Legislative & Political News

Revised 'Kill-Switch' Measure Signed into Law, First CU Exits Market

TRENTON, N.J. – Governor Chris Christie yesterday signed legislation (A756) that regulates the use of remote ignition disabling or “Kill-Switch” devices used by auto lenders and dealers to enforce payments. Christie had conditionally vetoed the initial bill sent to him in December of last year.

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Poll Finds Murphy Holds Substantial Lead, Guadagno Ahead of Piscopo, Christie Should Head to Sports Radio

HAMDEN, Conn. – The latest Quinnipiac poll on politics in the Garden State found that Democratic former U.S. ambassador and Goldman Sachs executive Phil Murphy is holding onto his early lead in New Jersey’s gubernatorial contest, Republican Lieutenant Governor Kim Guadagno is coming in ahead of comedian Joe Piscopo, her chief rival for the GOP nod, and voters believe Governor Chris Christie should head to sports radio when his term ends.

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DOBI Publishes Long-Awaited Proposed Prize-Linked Savings Rules

TRENTON N.J. – The NJ Department of Banking and Insurance yesterday published the long-waited proposed implementation rules for NJCUL-requested legislation that authorizes New Jersey credit unions, banks, and thrifts to offer savings promotions, also known as "prize-linked savings accounts." Signed into law in January 2016, the measure had an effective date of July 19, 2016 to allow for necessary rulemaking.

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Revised 'Kill-Switch' Measure Passes Senate, Sent to Governor

TRENTON, N.J. – Governor Chris Christie conditionally vetoed legislation (A756) that would regulate the use of remote shut-off or “Kill-Switch” devices used by auto lenders and dealers to enforce payments. On Monday, the state Senate voted 34-2 on the revised measure which the Assembly approved in February. The measure now goes to the governor, who is expected to sign it into law.

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The Latest on Federal Overtime Regulations

WASHINGTON – There is a lot of wait and see when it comes to employment and labor issues on the federal level with the new administration but that doesn’t mean there isn’t a lot going on with the new overtime regulations proposed under the Obama Administration and the Affordable Care Act.

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N.J. Family Leave Act Increase Introduced

TRENTON, N.J. – Senate President Steve Sweeney has introduced legislation (S3085) that would expand the weekly amount and duration of New Jersey Family Leave Insurance (FLI).

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Andy Jaeger Among Select Group that Briefed Vice President Pence’s Chief Economist on CUs

WASHINGTON – Credit Union of New Jersey President/CEO and NJCUL Board Chairman Andy Jaeger was among a small group of credit union CEOs selected to brief Vice President Mike Pence’s Chief Economist Mark Calabria on the credit union industry and the need for common sense regulation.

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March 30 CUAC Meeting to Look at Alternative Data, Record Access

WASHINGTON – Alternative data and consumer access to financial records are on the agenda March 30 for a meeting of the Consumer Financial Protection Bureau’s (CFPB) Credit Union Advisory Council (CUAC). The bureau announced the meeting Monday, and details were published Tuesday in the Federal Register, and the bureau will publish the official agenda Wednesday.

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Flood Insurance, Monetary Policy Hearings Set this Week

WASHINGTON – The Senate and House are both in session this week, and while most of their schedules will consist of non-financial services legislation in the House and nominations in the Senate, CUNA will be closely monitoring several hearings.

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CUNA Urges Rejection of TCPA Petition Harming Communications

WASHINGTON – CUNA urged the Federal Communications Commission to reject a petition seeking adoption of a rule that would change the definition of “prior express consent” regarding the Telephone Consumer Protection Act (TCPA). CUNA filed the letter with 5 other trade associations Friday, requesting the FCC reject the petition because it fails to prove the FCC has exceeded its authority.

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CUNA, Trades File Amicus Brief in Case on CFPB Structure

WASHINGTON – CUNA joined other trade organizations Friday in filing an amicus brief in a court case that questions the Consumer Financial Protection Bureau’s (CFPB) structure. The case, PHH v. CFPB, gained attention last year due to an October ruling from the D.C. Court of Appeals calling into question the CFPB’s constitutionality.

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Correction: News from CUNA: ICBA has Until March 27 Deadline for MBL Rule Appeal

The Independent Community Bankers of America (ICBA) has until March 27 to appeal U.S. District Court Judge James Cacheris’ granting of National Credit Union Administration’s motion to dismiss the banking trade's lawsuit against NCUA and its member business lending rule. CUNA and NAFCU previously reported that that the appeal was due February 23.

