Legislative & Political News

Free CUNA MAP Webinar to Highlight Campaign for Common-Sense Regulation

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Gubernatorial Candidates Address South Jersey Chamber, Lt. Governor Guadagno Mentions CUs
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Prepaid Rule Concerns Reiterated, Additional Delay Requested
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League, CU Advocates to Meet with Congressman Lance Thursday
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Lt. Governor Guadagno Visits League, Hears First-Hand about CU Issues

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CUNA Brings BSA/AML, Flood Rule Improvements to NCUA

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DOL’s Proposed 18-month Fiduciary Delay Welcomed
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League, CU Advocates to Meet with Congressman Lance Next Week

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Lt. Governor Guadagno to Visit League, Wants to Hear First-Hand about CU Issues
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Credit Union Advocates Meet with Congresswoman Watson Coleman

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CUNA Backs NCUA Changes to Clarify Appeals, Supervisory Review Committee Procedures

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Changes to NCUA Mergers Proposal Pushed
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Superstorm Sandy Claims Review Deadline Extended

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Mortgage Forbearance Bill Introduced

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Credit Union Advocates Meet with Congressman LoBiondo

MAYS LANDING, N.J. – As part of its ongoing advocacy program, the New Jersey Credit Union League met with Congressman Frank LoBiondo (R-2) Thursday to discuss regulatory burden and common-sense regulation, as well as other issues of concern to credit unions.

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Credit Union Advocates Meet with Congressman Norcross

CHERRY HILL, N.J. – As part of its ongoing advocacy program, the NJ Credit Union League met with Congressman Donald Norcross (D-1) yesterday to discuss regulatory burden and common-sense regulation, as well as other issues of concern to credit unions.

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Shutdown Pay for State Workers Approved

TRENTON, N.J. – Governor Christie yesterday signed bipartisan legislation to protect state employees from losing pay during last month’s government shutdown. The law (S-3422/A-18) will ensure worker pay for the three days the state government was closed at the beginning of the new fiscal year starting July 1.

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Letter on Regulations Review Sent to Treasury

WASHINGTON -- CUNA has sent a letter to the U.S. Department of the Treasury outlining areas where regulatory burdens are harming the ability of credit unions to serve their members.  

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Credit Unions Invited to Congressional District Meetings during August Recess

HIGHTSTOWN, N.J. -- As part of its ongoing advocacy program, the NJ Credit Union League is scheduling meetings with members of the state’s congressional delegation during Congress’s August recess. The meetings are an excellent opportunity to address issues affecting credit unions and their members particularly regulatory burden and common-sense regulation.

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Murphy Continues Outpacing Guadagno in Fundraising, Matching Funds

TRENTON, N. J. – The NJ Election Law Enforcement Commission (ELEC) announced Friday that it has distributed $708,144 in public matching funds to the Guadagno for Governor campaign. The GOP gubernatorial nominee significantly trails Democrat Phil Murphy who has received more than $1.8 million in public matching funds so far, according to ELEC.

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CUNA Calls for ATR/QM Changes Taking Account of CUs’ Nature

WASHINGTON – The Consumer Financial Protection Bureau (CFPB) should recognize that credit unions are not predatory lenders, but good faith partners for members seeking to buy homes, and should modify its ability-to-repay/qualified mortgage (ATR/QM) rule accordingly. CUNA’s comments come in response to a CFPB assessment of its ATR/QM rule. 

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Deadline Approaching for CUs to File Claims in Home Depot Suit

El SEGUNDO, Calif. – Credit unions have until Sept. 14 to file a claim for payment under the settlement reached between plaintiffs and Home Depot in that data breach lawsuit.

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Advance Notice of Rulemaking Issued, GUDPA Rules Re-Adoption with Amendments

TRENTON, N.J. – The N.J. Department of Banking and Insurance (DOBI) has issued an Advance Notice of Rulemaking concerning the Government Unit Deposit Protection Act (GUDPA) rules. DOBI intends to re-adopt with amendments N.J.A.C. 3:24 (GUDPA) rules. The notice is required under Governor Christie’s Executive Order 2 so that interested parties and stakeholders have the opportunity to provide input on the proposed re-adoption and amendments. 

