in the Eastern District of Virginia dismissed the lawsuit in February, and now that it has reached the appellate level, a decision will provide a binding precedent for the Fourth Circuit.
One hundred and three members of Congress signed a CUNA/League-supported letter submitted Wednesday to Attorney General Jeff Sessions calling for the Department of Justice (DOJ) to issue Web site standards for compliance with the Americans with Disabilities Act (ADA). Credit unions around the country are facing legal threats due to uncertainty with how the ADA applies to Web sites, and CUNA has made finding a solution a top advocacy priority.
The Senate Appropriations Committee passed the Financial Services and General Government (FSGG) Act for Fiscal Year 2019 Thursday, a bill that includes several CUNA/League-supported provisions. Most importantly, it contains funding for several programs used by credit unions.
The State Assembly is set to vote today on a bill (A4163) to allow municipalities with populations over 200,000 to impose a 1% employer payroll tax.
Bills expanding the State’s disability leave law are scheduled for consideration Thursday in both houses of the Legislature.
U.S. Rep’s Leonard Lance (R-7), Frank LoBiondo (R-2), Tom MacArthur (R-3) and Bill Pascrell (D-9) signed on to the Budd-Correa colleague letter to Attorney General Jefferson Sessions regarding the Americans with Disabilities Act (ADA) Web site accessibility guidelines.
Governor Phil Murphy last week gave final approval to legislation to allow joint insurance funds (JIFs) more leeway in how they invest their money. He had issued a conditional veto earlier this month and the Legislature concurred with his recommended changes.
The Senate Appropriations sub-committee on financial services and general government (FSGG) passed its fiscal year 2019 bill Tuesday, which contains CUNA-supported full funding for the Treasury’s Community Development Financial Institutions (CDFI) Fund. CUNA and the state leagues have strongly supported full CDFI funding and successfully secured full funding during last year’s appropriations negotiations.
President Donald Trump nominated Rodney Hood to serve on the NCUA board in the seat currently held by board member Rick Metsger.
CUNA will be engaged as Senate appropriators markup financial services and general government (FSGG) appropriations legislation for fiscal year 2019 this week, paying close attention to allocations for several important credit union funds, including the Treasury’s Community Development Financial Institutions Fund and NCUA’s Community Development Revolving Loan Fund.
Credit union-backed candidates saw success around the country in Tuesday’s primaries across five states, including in two notable races in Nevada. CUNA, the Nevada Credit Union League and the Credit Union Legislative Action Council (CULAC), CUNA's political action committee, backed the candidates.
Defining key statutory terms and identifying methods to revoke consent in the Telephone Consumer Protection Act (TCPA) will help reduce confusion for credit unions trying to remain in compliance, CUNA wrote to the Federal Communications Commission (FCC) Wednesday.
During its regular quarterly meeting Wednesday, the New Jersey Credit Union Advisory Council (CUAC) adopted a resolution on Electronic Lien and Titling (ELT). 23 states, including Pennsylvania and New York, have ELT systems in place. The New Jersey Credit Union League (NJCUL) first met with the state’s Motor Vehicles Commission (MVC) in 2012 to encourage development and implementation of ELT in New Jersey.
Voters in New Jersey's capital city elected Assemblyman Reed Gusciora (D-15) mayor in Tuesday’s runoff election. He defeated Democratic businessman Paul Perez. Gusciora and Perez were the top two finishers in last month's non-partisan municipal election.
Two bills expanding the state’s disability leave law are scheduled for consideration Thursday by the Assembly Labor Committee.
On Wednesday, the Fed announced it is raising interest rates .25 points. The bank says this is to prevent a tight labor market from driving inflation to unsustainable levels.
The House Appropriations Committee passed its Financial Services and General Government (FSGG) Appropriations Act for Fiscal Year 2019 late Wednesday night. The legislation includes a number of CUNA-supported regulatory relief provisions. CUNA wrote in support of the bill Wednesday prior to the committee’s markup.
CUNA wrote in support of three bills Tuesday that would clarify the ability of financial institutions to serve cannabis-based businesses in states where it is legal. While CUNA does not have a position on legalizing or decriminalizing marijuana, it supports the ability of credit unions to serve member businesses when legal.
The House Financial Services Committee is scheduled to markup CUNA-backed draft legislation Thursday that would make several updates to Bank Secrecy Act/Anti-Money Laundering (BSA/AML) requirements. CUNA supports efforts to track money laundering and terrorist financing, but has also pushed for a balance of safety and costs.
Voters in Trenton will decide between Assemblyman Reed Gusciora (R-15) and former Pentagon security expert Paul Perez in today’s mayoral runoff election. Gusciora received 1,833 votes or 20.76 percent to Perez’s 2,536 votes or 28.73 percent in the May 8, non-partisan election.