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Guadagno Racks Up Wins in Ocean and Passaic Counties, Piscopo Meets with Operative

HIGHTSTOWN, N.J. – Lieutenant Governor Kim Guadagno (R) this week won the Republican lines in Ocean and Passaic counties.

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Senate Poised to Re-Pass 'Kill-Switch' Measure with Governor’s CV Recommendations

TRENTON, N.J. – Governor Chris Christie conditionally vetoed legislation (A756) that would regulate the use of remote shut-off or “Kill-Switch” devices used by auto lenders and dealers to enforce payments. The Assembly re-passed the measure with the governor’s recommendations. The state Senate is scheduled to vote on the revised measure on Monday after which the governor is expected to sign it into law.

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Bill Would Allow CUs ‘Appropriate Ability’ to Raise Supplemental Capital

WASHINGTON – CUNA President/CEO Jim Nussle wrote Tuesday in support of a bill that would allow credit unions to accept supplemental capital. The Capital Access for Small Businesses and Jobs Act (H.R. 1244) was introduced by Reps. Steve King (R-Iowa) and Brad Sherman (D-Calif.).

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CUNA Engaged with FCC, SBA, Cybersecurity Hearings This Week

WASHINGTON – Both chambers of Congress are in session this week, and CUNA will be tracking a number of hearings of interest for credit unions.

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Bill to Exempt Financial Institutions Under $50B from CFPB Gains CUNA Support

WASHINGTON – CUNA wrote Monday in support of a bill that would exempt financial institutions with under $50 billion in assets from Consumer Financial Protection Bureau (CFPB) rulemakings. Rep. Roger Williams (R-Texas) introduced the bill.

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NJ Joins Annual GAC Hike-the-Hill

WASHINGTON – Nearly 5,000 credit union representatives, with an advocacy strategy of visiting each of the 535 U.S. Senate and House offices, descended on Capitol Hill during CUNA’s annual Governmental Affairs Conference (GAC) and Hike-the-Hill last week.

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CUAC, CAB Application Deadline Extended to March 8

WASHINGTON – The Consumer Financial Protection Bureau has extended the application deadline for its Credit Union Advisory Council (CUAC) and Consumer Advisory Board (CAB) through March 8. According to the bureau, the extension is as a result of a Web outage affecting file uploads and downloads.

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GAC Roundup: Veteran Reporter Schieffer and Various Legislators Address Gathering of CU Advocates

WASHINGTON – On the final day at the Washington Convention Center, CUNA Governmental Affairs (GAC) attendees heard from veteran CBSNews reporter Bob Schieffer and a parade of legislators.

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GAC Roundup: Colin Powell Gives Keynote, Nussle Introduces CUNA’s Engagement Officers

WASHINGTON – Tuesday morning, the Honorable Colin L. Powell reflected on his nearly six decades of public service, exploring themes such as leadership, confidence, and American optimism during his keynote speech at CUNA GAC.

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Nussle at GAC: Tell Your CU Story to Legislators in DC and Back Home

CUs Must Build on the Progress made in 2016, Says CUNA CEO and Chair

WASHINGTON  To leave a lasting impression on lawmakers during this week’s visits on Capitol Hill and back on the home front, credit union leaders must be ready to tell their story, CUNA President/CEO Jim Nussle said.

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2017 GAC Underway in D.C.

WASHINGTON – The nation's largest credit union conference is underway in the nation’s capital. A record 5,000 attendees arrived in Washington, D.C., for CUNA's Governmental Affairs Conference, which kicked off Sunday and runs through Thursday.

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2017 GAC: Schieffer Address, Congressional Visits Wednesday

WASHINGTON – The 2017 CUNA Governmental Affairs Conference (GAC) will wrap Wednesday with a half-day of sessions, and then hundreds of credit union leaders will head to Capitol Hill to speak to their elected officials. Wednesday’s speakers include a number of elected officials, including chair of the House Financial Services Committee Jeb Hensarling (R-Texas) and others.

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CUNA Webinar Examines Using MAP for Reg. Relief Campaign

MADISON, Wis. – With the launch of CUNA’s Campaign for Common-Sense Regulation earlier this year, CUNA hosted a Webinar highlighting how CUNA’s Member Activation Program (MAP) fits in with the campaign. MAP is a program designed to inform and educate credit union members about credit union issues and to activate them to call on lawmakers to support the industry’s priorities.