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Assemblyman Coughlin’s Annual Bowl for Hunger Raises $31,000, NJCUL among Sponsors

WOODBRIDGE - Assemblyman Craig J. Coughlin (D-19), in partnership with Middlesex Water Company, the Raritan Bay Medical Center Foundation and the Woodbridge Metro Chamber of Commerce, held his eighth annual Bowl for Hunger on Thursday night. The event raised nearly $31,000 for area foodbanks.

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HELOC Reporting Exemption Suggested

WASHINGTON – While CUNA appreciates the Consumer Financial Protection Bureau’s efforts to decrease the burden on lenders with limited home equity lines of credit (HELOC), it asked the bureau to consider exempting credit unions, or further increasing the threshold.

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Republican Nominee Tapped to Fill Senate Vacancy

TOTOWA, N.J. -- Republicans in the 40th Legislative District selected Passaic County Clerk and GOP nominee for the state Senate Kristin Corrado to complete the unexpired Senate term of Kevin O'Toole. O’Toole, who served more than two decades in the state Legislature and was strong credit union supporter, resigned on July 1.

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Defense of Tax Status Continues as Reform Statement is Issued

WASHINGTON -- Members of Congress and the administration released a statement on tax reform Thursday in which the credit union tax status was not addressed. This follows a broad outline of tax reform released by Treasury Secretary Steven Mnuchin in April.

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Comments on Stabilization Fund Closure Due Sept. 5

ALEXANDRIA, Va. -- The NCUA’s plan to close the Temporary Corporate Credit Union Stabilization Fund and setting the share insurance fund’s operating level was published in the Federal Register Thursday. Comments on the proposal are due by Sept. 5.

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Murphy Taps Former Assembly Speaker as Running Mate, Guadagno Woodcliff Lake Mayor

NEWARK and WEST NEW YORK, N.J. -- During a press conference in Newark yesterday, Democratic gubernatorial nominee Phil Murphy formally announced that he has chosen Assemblywoman Sheila Oliver (D-34) to join his ticket as candidate for lieutenant governor. Republican gubernatorial nominee Kim Guadagno announced her choice for a running mate at a 10:30 am event this morning in West New York. She selected Woodcliff Lake Mayor Carlos Rendo.

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CU-backed Resolution Repealing Arbitration Rule Passes House

WASHINGTON -- The House passed a credit union-backed resolution of disapproval Tuesday for the Consumer Financial Protection Bureau’s (CFPB) arbitration rule that would restrict the use of arbitration agreements. The joint-resolution (H.J. Res. 111) uses Congressional Review Act authority to repeal the rule and prevent the CFPB from issuing any similar rule relating to arbitration.

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Guadagno Expected to Name Woodcliff Lake Mayor as Running Mate

TRENTON, N.J. – Yesterday, just hours after Political Web sites and NJ Advanced Media began reporting that Democratic gubernatorial nominee Phil Murphy would announce that he has chosen Assemblywoman Sheila Oliver (D-34) to join his ticket as candidate for lieutenant governor, news began surfacing that Republican nominee Kim Guadagno had decided on Woodcliff Lake Mayor Carlos Rendo for her running mate.

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Fed Task Force Releases 2nd Part of Faster Payments Report

WASHINGTON -- The Federal Reserve’s Faster Payments Task Force, of which CUNA is a member, released its final paper last week on the future of payments in the United States. The paper is the second part of the group’s final report. The first was released in January.

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Arbitration Repeal Resolution Backed, Engaged with Hearings

WASHINGTON -- CUNA is closely following a joint resolution that would repeal the Consumer Financial Protection Bureau’s (CFPB) arbitration rule, and is engaged with a number of other activities on Capitol Hill this week. CUNA, which has expressed concerns with the rule since it was originally proposed, sent a letter Monday with other organizations supporting the resolution.

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Murphy Expected to Name Former Assembly Speaker as Running Mate

TRENTON, N.J. – Political Web sites and NJ Advanced Media are reporting this morning that Democratic gubernatorial nominee Phil Murphy will announce that he has chosen Assemblywoman Sheila Oliver (D-34) to join his ticket as candidate for lieutenant governor.

