CUNA Advocacy Update
September 15, 2015
September 14, 2015
Reporting from CUNA
Congress has an abbreviated schedule this week in observance of Rosh Hashanah. The House and the Senate join legislatures in Massachusetts, Michigan, New Jersey, New York, North Carolina, Ohio, Pennsylvania and Wisconsin, which are in regular session, and Illinois and Maine which are in extended session.
Here is what you need to know about credit unions and advocacy this week:
- The House Financial Services Committee continues its series of hearings examining the Dodd-Frank Act at Five Years.
- CUNA filed an amicus brief in an interchange surcharging lawsuit in California court.
- Credit unions outpaced banks 8:1 in substantive comment letters to NCUA over the MBL proposal.
This Week in Congress
The House of Representatives will consider H.R. 3134, the Defund Planned Parenthood Act of 2015, the Born Alive Abortion Survivors Protection Act and H.R. 758, the Lawsuit Abuse Reduction Act of 2015.
The Senate will resume consideration of H. J. Res. 61, the vehicle for the Congressional resolution disapproving the Iran nuclear deal.
As usual, we are following several committee meetings on both sides of the Capitol, including the following:
- The Senate Banking, Housing and Urban Affairs Committee will hold a full committee hearing on the nomination of Adam Szubin to be Treasury undersecretary for terrorism and financial crime.
- The House Financial Services Committee will hold a full committee hearing on “The Dodd-Frank Act Five Years Later: Are We More Free?”
- The House Small Business Committee Economic Growth, Tax and Capital Access Subcommittee will hold a hearing on “Financing Main Street: How Dodd-Frank is Crippling Small Lenders and Access to Capital.” Scott Eagerton, president and CEO of Dixies Federal Credit Union, Darlington, S.C., will testify.
- The House Financial Services Committee Monetary Policy and Trade Subcommittee will hold a hearing on “Strengthening U.S. Leadership in a Turbulent Global Economy.”
TNC Bill Becomes Law in North Carolina
Last month, the North Carolina Legislature passed a measure that regulates transportation network companies (TNCs). The bill, H 541, requires TNC drivers to notify their lienholder when they begin to use a vehicle with a lien to perform TNC services. The legislation further requires TNCs to make the following disclosure to drivers:
“If the vehicle with which you provide transportation network company services has a lien against it, you must notify the lienholder prior to providing transportation network company services of your intent to provide transportation services with the vehicle. You may disclose to the lienholder all insurance coverage information provided to you by the transportation network company. If you fail to provide the required insurance coverage under the terms of your contract with the lienholder or show evidence to the lienholder of the coverage provided by the transportation network company, you may violate the terms of your contract.”
While the bill does not require TNC drivers to have comprehensive and collision coverage, the lienholder notification provision is an important mechanism for credit unions to protect their members and collateral.
CUNA intends to comment on the following pending regulatory proposals and encourages credit unions to consider submitting comments as well. We encourage the use of PowerComment to file comment letters with regulators. For more information regarding these proposals, please follow the links below:
|Issue||Comment Period Deadline||
|CUNA Staff Contact|
|FFIEC Cybersecurity Assessment Tool||September 21, 2015||Office of the Comptroller of the Currency||Luke Martone|
|September 22, 2015||NCUA||Andy Price|
|**New** Hearing Transcript regarding Definition of Fiduciary||September 24, 2015||Department of Labor||Leah Dempsey|
|**Deadline Extended** Expanding Access to Credit Through Online Marketplace Lending||September 30, 2015||Treasury||Luke Martone|
|Third-Party Sender Registration||October 9, 2015||NACHA||Leah Dempsey|
|ALM/SAR Filing Requirements for Financial Advisors||November 2, 2015||FinCEN||Luke Martone|
|**New** OMB Request: Web-based Quantitative Testing of POS/ATM Overdraft Disclosures||November 3, 2015||CFPB||Luke Martone|
Recently On the Removing Barriers Blog
The recent comment period on NCUA’s MBL proposal generated what some have said is a record number of comment letters to the agency, eclipsing the number of comments submitted on the first risk-based capital proposal. NCUA says more than 3,000 comments came in on the more recent proposal, and CUNA advocacy staff took some time over the last few weeks to analyze the comments.
With the start of the latest session of Congress, CUNA and other financial services trade associations wrote a letter to leadership of the US Senate expressing strong support for promptly enacting comprehensive, bipartisan financial regulatory relief.
Credit unions and other financial institutions are invited to register for a National Cybersecurity Symposium: Building Law Enforcement and Financial Services Sector Partnerships at 37 field locations across the country on Oct. 21 or 22.
CUNA has written a letter urging Congress to consider the impact that the U.S. Department of Labor’s (DOL) recent proposed rulemaking defining fiduciaries would have on credit unions’ ability to offer retirement savings products and services to their members.
CUNA-backed legislation that would raise the current cap on credit union member business lending was introduced yesterday in the US Senate.
The North Carolina Legislature passed a measure that regulates transportation network companies (TNCs).
CUNA has filed an amicus brief in a California court case challenging merchant surcharges on credit card transactions.
As always, if you have any questions regarding these or any advocacy issues, please do not hesitate to contact me.
Chief Advocacy Officer
Credit Union National Association
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