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League, CU Advocates Meet with Congressman MacArthur

TOMS RIVER, N.J. – Representatives of the NJ Credit Union League met yesterday with Rep. Tom MacArthur (R-3). A former insurance industry executive, MacArthur is serving his second term in the U.S. House of Representatives, his first elective office.

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2017 GAC: Colin Powell Keynote, 2017 Outlook Sessions Tuesday

WASHINGTON – Following the first full day of 2017’s CUNA Governmental Affairs Conference (GAC), Tuesday’s events include a keynote speech from a former secretary of state, as well as another slate of breakout sessions. A complete list of speakers and sessions can be found at cuna.org/gac.

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2017 GAC: A Look at Speakers, Sessions for Sunday and Monday

WASHINGTON – The 2017 CUNA Governmental Affairs Conference (GAC) kicks off Feb. 26, and will see more than 5,000 credit union leaders come to the nation’s capital for the credit union movement’s premier advocacy event. Registration starts Sunday and leads into that evening’s ED (Filene) Talk, and continues Monday with the kickoff of the general session and a number of breakout sessions.

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Substance Abuse/Addiction Treatment Coverage Expansion Signed into Law

TRENTON, N.J. – Legislation expanding health insurance coverage for substance abuse and opioid drug addiction received final legislative approval on February 15th, and was signed into law by Gov. Chris Christie. The Governor had announced the addiction recovery reforms during his 2017 State of the State address in January, and it was passed in a month by the Legislature.

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CUNA Raises Issues with Third-Party Access to Consumer Data

Allowing third-party access to consumer financial data leads to concerns about liability and unauthorized access, CUNA told the Consumer Financial Protection Bureau (CFPB) Wednesday in response to a request for information. The bureau requested input on consumer access to financial records and account-related data in electronic form, in order to potentially help develop best practices and address potential harms.

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Feds Open ‘Kill-Switch’ Inquiry

WASHINGTON – Federal regulators are investigating whether remote shut-down or “kill-switch” devices unfairly violate a borrower’s privacy.

The auto lender Credit Acceptance Corp. said this month in a securities filing that it had received a civil investigative demand from the Federal Trade Commission (FTC) asking for its “policies, practices and procedures” related to the devices that are used to disable an ignition when a borrower falls behind in their car payments.

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Appeals Court will Reconsider Decision on CFPB Structure

WASHINGTON – The U.S. Court of Appeals in Washington granted the Consumer Financial Protection Bureau’s (CFPB) request to reconsider an October decision that ruled the bureau’s leadership structure is unconstitutional Thursday.

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Assembly Re-Passes 'Kill-Switch' Measure with Governor’s CV Recommendations

TRENTON, N.J. – Governor Chris Christie conditionally vetoed legislation (A756) that would regulate the use of remote shut-off or “Kill-Switch” devices used by auto lenders and dealers to enforce payments. The Assembly has re-passed the measure with the governor’s recommendations. The state Senate must similarly act for the measure to become law. 

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Appeals Court Will Reconsider Decision on CFPB Structure

The U.S. Court of Appeals in Washington Thursday granted the Consumer Financial Protection Bureau’s (CFPB) request to reconsider an October decision that ruled the bureau’s leadership structure is unconstitutional. CUNA, as part of its bipartisan, pro-consumer Campaign for Common-Sense Regulation, supports replacing the single director with a five-person commission.

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Bill to Place CFPB Under Appropriations Introduced

WASHINGTON – Sen. David Perdue (R-Ga.) introduced a bill Wednesday to place the Consumer Financial Protection Bureau (CFPB) under the appropriations process. Perdue is a member of the Senate Banking Committee, and his bill is titled the CFPB Accountability Act of 2017.

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CUNA-Backed Bill to “TAILOR” Regulations Introduced in Senate

WASHINGTON – Sen. Mike Rounds (R-S.D.) introduced a CUNA-backed regulatory relief bill Tuesday that would require regulators to take risk into account when promulgating regulations. The Taking Account of Institutions with Low Operation Risk (TAILOR) Act (S. 366) would reduce regulatory burden for financial institutions with lower risk profiles. CUNA wrote a letter of support Tuesday for this bill.