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CUNA Pushes DOL to Provide CU Clarifications to Fiduciary Rule

WASHINGTON -- CUNA urged the Department of Labor (DOL) Thursday to provide further clarification that credit unions are not the target of its fiduciary rule, and to provide any necessary carve-outs to ensure credit unions’ ability to provide information about consumer-friendly products is not impacted.

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New HMDA Filer Resources Available

WASHINGTON --The Consumer Financial Protection Bureau (CFPB) released several new resources relating to Home Mortgage Disclosure Act (HMDA) implementation. Intended for institutions, including credit unions, that report HMDA data, the bureau has updated the preview of its “HMDA Platform” system, an online-only system designed to guide filers through the process.

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NCUA Schedules Webinar on Proposed Stabilization Fund Closure Plan

ALEXANDRIA, Va. -- NCUA will host a free webinar on August 9 at 2 p.m. to explain the proposed plan to close the Stabilization Fund. The Stabilization Fund is the basis used to determine the normal operating level, the proposed process for making the April 2018 distribution, and to address questions from credit union stakeholders as well as assist them in preparing comments on the proposals for agency review.

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Governor Issues Vetoes on Paid Family Leave Expansion and Salary History Prohibition

TRENTON, N.J. – Governor Christie acted on dozens of bills Friday including two bills of interest to credit unions, the expansion of benefits available under the state’s Paid Family Leave Act (A-4927), and another which would prohibit employers from asking a job applicant about their salary history (A-3480). He issued an Absolute Veto (AV) on the salary history bill and a Conditional Veto (CV) on the expansion of Paid Family Leave benefits.

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CU Housing Reform Principles Outlined for Senate Banking Committee

WASHINGTON -- CUNA witness Tim Mislansky stressed to the Senate Banking Committee yesterday the need for credit union access to a functioning, well-regulated secondary mortgage market and a system that will accommodate member demand for long-term fixed-rate mortgage products. Mislansky testified before the committee as part of a hearing examining housing finance reform.

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Use of Congressional Review Act to Repeal CFPB Arbitration Rule Supported, Rep. MacArthur a Co-Sponsor

WASHINGTON -- CUNA and the state leagues support the efforts of lawmakers on a resolution of disapproval for the Consumer Financial Protection Bureau’s (CFPB) arbitration rule that would prohibit financial service providers from using pre-dispute resolution agreements to block class action lawsuits. Introduced yesterday, H.J. Res 111 uses Congressional Review Act authority to repeal the rule and prevent the CFPB from issuing any similar rule relating to arbitration.

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Senate Bill to Codify CFPB’s CU Advisory Council Introduced

WASHINGTON – Legislation that would codify the Consumer Financial Protection Bureau’s (CFPB) Credit Union Advisory Council (CUAC) was introduced in the U.S. Senate yesterday. The council advises the bureau on regulating financial products and services, including how its actions affect credit unions.

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Senator Booker Asks 13 Banks for Information on Overdraft Practices

WASHINGTON -- U.S. Senator Cory Booker (D-NJ) pressed more than a dozen bank CEOs Monday on their overdraft programs, requesting more information on their current practices to encourage participation in overdraft protection.

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Access to Viable Secondary Mortgage Market is Essential, CU Witness to Tell Senate Banking Committee

WASHINGTON -- It is critical credit unions are able to continue to meet their members’ mortgage needs, a CUNA witness will tell the Senate Banking Committee today in a hearing on housing reform. Tim Mislansky, senior vice president and chief lending officer, Wright-Patt CU, and president, myCUmortgage LLC, Beavercreek, Ohio, will testify on behalf of CUNA.

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Appropriations Bill Report Strongly Backs International CU Support

WASHINGTON -- The state and foreign operations appropriations bill for fiscal year 2018 contains support for credit unions on the international level in its report language. CUNA and the World Council of Credit Unions wrote to House and Senate appropriators to push for international credit support last month, and the included language is stronger than language recommended by CUNA and the World Council.

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Immigration Services Releases New Form I-9, Employment Eligibility Verification

The U.S Citizenship and Immigration Services (USCIS) agency has released a new version of its Form I-9, Employment Eligibility Verification. The form is required for all new hires and needs to be kept on filing according to existing storage and retention rules.