Credit unions around the country are once again active in primary elections, which will take place Tuesday in Maine, Nevada, North Dakota, South Carolina and Virginia. The main race CUNA is tracking is the primary election of Rep. Mark Amodei (R-NV), who has the support of the Nevada Credit Union League and CUNA.
CUNA will be closely engaged with the House Financial Services and General Government (FSGG) appropriations bill for fiscal year 2019, which is scheduled for a full committee mark-up Wednesday, as well as other hearings and meetings on Capitol Hill this week. The mark-up is scheduled to begin at noon.
Former Assemblywoman Marlene Caride was confirmed by the state Senate as commissioner of the Department of Banking and Insurance (DOBI). She had been serving as acting commissioner since January when she was nominated by Gov. Phil Murphy to head DOBI.
The Legislature last week concurred with the essentially technical changes recommended in Gov. Phil Murphy’s conditional veto of a bill which would allow joint insurance funds (JIFs) more leeway in how they invest their money sending it back to the Legislature with.
The House and Senate remain in session this week and continue their work on various appropriations bills. CUNA and the League continue to track progress on bills that include credit union-sought language related to delaying the NCUA's risk-based capital (RBC) rule, and obtaining clarity on Web site accessibility requirements under the Americans with Disabilities Act (ADA).
The CFPB filed an order Thursday dismissing its case with PHH Corporation. The lawsuit came from a 2015 fine levied by the bureau on PHH Corp. over a Real Estate Settlement Procedures Act (RESPA) issue. The case also raised questions as to the bureau's constitutionality.
CUNA supports the creation of a robust, comprehensive reassigned numbers database, it wrote to the Federal Communications Commission Thursday. CUNA has raised the issue of reassigned numbers, as part of other concerns with the Telephone Consumer Protection Act (TCPA) with the FCC, efforts that resulted in the FCC issuing a public notice requesting comments.
CUNA reached out to Capitol Hill Thursday with a graphic containing credit union facts to dispute inaccurate banker attacks, the first in a series CUNA will be sending in the coming days.
CUNA wrote House leadership in opposition to a bill that would make rescissions from a part of the Treasury’s Community Development Financial Institutions (CDFI) Fund. The bill, which passed the House Thursday night by a 210-206 vote, would rescind $141 million from the CDFI Fund’s Capital Magnet Fund, which awards grants available to CDFIs.
CUNA strongly urged the Bureau of Consumer Financial Protection to employ a greater use of advance notice of proposed rulemakings (ANPRs) Thursday. CUNA sent a copy of its comprehensive white paper to the bureau in response to its request for information on the bureau’s rulemaking process.
HIGHTSTOWN, N.J. – The New Jersey Credit Union League has reached out the state’s U.S. House delegation members asking them to add their name to the “Budd-Correa” letter to Attorney General Sessions regarding Americans with Disabilities Act (ADA) Web site accessibility guidelines.
Credit union-supported candidates found success during Tuesday’s primaries across eight states, including several in notable and competitive races. Candidates are supported by state leagues, CUNA and the Credit Union Legislative Action Council (CULAC), the CUNA/League System’s political action committee (PAC).
CUNA Chief Advocacy Officer Ryan Donovan said a multimember commission leading the CFPB would provide more consistency for the entities affected by Bureau activities Wednesday, in response to the Bureau announcing it would restructure its outreach activities. Reports Wednesday indicate the Bureau has dismissed all members of the Consumer Advisory Board (CAB), though the Bureau noted it would continue to fulfill CAB statutory obligations.
CUNA launched a grassroots effort this week to urge credit union stakeholders to share with the CFPB stories of the impacts of regulatory burden. CUNA has set up a Web page with resources and other information for commenters, who should submit feedback by June 19.
The Consumer Financial Protection Bureau (CFPB) should look closely at the impact its rule would have on credit unions and ways to reduce regulatory burdens, CUNA wrote to a House sub-committee Wednesday. CUNA’s letter was sent for the record of a House Financial Services sub-committee on financial institutions and consumer credit’s hearing titled “Improving Transparency and Accountability at the Bureau of Consumer Financial Protection."
The Senate Tuesday night passed the credit union-backed Small Business 7(a) Lending Oversight Reform Act (H.R. 4743), which increases the Small Business Administration's (SBA) oversight authority over the program.
There were little or no real surprises in yesterday’s Congressional primary elections in New Jersey. Those incumbents running for re-election won their party’s nomination for an additional term, and all Credit Union Legislative Action Council (CULAC) supported candidates won their race.
Gov. Phil Murphy on Monday conditionally vetoed a bill which would allow joint insurance funds (JIFs) more leeway in how they invest their money sending it back to the Legislature with recommended changes.