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Yellen Testimony, Senior Scam, Cybersecurity Hearings Set

WASHINGTON – With both the Senate and House in session this week, CUNA will be tracking several hearings in both chambers. Those hearings include two appearances by Federal Reserve Chair Janet Yellen, who will deliver her semiannual testimony.

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Governor Signs Sandy Foreclosure Amendment, Calls it ‘Pandering’ and Qualifies Potential Implementation

TRENTON, N.J. – Governor Chris Christie signed legislation (A333) which amends the Superstorm Sandy Bill of Rights by, among other things, providing additional foreclosure forbearance for Superstorm Sandy victims.

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Governor CVs 'Kill Switch' Measure

TRENTON, N.J. – Governor Chris Christie conditionally vetoed legislation (A756) that would regulate the use of remote shut-off or “Kill-Switch” devices used by auto lenders and dealers to enforce payments.

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Comedian Joe Piscopo Polling 2nd for GOP Gubernatorial Nomination

TRENTON, N.J. – A new poll suggests former Saturday Night Live comic Joe Piscopo has the potential to shake up this year's race for governor. Although he has yet to enter the race, the poll has the N.J. native and Hunterdon resident six points behind Lt. Gov. Kim Guadagno among Republican primary voters.

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DOL Fiduciary Rule Upheld By Court

DALLAS – Texas U.S. District Court Chief Judge (for the Northern District) Barbara Lynn threw out a challenge to the U.S. Department of Labor’s (DOL) fiduciary rule Wednesday, shooting down a number of challenges to the rule. According to Forbes, Lynn opined that the rule does not exceed the DOL’s authority, and the DOL did not exceed its statutory authority to grant conditional exemptions.

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Trump Reportedly will Order Regulatory Rollback for Financial Services Industry Starting with Dodd-Frank

WASHINGTON – Several media outlets broke the news this morning of President Donald Trump’s plans to order a rollback today of regulations governing the financial services industry and Wall Street under the Dodd-Frank law and beyond. The executive action is designed to form the basis of the Trump administration’s approach to financial markets, with an emphasis on removing regulatory burdens and opening up investor options, according to a White House official, who briefed reporters on condition of anonymity.

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CUNA Backs CFPB Bill Consistent with Reg. Relief Campaign

WASHINGTON – Sen. Deb Fisher (R-Neb.) introduced a bill Tuesday that would make a number of CUNA-supported changes to the Consumer Financial Protection Bureau (CFPB). CUNA Chief Advocacy Officer Ryan Donovan thanked Fisher for the bill, which he said would benefit credit unions and consumers.

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Campaign for Common Sense Regulation: Free Webinar Thursday

WASHINGTON – Join the NJCUL and CUNA for a free Member Activation Program (MAP) Webinar this Thursday, February 2, at 3:30 p.m. ET as part of the Campaign for Common Sense Regulation. The new Congress is now in session, and it is the best time to reach out to our representatives, new and old.

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ELT Mandate Introduced in State Senate

TRENTON, N.J. – NJCUL-requested legislation that would mandate establishment of an electronic lien and titling (ELT) system for New Jersey motor vehicles to replace the state’s current paper-based system has been introduced in the state Senate by Senators Joe Vitale (D-19) and Linda Greenstein (D-14). The bill (S2968) is identical to the Assembly bill (A1943) sponsored by Assemblymen Craig Coughlin (D-19) and John Wisniewski (D-19) which passed the Assembly Transportation Committee January 19 and awaits a vote by the full Assembly.

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CUNA Call for CFPB Rulemaking Pause Picked-Up in The Hill

WASHINGTON – CUNA's call for the Consumer Financial Protection Bureau (CFPB) to halt all rulemaking activity was addressed in The Hill over the weekend, as part of coverage of President Donald Trump’s regulatory freeze. CUNA wrote to the bureau in the wake of November’s election calling for the freeze, and reiterated the call after Trump issued his freeze hours after being inaugurated.

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CUNA Reaffirms Support of Reintroduced Senior$afe Act

WASHINGTON – Sen. Susan Collins (R-Maine) introduced the Senior$afe Act of 2017 (S. 223) this week, along with Sen. Claire McCaskill (D-Mo.) and several other co-sponsors. CUNA supports the bill, and wrote a letter of support Wednesday.