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CUNA: Congress Should Retain and Reaffirm CU Tax Status

CUNA urged Congress to retain and reaffirm the credit union tax status, and outlined the importance of not-for-profit financial cooperatives in a letter sent to the Senate Finance Committee Monday. The letter was sent in response to a committee request for comments and proposals as it continues its work on tax reform.

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CUNA Engaged with Senate Witness Testimony, Tax Reform Hearing

WASHINGTON – A CUNA witness talking housing reform before the Senate Banking Committee and a hearing on tax reform are among several events CUNA is engaged with on Capitol Hill this week. On Thursday, the Senate Banking Committee will conduct a hearing titled “House Finance Reform: Maintaining Access for Small Lenders,” starting at 10 a.m. (ET).

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Trades Seek More Info on CFPB Debt Collection Survey

WASHINGTON -- CUNA has sent a joint letter with the American Bankers Association and the Consumers Bankers Association to the Consumer Financial Protection Bureau (CFPB) seeking additional information about a CFPB debt collection survey.

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Increased HELOC Reporting Threshold Proposed

WASHINGTON -- The Consumer Financial Protection Bureau (CFPB) has issued a proposal that would increase the reporting threshold on home-equity lines of credit (HELOC) for credit unions and banks.

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Fiduciary Rule Delay Urged in House Letter

WASHINGTON –CUNA forwarded a letter Thursday to members of the House subcommittee on capital markets, securities, and investments supporting more analysis of the Department of Labor (DOL) fiduciary rule.

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Senate Banking Hearing on Housing Finance Reform Next Week, CUs to Testify

WASHINGTON -- Representatives from two CUNA-member credit unions will testify during a July 20 hearing on housing finance reform hosted by the U.S. Senate Banking Committee.

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Concerns Shared in Letter on FSGG Appropriations Act, Wins and Concerns with Final Committee Bill

WASHINGTON – Before yesterday’s mark up, CUNA wrote a letter Thursday to members of the House Appropriations Committee outlining credit union considerations with the Financial Services and General Government (FSGG) Appropriations Act.

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House Appropriations to Markup Financial Services Appropriations Bill

WASHINGTON -- The House Appropriations Committee will markup the FY2018 Financial Services Appropriations bill today.

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CUNA in American Banker: Communities, Not Purpose, Have Changed

WASHINGTON -- A recent article in American Banker got it wrong when it questioned the National Credit Union Administration’s actions to modernize credit union field-of-membership rules, wrote Jim Nussle, CUNA president/CEO, in response to that column Tuesday.

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CUNA, Trades Reiterate Support for CFPB Commission in FSGG Letter

WASHINGTON -- CUNA is among the more than two dozen trade groups expressing support for changing the governance structure of the Consumer Financial Protection Bureau (CFPB) to a five-person bipartisan commission.

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CU Leader Points Out Regulatory Constraints at HFSC Subcommittee Hearing

WASHINGTON -- America’s credit unions were fully represented at a House Financial Services subcommittee hearing Wednesday, as Rick Nichols, president/CEO of River Region CU, Jefferson City, Mo., testified on behalf of the Heartland Credit Union Association to discuss the need for regulatory relief for credit unions.

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Appreciation Expressed for HELOC Threshold Change Proposal

WASHINGTON -- CUNA on Tuesday expressed appreciation to the Consumer Financial Protection Bureau (CFPB) for its proposal to reconsider the home equity line of credit (HELOC) reporting threshold.

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CU CEO to Testify at Today’s HFSC Subcommittee Hearing, Markup

WASHINGTON -- Rick Nichols, president/CEO of River Region CU, Jefferson City, Mo., will testify on behalf of the Heartland Credit Union Association before a House subcommittee today. He will address regulatory relief proposals for community financial institutions before the House Financial Services subcommittee on financial institutions and consumer credit.

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Still Time to Register for This Afternoon’s Political & Legislative Update Webinar, Latest on Financial CHOICE Act

HIGHTSTOWN, N.J. -- On the first day of his presidency Donald Trump issued a broad executive order temporarily freezing regulatory rulemaking and requiring that for each new rule, two existing rules would have to be repealed. Two weeks after taking office, the president set Dodd-Frank squarely in his sights with his Presidential Executive Order on Core Principals for Regulating the U.S. Financial System.