Legislation (S2581) allowing municipalities with populations over 200,000 to impose a 1% employer payroll tax was approved by the Senate Budget Committee Monday by an 8-5 party-line vote.
CUNA urged the Consumer Financial Protection Bureau (CFPB) to revisit its complaint intake system’s processes Monday in response to a Bureau request for information on its public reporting practices of consumer complaint information. Last week, CUNA submitted a white paper to the CFPB, which covers this topic, among others.
Both chambers of Congress are back in Washington, D.C., and CUNA is engaged with a number of activities this week. CUNA will be heavily engaged with a Wednesday House sub-committee hearing on the Consumer Financial Protection Bureau (CFPB).
CUNA opened for business Monday in its new office space in Washington, relocating from Pennsylvania Avenue to 99 M St SE. CUNA is the only national credit union trade association located in the nation’s capital.
Gov. Phil Murphy signed into law legislation (A3380) that will make New Jersey the second state in the nation with an individual health insurance mandate, requiring all residents to have health insurance or pay a penalty.
CUNA, the state leagues and credit unions saw a historic victory with the signing of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) last month, but the question remains: when and how will the regulatory relief provisions in the bill become effective?
Former Union County Freeholder Linda Carter was sworn-in last week as a member of the General Assembly to fill the 22nd Legislative District vacancy caused by the passing of Asm. Jerry Green in April.
Gov. Phil Murphy has signed legislation (S846) to reinstate and extend the state’s urban enterprise zones (UEZ). Under the new law (P.L.2018, c.19), the former UEZs in Bridgeton, Camden, Newark, Plainfield, and Trenton will be reinstated, and the remaining UEZs scheduled to expire prior to December 31, 2023 are extended through the end of 2023. The law also requires the Department of Community Affairs (DCA) to conduct a comprehensive analysis of the program and to issue a report on its findings to the Legislature.
CFPB Acting Director Mick Mulvaney announced that the bureau would resume collecting personally identifiable information after a six-month moratorium.
CUNA, league, and credit union plaintiffs filed an amended complaint Wednesday in their lawsuit against Equifax. CUNA filed suit against Equifax in the wake of a data breach that exposed personal information on 145.5 million consumers and payment card data of more than 200,000 consumers.
CUNA hosted a webinar Wednesday on the European Union’s (EU) General Data Protection Regulation (GDPR), which became effective May 25. Lance Noggle, CUNA senior director of advocacy for payments and cybersecurity, presented, along with Andy Price, World Council's regulatory counsel and Hal Scoggins of Farleigh, Wada and Witt, presented.
The NCUA has issued a Notice of Funding Opportunity for low-income designated credit unions (LICUs) through the agency's Community Development Revolving Loan Fund (CDRLF) program. CUNA and the state leagues have urged Congress to fully fund the program to ensure credit unions can continue to provide financial stability for low-income members and their families.
Speaking at a Women in Housing & Finance luncheon on Tuesday, Consumer Financial Protection Bureau's (CFPB) Acting Director Mick Mulvaney said that the Bureau will maintain its consumer complaints database, but that changes will likely be made to make the database consistent with the law. He noted that, statutorily, the Bureau is not required to make the consumer complaint database public.
CUNA presented the Consumer Financial Protection Bureau (CFPB) with a comprehensive white paper, “CUNA's Common-Sense Reforms to Bureau of Consumer Financial Protection Rules and Procedures,” Tuesday, as part of CUNA’s continued advocacy efforts in the wake of S. 2155 being signed into law. The white paper provides comments and recommendations to the Bureau on its series of requests for information seeking feedback on how it performs its functions.
The U.S. Internal Revenue Service is warning (IR-2018-122) states like New Jersey that it will not allow them to use charitable deductions to get around the cap on state and local tax (SALT) deductions.
More than a dozen public policy organizations, including the Competitive Enterprise Institute, Americans for Tax Reform, FreedomWorks and the Center for American Prosperity, are calling on Congress to abandon any discussion of scrapping the credit union tax exemption.
CUNA continues to see an important role for the federal government in cybersecurity requirements for entities other than financial institutions, which are subject to strict data security requirements, but often become financially responsible for other industries’ lack of effort, it wrote to the Senate Banking Committee last week. CUNA highlighted credit unions’ role in protecting member and consumer information in a letter for the committee’s hearing cyber risks to the financial services industry.
CUNA requested clarification on the effective date of the Financial Accounting Standards Board’s (FASB) current expected credit losses (CECL) standard in a letter sent Tuesday. CUNA supported the recommendation of the American Institute of Certified Public Accountants (AICPA), who submitted a paper to FASB staff regarding the effective date of CECL for non-public business entities (PBEs), which include state and federal chartered credit unions.