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League, CU Advocates Meet with Congressman Gottheimer

NEWARK, N.J. – Representatives of the NJ Credit Union League met yesterday with the newest member of the state’s congressional delegation Rep. Joshua Gottheimer (D-5). Gottheimer, a Democrat, defeated seven-term Republican incumbent Scott Garrett in November. 

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CUNA Reiterates Call for CFPB Freeze in Wake of White House Directive

WASHINGTON – CUNA wrote to CFPB Director Richard Cordray Friday urging the bureau to impose an immediate moratorium on all of its pending and future rulemakings. CUNA has called for such an action since the election, and believes that a directive issued by President Donald Trump is consistent with CUNA’s request.

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ELT Mandate Passes Assembly Committee

TRENTON, N.J. – NJCUL-requested legislation that would mandate establishment of an electronic lien and titling (ELT) system for New Jersey motor vehicles to replace the state’s current paper based system passed the Assembly Transportation Committee Thursday.

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Groups Urge Incoming Administration to Back MBL Rule

A group of 13 conservative, libertarian and free-market organizations wrote to President-elect Donald Trump and Vice President-elect Mike Pence Tuesday to urge the incoming administration to preserve NCUA’s member business lending (MBL) rule. CUNA strongly supports the rule.

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Applications for CFPB's CUAC, CAB Now Available

WASHINGTON – Applications are now being accepted for the CFPB’s Credit Union Advisory Council (CUAC) and Consumer Advisory Board (CAB). These bodies advise and consult the CFPB regarding its functions, and provide information on emerging trends and practices in the consumer financial market.

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CUNA to Submit SBREFA Letter for Senate Hearing This Week

WASHINGTON – With only the Senate in session this week, and most of Washington, D.C.’s attention turned toward Friday’s inauguration, CUNA will submit a letter for a hearing on improving small business input on small business regulations.

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Lt. Gov. Guadagno Formally Announces Candidacy for Governor

KEANSBURG, N.J. – As expected, Lt. Gov. Kim Guadagno formally declared she is running for governor on Tuesday. She filed papers last week with the state’s Election Law Enforcement Commission establishing a campaign committee.

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ELT Mandate Slated for Committee Action Thursday

TRENTON, N.J. – NJCUL-requested legislation that would mandate establishment of an electronic lien and titling (ELT) system for New Jersey motor vehicles to replace the state’s current paper based system is scheduled for Assembly Transportation Committee consideration Thursday.

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CHOICE Act Changes Suggestion in Anticipation of Reintroduction

WASHINGTON – CUNA wrote to House Financial Services Committee Chair Rep. Jeb Hensarling (R-Texas) Friday with suggested modifications and additions to his Financial CHOICE Act, which Hensarling is expected to introduce shortly. Hensarling introduced the bill in the last Congress as an alternative to the Dodd-Frank Act.

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CU Supporter Sen. Cunningham Rumored to be Weighing Mayoral Run 

JERSEY CITY, N.J. – New Jersey state Senator Sandra Cunningham (D-31) is rumored to be considering a run for a different elected office this November. According to an unnamed source, the senator is weighing whether or not she wants to enter the race for Jersey City mayor. Her late husband, Glenn Cunningham, served as the 43rd mayor of Jersey City from July 2001 until his death in 2004

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Bills Addressing Mortgage Discrimination and Foreclosure Notifications Pass Assembly Committee

TRENTON, N.J. – An Assembly panel released two bills on Thursday that would address concerns of mortgage discrimination and foreclosure practices by prohibiting discrimination based on familial status and revising the Fair Foreclosure Act.

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Lt. Gov. Guadagno Files Papers for Gubernatorial Run

TRENTON, N.J. – Lt. Gov. Kim Guadagno yesterday filed paperwork with the state’s Election Law Enforcement Commission to run for governor. Guadagno is expected to formally announce her candidacy on Tuesday.

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Problems Not Addressed in Final State of State, Democrats Complain

TRENTON, N.J. – In his final State of the State address Tuesday Governor Chris Christie focused on the opioid addiction epidemic and said little or nothing about property taxes, school funding, or ongoing debt and credit-rating issues.

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CUNA Following Today’s CFPB Debt Collection Discussion

WASHINGTON – The Consumer Financial Protection Bureau (CFPB) will discuss debt collection at a public event Thursday, scheduled to begin at 11 a.m. The event will feature remarks from CFPB Director Richard Cordray and Washington, D.C., Attorney General Karl Racine, and will be streamed live online.