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CUNA Comments on Arbitration Rule’s Application to CUs

WASHINGTON -- The Consumer Financial Protection Bureau (CFPB) finalized its rule on arbitration Monday, and CUNA is currently analyzing the nearly 800-page final rule. CUNA had urged the bureau to exempt credit unions from the rule, saying it is inappropriate for member-owned financial cooperatives.

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RESPA Assessment Should Focus on Costs, Benefits

WASHINGTON -- The Consumer Financial Protection Bureau (CFPB) should focus on the cost and benefit of its Real Estate Settlement Procedures Act (RESPA) servicing rule, CUNA wrote to the bureau. CUNA’s letter came in response to the CFPB’s request for information (RFI) involving its assessment of the 2013 final rule.

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CFPB Pledges to Increase HELOC Threshold to 500, Proposal within Two Weeks

WASHINGTON -- CUNA saw a victory Monday with Consumer Financial Protection Bureau (CFPB) Director Richard Cordray's pledge that the bureau would issue a proposal in the coming weeks to raise the home equity line of credit (HELOC) reporting threshold. In a letter sent to several senators, Cordray cited increasing concerns from credit unions and other community financial institutions about the reporting burden.

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Still Time to Register for Tomorrow’s Political & Legislative Update Webinar, Latest on Financial CHOICE Act

HIGHTSTOWN, N.J. -- On the first day of his presidency Donald Trump issued a broad executive order temporarily freezing regulatory rulemaking and requiring that for each new rule, two existing rules would have to be repealed. Two weeks after taking office, the president set Dodd-Frank squarely in his sights with his Presidential Executive Order on Core Principals for Regulating the U.S. Financial System.

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CFPB Finalizes TRID Updates, Revisions, Clarifications

WASHINGTON -- The Consumer Financial Protection Bureau (CFPB) Friday finalized updates to its Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosures (TRID) rule. CUNA supports a number of revisions, which are intended to formalize guidance in the rule, and provide greater clarity.

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Still Time to Register for Wednesday’s Political & Legislative Update Webinar, Latest on Financial CHOICE Act

HIGHTSTOWN, N.J. -- On the first day of his presidency Donald Trump issued a broad executive order temporarily freezing regulatory rulemaking and requiring that for each new rule, two existing rules would have to be repealed. Two weeks after taking office, the president set Dodd-Frank squarely in his sights with his Presidential Executive Order on Core Principals for Regulating the U.S. Financial System.

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Stars and Stripes Piece Supports CUNA-Backed MLA Changes

WASHINGTON -- An opinion piece appearing this week in Stars and Stripes credits CUNA and other organizations for pushing for improvements to Military Lending Act (MLA) regulations, saying the changes implemented in 2015 could make it harder for servicemembers to obtain financial services. CUNA has engaged with the Department of Defense (DOD) consistently since the MLA changes were finalized, most recently asking the department to issue an interim MLA rule to fix the issues.

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CUNA Thanks McWatters for CFPB Exemption Push

WASHINGTON -- NCUA Chair J. Mark McWatters asked Consumer Financial Protection Bureau (CFPB) Director Richard Cordray to exempt credit unions with assets of more than $10 billion from the bureau’s examination and supervision authority. CUNA President/CEO Jim Nussle praised McWatters for his comments.

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Title Fraud Ring Indictments Highlight Need for ELT

TRENTON, N.J. – NJ Attorney General Christopher Porrino recently announced the indictment of five individuals on various first-degree charges for a scheme in which they financed car purchases and then resold the vehicles after fraudulently removing liens. The five were indicted by a state grand jury on charges of conspiracy, money laundering, identity theft, theft by deception, tampering with public records, and forgery.

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Still Time to Register for Wednesday’s Political & Legislative Update Webinar, Latest on Financial CHOICE Act

HIGHTSTOWN, N.J. -- On the first day of his presidency Donald Trump issued a broad executive order temporarily freezing regulatory rulemaking and requiring that for each new rule, two existing rules would have to be repealed. Two weeks after taking office, the president set Dodd-Frank squarely in his sights with his Presidential Executive Order on Core Principals for Regulating the U.S. Financial System.