CUNA supports an efficient, effective and fair secondary mortgage market with equal access to lenders of all sizes, it wrote to Senate Banking Committee leadership Tuesday. CUNA’s letter was sent for the record of the committee’s hearing on the status of the housing finance system.
The House Appropriations financial services and general government (FSGG) subcommittee approved the House FSGG Appropriations Act for fiscal year 2019 by a voice vote Thursday. The legislation contains several regulatory relief provisions supported by CUNA and the state leagues.
More needs to be done to ensure credit union members can continue to receive their services, CUNA wrote to House leadership Tuesday evening. CUNA sent its letter following House passage of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) to highlight additional needs for regulatory relief.
President Donald Trump signed the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) into law today, enacting a major piece of CUNA-supported bipartisan regulatory relief legislation. CUNA strongly supported the bill from the earliest negotiations in the Senate, and remained engaged with leagues and credit unions through House passage of the bill May 22.
CUNA wrote in support Tuesday of a bill provision that would delay the effective date of NCUA’s risk-based capital rule by two years. CUNA sent its letter for the House Financial Services Committee markup of several bills, including the Foreign Investment Risk Review Modernization Act of 2018 (H.R. 5841), which contains the risk-based capital provision.
The Consumer Financial Protection Bureau (CFPB) should transfer examination and enforcement authority of the largest credit unions to NCUA, CUNA wrote to the bureau Monday. The letter was sent in response to a bureau request for information on its supervision program.
The House voted Tuesday to pass the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), a bipartisan regulatory relief bill that will provide much-needed regulatory relief for credit unions. Having passed the Senate in March, the bill now goes to President Donald Trump for his signature, which is expected in the coming days.
WASHINGTON – President Donald Trump Monday signed a CUNA-backed resolution of disapproval for the Consumer Financial Protection Bureau’s indirect auto lending bulletin. The bulletin, which CUNA is concerned with since did not go through the formal rulemaking process, was voided under the Congressional Review Act.
This week will be a busy one on Capitol Hill, as both chambers are in session for a number of votes, mark-ups, and hearings. CUNA is most notably engaged with House consideration of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), which is expected to see a House vote as early as Tuesday.
The House is set to vote on the Economic Growth, Regulatory Relief and Consumer Protect Act (S. 2155) today, and CUNA President/CEO Jim Nussle is urging credit unions to make one final push to their members of Congress. Stakeholders can contact their members of Congress using CUNA’s Campaign for Common-Sense Regulation Web site.
TRENTON, N.J. – The Department of Banking & Insurance (DOBI) has re-issued two disaster-related bulletins.
CUNA-requested language requesting the Department of Justice clarify Web site accessibility standards for the Americans with Disabilities Act (ADA) was successfully added to a House appropriations bill Friday. Credit unions around the country are facing numerous legal challenges due to uncertainty with how the ADA applies to Web sites, and CUNA has made finding a solution a top advocacy priority.
The House intends to vote on the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) as early as Tuesday. The House Rules Committee will meet on the bill Monday at 5 p.m., which clears the way for likely consideration this week.
The House Financial Services Committee is expected to mark-up a bill next week that contains a provision delaying the effective date of NCUA’s risk-based capital (RBC) rule by two years. CUNA supports this provision, and has previously backed legislation to repeal or delay the rule.
The House Rules Committee announced it will meet on the Economic Growth, Regulatory Relief and Consumer Protect Act (S. 2155) Monday at 5 p.m. (ET), paving the way for the House to vote on the bill next week. CUNA and leagues strongly support the bill, which contains several regulatory relief provisions for credit unions. The CUNA/league system is urging stakeholders to contact their members of Congress to support the bill.
Language to delay the NCUA's risk-based capital (RBC) rule by two years is included in the Foreign Investment Risk Review Modernization Act of 2018 (H.R. 5841) introduced in the U.S. House yesterday. House Financial Services Committee Chairman Jeb Hensarling (R-TX) was instrumental in getting the language added to the foreign investment bill.
Credit unions interesting in coordinating with NCUA in the agency’s streamlined Community Development Financial Institution (CDFI) certification applications process will be able to do so from June 4-22 and September 10-28 this year. The agency discussed the process, and what credit unions can do with CDFI certification, during a webinar Wednesday.
Testifying before the Senate Banking Committee Tuesday, Federal Reserve Board of Governor nominees Richard Clarida and Michelle Bowman offered their support of reducing the regulatory burden facing community-based financial institutions by better tailoring regulations.
The Federal Communications Commission (FCC) issued a public notice requesting comments on several issues CUNA has raised regarding the Telephone Consumer Protection Act (TCPA). CUNA has asked the FCC to take action to clarify several aspects of the TCPA after several parts were overturned by the D.C. Court of Appeals in March.