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State of the State Address, Nothing of Particular Note for Credit Unions

TRENTON, N.J. – Governor Chris Christie gave his annual State of the State address yesterday before a joint-session of the New Jersey Legislature.

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CULAC Confirms 2017-18 Board of Trustees Nominees, Tom O’Shea to Represent N.J.

WASHINGTON – The 2016 Credit Union Legislative Action Council (CULAC) Executive Committee met for the final time this week, confirming nominees for the 2017-18 class of CULAC trustees. CULAC is the Federal political action committee (PAC) of CUNA and the state leagues.

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CUNA/Leagues Reg. Relief Campaign Aims for More Favorable Environment

WASHINGTON – A credit union-friendly majority in Congress presents a major opportunity for CUNA, state leagues, credit unions, and members to work toward true regulatory relief, CUNA leadership told attendees at a Tuesday Webinar on CUNA’s Campaign for Common-Sense Regulation.

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Reps. MacArthur & Gottheimer Named to House Financial Services Committee, N.J.’s Clout Increasing

WASHINGTON – New Jersey will see a net gain in its representation on two key committees for credit unions in the 115th Congress. The Garden State’s influence is increasing elsewhere on Capitol Hill as well.

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CUNA Present for SCOTUS Surcharge Case Oral Arguments

WASHINGTON – Oral arguments are set for today in the U.S. Supreme Court (SCOTUS) case Expression Hair Design v. Schneiderman and CUNA, which submitted an amicus brief, will be present. The case concerns a retailer challenge to a New York law prohibiting merchants from imposing a surcharge for using a payment card, but does not prohibit cash discounts.

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Applications for CUAC, CAB Available Starting Jan. 16

WASHINGTON – The Consumer Financial Protection Bureau (CFPB) will be seeking applications for its Credit Union Advisory Council (CUAC) and Consumer Advisory Board (CAB) starting Jan. 16. These bodies advise and consult the CFPB regarding its functions, and provide information on emerging trends and practices in the consumer financial market.

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Bill Introduced to Delay Fiduciary Rule

WASHINGTON – Rep. Joe Wilson (R-S.C.) introduced a bill Friday that would delay the Department of Labor’s (DOL) fiduciary rule, a delay that CUNA believes would be beneficial to credit unions and their members. CUNA sought clarity about the DOL’s overly broad definition of investment advice in addition to other concerns with the DOL’s rule, which was finalized in April.

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CUNA SCOTUS Brief Attorney to Help Prep AG in Surcharge Case

WASHINGTON – The attorney who prepared CUNA’s amicus brief in the ongoing U.S. Supreme Court case regarding merchant surcharges on credit card transactions has another important role in the lawsuit.

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TODAY: Free CUNA Webinar on Reg. Relief Campaign

WASHINGTON – There is still time to register for CUNA’s free Webinar on its Campaign for Common-Sense Regulation, scheduled for 2 p.m TODAY. The campaign is a coordinated advocacy effort to activate the entire credit union industry to attack excessive regulations as one, insuppressible voice.

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House Passes CUNA-Backed REINS Act

WASHINGTON – The U.S. House passed the CUNA-supported Regulations from the Executive in Need of Scrutiny (REINS) Act 237-187 Thursday night. CUNA wrote to House members this week urging their support of the act.

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CUNA Urges House Members to Vote for REINS Act

WASHINGTON – On Wednesday, CUNA President/CEO Jim Nussle wrote to members of the U.S. House to urge passage of the CUNA-backed Regulations from the Executive in Need of Scrutiny (REINS) Act. The House is expected to vote on the bill this week.

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Vote on CU-Backed Bill Set for This Week

WASHINGTON – The 115th Congress started its first session this week and the new Congress is expected to get to work quickly, with several votes scheduled, including one on a CUNA-backed regulatory relief bill.

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Final CULAC Numbers Reach Nearly $5.1M for 2015-16 Election Cycle, Provided $40,000 to NJ Campaigns

WASHINGTON – The Credit Union Legislative Action Council (CULAC), the CUNA/League system’s federal political action committee (PAC), broke all previous fundraising records during the 2015-16 cycle, raising $5.092 million. The total, which broke the $5 million mark for the first time, is a 15% increase from the 2013-14 election cycle.

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CUNA Takes Payment Card Surcharges Case to U.S. Supreme Court

CUNA has filed papers with the U.S. Supreme Court to challenge a law prohibiting merchants from imposing surcharges for using payment cards, but not prohibiting cash discounts.