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CUNA Will Review, Comment on DOL Overtime Rule RFI

WASHINGTON -- The Department of Labor has sent a request for information (RFI) to the Office of Management and Budget concerning the overtime rule that was finalized in 2016. CUNA has previously shared concerns with the rule, which is the subject of a nationwide injunction delaying implementation in late 2016 by a federal judge in Texas.

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Gubernatorial Candidates Qualify for Matching Funds

TRENTON, N.J. – Gubernatorial nominees Democrat Phil Murphy and Republican Kim Guadagno have raised enough in individual campaign contributions to qualify for public matching funds, according to their campaigns.

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Combating Elder Financial Abuse with ‘Age Friendly’ Products and Services: Federal Reserve Newsletter Emphasizes FIs’ Role

WASHINGTON – The Federal Reserve’s first Consumer Compliance Outlook newsletter of 2017 was released recently, and emphasized the need for financial institutions to take a role in combating elder financial abuse. According to a report by the Consumer Financial Protection Bureau (CFPB), the estimated annual losses from elder financial abuse currently range from $2.9 billion to $36.48 billion.

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State Government Reopened After Budget Deal

TRENTON, N.J. – Three days after the constitutional deadline and following a day of intense negotiations inside the State House, Governor Chris Christie early Tuesday morning signed into law a $34.7 billion state budget ending a government shutdown that threatened to keep parks across New Jersey closed for the July 4th holiday. All state agencies including the Department of Banking and Insurance have resumed normal operations.

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Political & Legislative Update Webinar Set for July 12, Latest on Financial CHOICE Act

HIGHTSTOWN, N.J. -- On the first day of his presidency Donald Trump issued a broad executive order temporarily freezing regulatory rulemaking and requiring that for each new rule, two existing rules would have to be repealed. Two weeks after taking office, the president set Dodd-Frank squarely in his sights with his Presidential Executive Order on Core Principals for Regulating the U.S. Financial System.

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State Government Shutdown includes Department of Banking & Insurance

TRENTON, N.J. – New Jersey lawmakers failed to pass a budget before the state’s constitutional deadline on Friday and Governor Christie issued an Executive Order 228 shutting down all non-essential state government operations and services including the Department of Banking and Insurance. Specific agency by agency details are available here.

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CDFI and CDRLF Cuts Approved by Subcommittee, Calls to Action Continue

WASHINGTON -- The House Appropriations financial services and general government subcommittee passed its appropriations bill for fiscal year 2018 Thursday evening by voice vote. The bill contains some regulatory relief for credit unions, but also a number of provisions of serious concern.

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TCPA Decision is Step in Right Direction, CUNA Says

WASHINGTON -- The 2nd Circuit Court of Appeals handed down a decision last week that is good news for credit unions regarding the Telephone Consumer Protection Act (TCPA). The court held that the TCPA does not allow consumers to revoke consent to receive automatic or pre-recorded cell phone calls if consent was previously given as part of a binding contract.

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Nussle Calls for CU Engagement to Restore CDFI Fund, CDRLF

WASHINGTON -- CUNA President/CEO Jim Nussle said CUNA would push to remove language placing NCUA under the appropriations process from the House financial services and general government (FSGG) appropriations bill released Wednesday.

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CUNA Witness Testifies on BSA/AML Relief Before House Subcommittee

WASHINGTON -- The current regulatory regime makes Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance daunting for community financial institutions like credit unions, a CUNA witness told a House subcommittee Wednesday. Faith Anderson, senior vice president and general counsel of American Airlines FCU, Fort Worth, Texas, addressed the credit union perspective on behalf of CUNA on BSA/AML compliance Wednesday before the House Financial Services subcommittee on financial institutions and consumer credit.

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CUNA Files Brief in Support of NCUA in FOM Suit

WASHINGTON -- CUNA and two other organizations jointly filed an amicus, or friend of the court, brief Wednesday in defense of NCUA's revised field-of-membership (FOM) rule. The brief supports NCUA's cross-motion for summary judgement, and was filed with the U.S. District Court where the American Bankers Association (ABA) brought suit against the FOM rule.