The Treasury’s Financial Crimes Enforcement Network (FinCEN) should continue to work with the financial services industry as any issues with implementation of its customer due diligence (CDD) rule arise, CUNA wrote Tuesday. CUNA sent a letter for the record of a House sub-committee hearing on the rule, which became effective last week.
The House intends to vote on the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) next week, as early as Tuesday, according to numerous reports. Leagues across the nation have joined CUNA President/CEO Jim Nussle in urging credit unions to make a final push to encourage members of the House to support the bill.
The Consumer Financial Protection Bureau (CFPB) should delegate to the NCUA primary examination and enforcement of consumer protection laws for credit unions with more than $10 billion in assets, CUNA wrote to the Bureau Monday. CUNA’s letter was sent in response to a Bureau request for information (RFI) on enforcement processes.
CUNA will be engaged in several hearings on Capitol Hill this week, and is continuing its advocacy for the Economic Growth, Regulatory Relief and Consumer Protect Act (S. 2155) as the House moves closer to consideration of the bill. Speaker of the House Paul Ryan (R-Wis.) said last week the House would consider S. 2155, and CUNA President/CEO Jim Nussle is urging credit unions to contact their representatives as the House looks to consider the bill.
The NJ Division of Elections is reminding citizens of the Tuesday (May 15, 2018) registration deadline in order to be eligible to vote in the June 5 primary election.
Notably absent from the Consumer Financial Protection Bureau’s (CFPB) spring rule-making agenda is a potential rule-making on overdraft services for checking accounts. CUNA has long been concerned about potential rule-making in this area and believes the Bureau has yet to conduct a comprehensive study into overdraft products and the benefits consumers see from them.
Both the House and Senate are in session this week, and House leadership announced last week that a vote is possible on the credit union-backed Economic, Growth, Regulatory Relief and Consumer Protection Act (S. 2155) before Memorial Day.
CUNA wrote House and Senate appropriations leaders in opposition to any rescissions from the Capital Magnet Fund (CMF), in response to proposed cuts from the administration. The fund provides grants to Community Development Financial Institution (CDFI) credit unions to finance affordable housing.
Legislation to expand the state’s existing paid family leave law passed the Senate Labor Committee by a 3-1 vote Tuesday, and has been referred to the Senate Budget and Appropriations Committee. The salary history bill was held in the Assembly Labor Committee for further consideration. The Senate’s salary history bill (S559) passed the upper chamber (28-10) on March 26.
CUNA supports NCUA taking administrative action to address due process in the agency’s procurement processes, it wrote to the agency Wednesday. CUNA’s comment letter was sent in response to NCUA’s proposed suspension and debarment procedures.
Bills to expand the state’s existing paid family leave law and to prohibit asking job applicants about their salary history are set for committee action today in the Senate and Assembly respectively.
The Senate has agreed to vote on several House bills that offer regulatory relief for financial institutions, Rep. Jeb Hensarling (R-TX) said this week, according to Bloomberg. The chair of the House Financial Services Committee earlier said the House would move forward on the credit union-supported S. 2155, and was open to pathways that involve passage of additional regulatory relief legislation.
CUNA President/CEO Jim Nussle and Chief Advocacy Officer Ryan Donovan met with the Blue Dog Coalition Wednesday morning, a coalition of conservative-leaning Democrat members of Congress. Nussle and Donovan discussed the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), the bipartisan, regulatory relief bill that Speaker of the House Paul Ryan (R-WI) indicated Tuesday that will come to the House floor for a vote.
Asm. Reed Gusciora (D-15) will meet Peter Perez in a run-off election for mayor of Trenton.
Former Consumer Financial Protection Bureau (CFPB) head Richard Cordray (D) won the Democratic nomination to succeed Ohio Gov. John Kasich (R).
The Trump administration sent a multibillion-dollar package of proposed spending cuts to Congress Tuesday that includes a $151 million cut to the Capital Magnet Fund, part of the Treasury’s Community Development Institutions (CDFI) Fund. CDFI credit unions use grants from the Capital Magnet Fund to finance affordable housing solutions and community revitalization efforts that benefit low-income people and communities.
The House passed a credit union-supported bill Tuesday that would enhance accessibility of capital available under the Small Business Administration’s 7(a) loan program. The Small Business 7(a) Lending Oversight Reform Act of 2018 (H.R. 4743) passed by a voice vote.
The House voted Tuesday in favor of a joint resolution of disapproval against the CFPB’s indirect auto lending bulletin. CUNA wrote to House leadership Monday in support the joint resolution.
Speaker of the House Paul Ryan (R-WI) said Tuesday that the House will vote on the Senate-passed Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). Ryan said at a press conference that the House and Senate are working on additional regulatory relief legislation as well.