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Superstorm Sandy Foreclosure Bill on Governor’s Desk, Last Change to Register Opposition

TRENTON, N.J. – Legislation to create foreclosure protections for Superstorm Sandy victims received final legislative approval Monday and is now on Governor Christie’s desk.

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CUNA Fights Merchant Surcharging in the Supreme Court, NJCUL Lobbying Against N.J. Bill

WASHINGTON – CUNA is taking the credit union case against payment card surcharges to the U.S. Supreme Court.

CUNA filed an amicus brief with the high court Wednesday in a case that challenges a New York law prohibiting merchants from imposing a surcharge for using a payment card, but does not prohibit cash discounts.

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'Kill-Switch' Measure on Governor’s Desk, Last Chance to Register Opposition

TRENTON, N.J. – Legislation that would regulate remote shut-down devices, or “kill-switches”, used by auto lenders and dealers to enforce payments received final legislative approval and has been sent to Governor Christie for his consideration.

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Minimum Wage Increase Proposal Dead Until 2018

TRENTON, N.J. – Democratic lawmakers have abandoned their efforts to pass a $15-an-hour minimum wage increase, but will reinitiate the effort when a new governor takes office in 2018, according to Assembly Speaker Vincent Prieto (D-32).

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College Affordability Package Passes Senate Committee

TRENTON, N.J. – A wide-ranging plan to make college more affordable and to reduce student debt was approved by a Senate committee last week.

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Assembly Committee Approves Income-Based Student Loan Repayment Option

TRENTON, N.J. – Borrowers who took out student loans from the state Higher Education Student Assistance Authority would have to pay no more than 10% of discretionary income to pay them off, under a bill approved Thursday by the Assembly Appropriations Committee.

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DOBI Issues Memo to GUDPA Depositories

TRENTON, N.J. – On Thursday, the NJ Department of Banking & Insurance (DOBI) issued a memorandum to all Governmental Unit Depositories Protection Act (GUDPA) participants accepting municipal deposits that exceed federally insured (NCUA or FDIC) limits.

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Minimum Wage Ballot Question Misses Key Deadline, Likely Averted Until 2018

TRENTON, N.J. – The constitutional amendment to increase the minimum wage to $15 over four years will not be passed by December 31, 2016. This means that in order for the constitutional amendment question to appear on the November 2017 ballot, the Legislature would need to pass a concurrent resolution by a three-fifths majority in both houses by August 7, 2017 (24 votes in the Senate and 48 votes in the Assembly).

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CUNA Reiterates Issues with CFPB Consumer Complaint Database

WASHINGTON – CUNA wrote to the Consumer Financial Protection Bureau (CFPB) Monday to reiterate continuing concerns with the bureau’s proposed Company Response Survey. The letter follows up a revised request for information collection submitted by the CFPB to the Office of Management and Budget.

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CUs Well Positioned for Success in 2017

WASHINGTON – CUNA and League victories on both the legislative and regulatory fronts position credit unions to take advantage of opportunities in 2017, CUNA Chief Advocacy Officer Ryan Donovan said Monday. Donovan called 2016 a “remarkable” year from a credit union advocacy perspective and said credit unions are well positioned for continued success in 2017.

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New Assembly Member Takes Office, Replaces CU Supporter

TRENTON, N.J. – Kevin Rooney has been sworn in as the new assemblyman representing New Jersey’s 40th legislative district yesterday. He will complete the term of former Assemblyman Scott Rumana who vacated the seat to become a Superior Court judge. 

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CUNA, Leagues Urge CU Involvement in Major New Reg. Relief Campaign

WASHINGTON – The CUNA-League system is launching a multilayered advocacy campaign plan that aims to take advantage of a favorable political environment to rein in excessive regulations that are hurting credit unions. The central piece of the campaign will be activating credit union members nationwide to get involved in the advocacy fight.

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CULAC Reports Record Receipts for Successful 2015-2016 Cycle

WASHINGTON – CUNA’s 2016 post-general election report shows the Credit Union Legislative Action Council (CULAC) raised a record $4.8 million in receipts this cycle to back credit union-friendly candidates.