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CUNA Offers CFPB Regulatory Relief Changes in Meeting w/ SBA

WASHINGTON – CUNA staff attended a roundtable discussion Monday hosted by the Small Business Administration’s (SBA) Office of Advocacy to discuss needed changes to Consumer Financial Protection Bureau (CFPB) rules. During the meeting, CUNA offered several credit union-specific suggestions for modifications to CFPB rules and potential rules.

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CUNA Joins Trades to Request Full CDFI Funding in FY18

WASHINGTON – CUNA joined with several financial trade organizations Tuesday to request that House and Senate appropriators fund the Treasury’s Community Development Financial Institutions (CDFI) Fund at $250 million for fiscal year 2018. The fund, which gives awards and other grants to certified CDFIs, was eliminated in the administration’s proposed fiscal year 2018 budget.

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CUNA Witness to Testify on BSA/AML Compliance before Senate Banking Committee

WASHINGTON -- A witness will testify on behalf of CUNA before a House subcommittee this week on compliance with the Bank Secrecy Act, and other compliance issues. Faith Anderson, senior vice president and general counsel of American Airlines FCU, Fort Worth, Texas, will speak before the House Financial Services subcommittee on financial institutions and consumer credit Wednesday.

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Salary History Ban Gets Final Legislative Approval, Heads to Governor

TRENTON, N.J. – Legislation that would bar employers from asking job applicants about their salary history, or relying on it to determine salary at any stage in the hiring process received final legislative approval yesterday. The measure now heads to the Governor Christie.

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Expanded Paid Family Leave Gets Final Legislative Approval, Heads to Governor

TRENTON, N.J. – Legislation that would expand the state’s Paid Family Leave Act passed the state Senate yesterday 22-15. The legislation (A4927) would expand the program that allows employees to take time from work to care for newborn and newly adopted children, or for sick family members. It would increase the weekly benefit and lengthen the leave time under the program currently in place, expand covered circumstances and the definition of family members, and lower the employer exemption threshold. Following partisan line votes in both legislative chambers, the measure now heads to the Governor Christie.

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Second Call to Action Launched in as Many Weeks, Now for CDFI Funding

HIGHTSTOWN, N.J. – The NJCUL launched a second Call to Action in as many weeks on another congressional appropriations issue, funding for the Community Development Financial Institution (CDFI) Fund. Both Treasury’s CDFI Fund and NCUA’s Community Development Revolving Loan Fund (CDRLF) were eliminated in the budget proposal the White House sent to Congress. A Call to Action on CDRLF funding was launched last week.

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CUNA, Trades Urge Appropriators to Create CFPB Commission

CUNA joined other trade groups this week in expressing strong support for language supporting a Consumer Financial Protection Bureau (CFPB) commission to be included in fiscal year 2018 appropriations legislation. Specifically, the organizations asked for a Senate-confirmed, 5-person commission to lead the bureau, and the language to be included in financial services and general government (FSGG) appropriation language.

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

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

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OTR Methodology, Corporate CU Proposal on NCUA Agenda Today

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

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

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

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McWatters Testifies on Regulatory Relief Legislation, NCUA Actions

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

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

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

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

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

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Push for Full CDFI Funding in FY18

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

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Feedback Sought on Eliminating Regulatory Burden for Treasury RFI

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

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Legislation Barring Salary History Questions Set for Final Legislative Approval

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

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League Launches Call-to-Action for Full CDRLF Funding

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

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Assembly Committee Approves Foreclosure Filing Surcharge Bill

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

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

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

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CUs Invited to Participate in SBA Talk on CFPB Assessments

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

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McWatters to Testify before Senate Banking Committee on Economic Growth

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

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House, Senate Appropriators Pushed for Full CDRLF Funding

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

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Foreclosure Filing Surcharge Bill on Assembly Committee Agenda

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

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Expanded Paid Family Leave on Assembly Committee Agenda

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

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Expanded Paid Family Leave Clears Senate Committee

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

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Steps to Reduce Regulatory Burden for FHA Mortgages Provided

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

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HMDA Reporting Bill Would Provide Needed Relief, CUNA Writes

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

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Expanded Paid Family Leave on Committee Agenda

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

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TCPA Liability Concerns Outlined for House Subcommittee

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

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Treasury Report Contains Recommendations for CU Regulatory Relief

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

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