CUNA will be closely engaged with House consideration of a joint resolution of disapproval, as well as other hearings in Congress, this week. The House joint resolution would use the Congressional Review Act to void the Bureau of Consumer Financial Protection’s (CFPB) indirect auto lending bulletin from 2013, which CUNA believes creates guidance without using the notice and comment period.
CUNA and the state leagues have renewed their nationwide call-to-action in support of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) as Congress returned from its recess.
PHH Corporation will not appeal a January ruling that upheld the constitutionality of the CFPB's single-director structure, the company announced last week.
The Consumer Financial Protection Bureau's (CFPB) Rules of Practice for Adjudication Proceedings have room for improvement, CUNA wrote to the Bureau Friday. CUNA’s comments were sent in response to the latest deadline for feedback in the Bureau’s series of requests for information on its functions.
Gov. Phil Murphy is taking aim at the growing trend to classify some employees as independent contractors. He signed Executive Order No. 25 this week, establishing a Task Force on Employee Misclassification.
Legislation (S. 2755) to create a “postal bank”, which would provide retail banking services in the U.S. Postal Service’s 30,000 locations, has been introduced by U.S. Sen. Kirsten Gillibrand (D-NY).
CUNA joined several other organizations Thursday to file a petition, requesting the Federal Communications Commission (FCC) to take action to clarify the definition of an automatic telephone dialing system (ATDS) for purposes of the Telephone Consumer Protection Act (TCPA). CUNA is heavily engaged with the FCC and Congress to find a solution to ways the TCPA is impacting credit unions’ ability to contact members.
The data breach that revealed five million credit and debit card numbers used at Saks and Lord & Taylor department stores occurred over nine months before it was detected and shut down at the end of March.
Gov. Phil Murphy signed legislation (A1827) Wednesday requiring employers to provide paid sick leave to their New Jersey employees.
CUNA and the state leagues have renewed the nationwide call-to-action to urge credit union professionals, volunteers and members to support the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) as members of Congress have signaled they may take up the bill soon. CUNA President/CEO Jim Nussle pointed stakeholders toward CUNA’s Campaign for Common-Sense Regulation Web site to contact members of Congress to support the bill.
Comments on several of the Consumer Financial Protection Bureau (CFPB) proposals, as well as suggested changes to NCUA bylaws, are due in May. The first CFPB RFI deadline, on civil investigative demands, was last week, and the remainder of the series of RFIs will be due over the coming weeks.
The Bureau of Consumer Financial Protection (CFPB) should send quarterly reminders about submitting credit card agreements, CUNA wrote to the Bureau Monday. CUNA’s letter was sent in response to a Bureau request to the Office of Management and Budget to continue collecting certain documents from credit card issuers.
CUNA President/CEO Jim Nussle provided CUNA members with an update on the lawsuit against NCUA’s field of membership (FOM) rule. On March 29, the U.S. District Court for the District of Columbia upheld two challenged portions of the rule and struck down two provisions in a lawsuit filed by the American Bankers Association.
While testifying at an Assembly Budget Committee hearing Monday, NJ Motor Vehicle Commission (MVC) Chief Administrator Sue Fulton publicly committed to getting Electronic Lien and Titling (ELT) done. In response to a question from Asm. Raj Mukherji (D-33), she told the committee: "The study is complete for ELT and at this point, the statute requires us to be online within 12 months and we are on track to do just that."
Union County Freeholder Linda Carter announced her candidacy Thursday for member of the General Assembly in the 22nd Legislative District to fill the vacancy caused as a result of the passing of Asm. Jerry Green.
The Bergen County Democratic Committee's replacements for Asm’s Tim Eustace (D-38) and Joe Lagana (D-38) will be Fair Lawn Mayor Lisa Swain and former Council President Chris Tully of Bergenfield.
As momentum for House consideration of the Economic Growth, Regulatory Relief and Consumer Protection (S.2155) act picks up, CUNA is urging members to use its Member Activation Program (MAP) to activate their members in support of the bill. Credit unions that join MAP can activate their members to contact their members of Congress to support the bill, as many credit unions did during Senate consideration of the bill.
CUNA joined several organizations to call on a U.S. House Energy and Commerce sub-committee to encourage the Federal Communications Commission (FCC) to clarify the definition of an autodialer, among other actions. CUNA sent the letter for the sub-committee on digital commerce and consumer protection’s Friday hearing on combating robocalls.
CUNA President/CEO Jim Nussle thanked U.S. House Financial Services Chairman Jeb Hensarling (R-TX) for his Thursday remarks that he would be willing to support the U.S. Senate-passed Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). Hensarling said Thursday at the U.S. Chamber of Commerce that he’s open to pathways that involve passing S. 2155 and tackling additional regulatory relief in separate legislation.
Gov. Phil Murphy signed legislation Tuesday intended to assure equal pay for equal work.