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CUNA, Trades Call for Five-Person CFPB Board to Sen. Leaders

WASHINGTON – CUNA, and other financial trades, submitted a letter Wednesday to Senate leaders to call for the implementation of a five-person bipartisan commission at the Consumer Financial Protection Bureau (CFPB). The letter, addressed to Senate Majority Leader Mitch McConnell (R-Ky.) and newly elected Senate Minority Leader Chuck Schumer (D-N.Y.), explains how not having a commission could put into question the bureau’s future.

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Gen. Powell to Address CUNA GAC on Leadership, American Optimism

Former Secretary of State and retired Army Gen. Colin Powell will deliver the Tuesday session keynote address at CUNA Governmental Affairs Conference on Feb. 28 in Washington, D.C.

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CUNA Particpates in Senate Hearing on Financial Elder Abuse

WASHINGTON – The Senate Special Committee on Aging held a hearing Wednesday entitled, “Trust Betrayed: Financial Abuse of Older Americans by Guardians and Others in Power.”

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Financial Elder-Abuse, Federal Funding Focus in Lame Duck Session

WASHINGTON – The Senate Special Committee on Aging will hold a full committee hearing Wednesday on "Trust Betrayed: Financial Abuse of Older Americans by Guardians and Others in Power."

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EXTENDED: Crash the GAC Application Deadline Extended to December 11th

The deadline to submit applications to Crash the GAC 2017 has been extended to December 11th! The Cooperative Trust and Credit Union National Association (CUNA) are looking for a 60 second video as to why they should select you! Apply TODAY!

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Assembly Approves Financial Literacy Bill

TRENTON, N.J. – Legislation (A3396) requiring schools to teach financial literacy to students in grades K-8 passed the state Assembly on last week.

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Congressional Leaders Call for Halt on Administration Policymaking

WASHINGTON – Congressional leaders are urging the Obama administration to hold off on substantial policymaking post-election. On Nov. 11, CUNA President/CEO Jim Nussle also urged Consumer Financial Protection Bureau (CFPB) Director Richard Cordray to impose an immediate moratorium on pending and future bureau rulemakings.

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League of Municipalities Foreclosure Session Draws Some 300 Local Officials

ATLANTIC CITY, N.J. – A panel at the League of Municipalities Conference entitled “Funding the Zombie Foreclosure epidemic” drew an estimated 300 local officials. The panel was moderated by James Maley, mayor of Collingswood and included presentations by Michael Zumpino, president of Triad Associates and of Denise Kirk-Murray from the Office of the Comptroller of the Currency (OCC).

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Governor Signs Mortgage Protection for Deployed Guard & Reservists

TRENTON, N.J. – Governor Chris Christie last week signed legislation (A766, now P.L.2016, c.63) which provides that mortgagees must grant a deferment of mortgage payments to New Jersey members of the N.J. National Guard and U.S. Reserve members during the time of an active deployment.

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DOBI Issues GUDPA Bulletin

TRENTON, N.J. – The NJ Department of Banking & Insurance (DOBI) has issued a bulletin notifying financial institutions that have qualified as eligible public depositories under the Governmental Unit Depository Protection Act (GUDPA) that, beginning with the first-quarter 2017, all GUDPA quarterly filings must include a new certification.

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CUNA, CUs Bring Debt Collection Concerns to CFPB

CUNA advocacy staff and a number of member credit unions met with the Consumer Financial Protection Bureau (CFPB) Monday to discuss debt collection. During the meeting, the group discussed the CFPB’s outline of proposals under consideration for third-party debt collectors, as well as other bureau debt collection activities.

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Congress Returns with Gov’t Funding Top Priority

WASHINGTON – Congress has returned to Washington for the final days of the 114th Congress with one significant priority: to pass a funding resolution to keep the government operating beyond Dec. 9. 

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Trump's Transition Team Will Propose to 'Dismantle' and Replace Dodd-Frank

WASHINGTON – President-elect Donald Trump’s transition team called the “bureaucratic red tape” of the Dodd-Frank Act economy ineffective and said its Financial Services Policy Implementation team will work to dismantle the statute and replace it with new policies.

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CUs ‘Poised for Success’ After Election, Says CUNA Analysis

WASHINGTON – CUNA advocacy and political affairs staff unveiled its white paper on the results of the 2016 election Thursday in a conference call attended by nearly 500. In the paper, CUNA staff analyzed the impact the new administration and Congress can have on credit unions, including regulatory relief, potential changes in key congressional committees and NCUA board appointments.

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