CUNA President/CEO Jim Nussle corrected several falsehoods about credit unions’ tax status and reiterated that any change would be a direct tax increase on 110 million Americans Wednesday in a letter to the Senate Finance Committee. Nussle responded to a letter sent by the National Taxpayer’s Union to the Senate Finance Committee requesting an evaluation of the credit union tax status.
CUNA joined the Independent Community Bankers of America (ICBA) Wednesday in writing to House leadership to urge consideration and passage of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). CUNA and the state leagues strongly support the bipartisan bill, which contains many relief provisions for credit unions. The bill passed the Senate in March.
CUNA wrote to Senate Finance Committee Chairman Orrin Hatch (R-Utah) Tuesday in response to Hatch’s letter sent to the Internal Revenue Service (IRS) asking it to consider whether the “largest federal credit unions” should be required to file annual IRS Form 990s. Federal credit unions are not required by the IRS to file Form 990s.
CUNA suggested several modernizations to the Federal Credit Union Act in a letter sent to NCUA Tuesday. CUNA’s letter was sent in response to the agency’s Advanced Notice of Proposed Rule-making (ANPR) on ways to streamline, clarify and improve standard Federal Credit Union Act bylaws.
The Consumer Financial Protection Bureau (CFPB) has extended the deadline to apply for its Credit Union Advisory Council (CUAC) through April 30. The CUAC advises the Bureau on the credit union industry.
Assembly Speaker Craig Coughlin (D-19) has proposed a three-month state tax amnesty program in 2018 to help raise revenue without tax or fee increases. Coughlin and Asm. Robert Karabinchak (D-18) said the program, if enacted, would start July 1 and apply to state tax liabilities for returns due between January 1, 2014 and December 31, 2016.
CUNA will be engaged with several Congressional hearings this week in both chambers.
CUNA President/CEO Jim Nussle released the following statement after NCUA Board Chairman J. Mark McWatters responded to Sen. Orrin Hatch's (R-Utah) recent questions on the federal tax exemption for credit unions.
Removing credit unions' federal tax exemption "would almost certainly create a safety and soundness issue for the [National Credit Union Share Insurance Fund] that could ultimately fall to U.S. taxpayers," wrote NCUA Chair J. Mark McWatters in a March response letter to Senate Finance Committee Chairman Orrin Hatch, R-Utah.
Lawrence Councilwoman Cathleen Lewis will start Monday as the deputy chief administrator at the NJ Motor Vehicle Commission (MVC).
Two Congressional Committees will consider cybersecurity this week. On Tuesday, the Senate Homeland Security and Governmental Affairs Committee will hold a hearing to consider how to mitigate America's cybersecurity risk. Witnesses include representatives from the U.S. Department of Homeland Security, the Government Accountability Office and Harvard University. Wednesday, the Senate Small Business and Entrepreneurship Committee will hold a hearing on preparing small businesses for cybersecurity success. Witnesses scheduled for that hearing are all from the private sector.
Plainfield Mayor Adrian Mapp is the clear frontrunner to fill the 22nd district Assembly seat left vacant Wednesday night by the death of 14-term incumbent Jerry Green.
Assemblyman Gerald “Jerry” B. Green (D-22) has died at age 79.
The U.S. House voted to advance two, tax-related bills Wednesday, part of a group of bipartisan bills passed earlier by the House Ways and Means Committee. The bills are designed to protect taxpayers and improve accountability at the Internal Revenue Service (IRS).
It is important to distinguish between robocalls and legitimate businesses seeking to communicate with their customers, CUNA and other organizations wrote to Senate Commerce Committee leadership. The letter was sent for the record for the committee’s Wednesday hearing on robocalls.
The U.S. Senate approved its resolution of disapproval for the Consumer Financial Protection Bureau’s (CFPB) indirect auto lending bulletin Wednesday. CUNA wrote a letter of support for the resolution Tuesday, which would void the bulletin using the Congressional Review Act (CRA).
WASHINGTON – CUNA backed a Senate joint resolution providing for congressional disapproval of the Consumer Financial Protection Bureau’s (CFPB) indirect auto lending bulletin Tuesday. The Senate is expected to vote on the resolution, which would void the 2013 bulletin under the Congressional Review Act (CRA) in the coming days.
WASHINGTON – The House passed two, tax-related bills Tuesday; one adds new requirements for organizations regarding electronic filing of tax returns, the other would help protect children from having their identities stolen.
President Donald Trump announced that he will nominate two people to the Federal Reserve Board – Columbia University economist Richard Clarida and Kansas State Bank Commissioner Michelle Bowman. Clarida will be nominated as vice chairman of the board, and Bowman will fill the board's seat designated for a community banker or regulator of community banks.
With both the House and Senate in Washington, D.C. this week, CUNA will be engaged with a pair of hearings on robocalls, as well as tax-related bills that will be considered on the House floor. CUNA is particularly interested in the robocall hearings as it is part of the ongoing effort to secure relief for credit unions under the Telephone Consumer Protection Act.
The Consumer Financial Protection Bureau (CFPB) is seeking applicants for its Credit Union Advisory Council (CUAC), which advises the Bureau on the credit union industry.
Legislation (S846) to reinstate and extend the state’s urban enterprise zones (UEZ) was approved by both house of the Legislature on Thursday and has been sent to Gov. Phil Murphy for his consideration.
Former state Sen. Bob Gordon (D-38)’s nomination to become a commissioner of the NJ Board of Public Utilities (BPU) was confirmed Thursday by the state Senate.
The Consumer Financial Protection Bureau's (CFPB) latest request for information (RFI) seeks feedback on its handling of consumer complaints and inquiries. This is the 12th in a series of RFIs announced as part of Acting Director Mick Mulvaney’s call for evidence to ensure the Bureau is fulfilling its proper and appropriate functions.
Credit unions’ member-centric focus means that they approach consumer regulation differently than other market participants, CUNA President/CEO Jim Nussle wrote to the Senate Banking Committee Wednesday.
Bi-partisan legislation (A3122; S871) that authorizes certain joint insurance funds (JIFs) to invest in various bonds, notes, and other obligations and to form joint cash management and investment programs received final legislative approval Thursday and now heads to Gov. Phil Murphy for his consideration.
The legislation was amended at the NJ Credit Union League’s request to include federally-insured credit unions.
Credit union issues were discussed during Consumer Financial Protection Bureau (CFPB) Acting Director Mick Mulvaney’s appearances this week before the House Financial Services Committee on Wednesday and the Senate Banking Committee on Thursday. A copy of his written testimony is available here.
CUNA sent letters for the record outlining these issues and its vision for the future of the bureau.
Gov. Phil Murphy said this week that he intends to sign legislation intended to strengthen the state’s pay-equity law which passed both houses of the state Legislature by overwhelmingly majorities on March 26.
The N.J. Department of Banking and Insurance (DOBI) issued a bulletin on wire transfer fraud.
The Treasury’s Office of Critical Infrastructure Protection and Compliance Policy will host a roundtable on the information security risks posed to small financial institutions on May 7. The Treasury is inviting credit unions to attend this discussion.
Legislation (A2133; S871) that authorizes certain joint insurance funds (JIFs) to invest in various bonds, notes, and other obligations and to form joint cash management and investment programs is scheduled for floor votes in both the Assembly and Senate on Thursday.
The bills were amended at the New Jersey Credit Union League’s request to include federally-insured credit unions.
Regulatory burdens are impeding consumer access to credit, CUNA Vice President of Research and Policy Analysis Mike Schenk told the Washington Examiner this week when discussing the bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act (S.2155). The bill, passed by the Senate in March, is strongly supported by CUNA and the state leagues for the numerous regulatory relief provisions it contains.
CUNA will be engaged with Consumer Financial Protection Bureau (CFPB) Acting Director Mick Mulvaney’s appearances before House and Senate committees this week, his first appearances as acting director. Mulvaney is scheduled to appear before the House Financial Services Committee Wednesday at 10 a.m. and the Senate Banking Committee Thursday at 10 a.m.
Credit unions are the original consumer protectors, CUNA President/CEO Jim Nussle wrote to the House Financial Services Committee Monday, but Consumer Financial Protection Bureau (CFPB) actions are harming them, and the members they serve. CUNA sent its letter for the record of the committee’s hearing which will feature the first testimony from CFPB Acting Director Mick Mulvaney in that role.
CUNA joined more than 20 financial services trade organizations, including NAFCU and the major banking associations, Monday to support legislation to replace the Consumer Financial Protection Bureau’s (CFPB) single director with a bipartisan, five-member commission. The Financial Product Safety Commission Act of 2018 (H.R. 5266) was introduced in March by Reps. Dennis Ross (R-Fla.), David Scott (D-Ga.), Kyrsten Sinema (D-Ariz.) and Ann Wagner (R-Mo.).
Gov. Phil Murphy has nominated Sen. Bob Gordon (D-38) to become a commissioner of the NJ Board of Public Utilities. The nomination must be confirmed by the state Senate.
Legislation (A1827) that would guarantee paid sick leave to nearly all workers in the state was approved (8-3) Thursday by the Senate Budget and Appropriations Committee.
Regulatory relief for credit unions cannot wait, CUNA President/CEO Jim Nussle wrote an op-ed to Congress in American Banker Friday. The Senate passed the bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) in March, and CUNA, leagues and credit unions around the country are urging the House to take up and pass the bill.
