CUNA Advocacy Update
October 27, 2015
October 26, 2015
Here is what you need to know about credit union advocacy this week:
- The House will elect a new Speaker this week, as Speaker Boehner steps down. Representative Paul Ryan (R-WI), the chairman of the House Ways and Means Committee, is expected to be elected Speaker, setting off a race to replace him as head of the tax writing panel. Representatives Kevin Brady (R-TX) and Pat Tiberi (R-OH) are vying for that position.
- The Senate Banking Committee will hold a hearing Wednesday on regulatory burden facing credit unions and small banks in rural areas. Carrie Wood, president and CEO of Timberland FCU will testify.
- Retail groups are making an aggressive push to get state attorneys general to send a letter to Congress encouraging an EMV mandate, but CUNA and Leagues are pushing back in partnership with national and state banking associations.
The main event in the House this week will be the election of the Speaker of the House. Representative Paul Ryan is expected to succeed House Speaker John Boehner in an election that will take place on Wednesday. In addition, the House is expected to consider H.R.1090, the Retail Investor Protection Act, a short term extension of the surface transportation authorization bill and legislation to raise the debt ceiling. It is also possible that the House will consider legislation to reauthorize the Export-Import Bank. The Senate is expected to complete consideration of S. 754, the Cybersecurity Information Sharing Act (CISA). In addition, the Senate may consider the short term extension of the surface transportation authorization bill if the House completes action. This week there is just one hearing on interest to credit unions: Wednesday
The Senate Banking, Housing and Urban Affairs Committee Subcommittee on Financial Institutions and Consumer Credit will hold a hearing on “The State of Rural Banking: Challenges and Consequences.” Carrie Wood, president and CEO of Timberland FCU, will testify.
H.R. 1090, the Retailer Investor Protection Act
CUNA supports H.R. 1090, which would stop the Department of Labor from implementing its fiduciary proposal. We have sent several comment letters to the Department of Labor in opposition to this proposal and we also encouraged Congress to consider this issue and move legislation:
- H.R. 1090 Support Letter in Committee
- Letter for the record of the House Ways and Means Committee hearing on the fiduciary proposal
- Letter asking for Congressional hearings on the fiduciary proposal
- Comment letter (September 21, 2015) to the Department of Labor
- Comment letter (July 20, 2015) to the Department of Labor
We will send a letter to the House of Representatives later this week encouraging passage of this legislation.
Pending Regulatory Comment Calls
CUNA intends to comment on the following pending regulatory proposals. For our comment letter to have the greatest impact, we need to hear from you. Please consider whether and how these proposals would affect your credit union. If you have feedback or questions regarding any proposal, please contact the CUNA staff listed with each proposal. We encourage Leagues and credit unions to use PowerComment to file comment letters with regulators. For more information regarding these proposals, please follow the links below:
|Issue||Comment Period Deadline||Agency||CUNA Staff Contact|
|OMB Request to revise existing information collection regarding CUSOs||October 28, 2015||NCUA||Andy Price|
|ALM/SAR Filing Requirements for Financial Advisors||November 2, 2015||FinCEN||Luke Martone|
|Request to Develop Survey on POS/ATM Overdraft Disclosures||November 3, 2015||CFPB||Luke Martone|
|Definition of “small entity” under the Regulatory Flexibility Act||November 23, 2015||NCUA||Lance Noggle|
CUNA and the Leagues Launch a Forceful Response to Retailers’ Chip-and-PIN Efforts
CUNA and the Leagues are responding in an aggressive, coordinated fashion to recent attempts by retail groups to organize a letter by state attorneys general asking Congress to mandate chip and PIN technology. The attorneys general have been given an October 28 deadline to sign-on to the retailers’ letter.
CUNA continues to analyze CFPB HMDA final rule
We are continuing to analyze the 700+ page final rule issued by the CFPB implementing changes to the Home Mortgage Disclosure Act (HDMA).
CUNA Attends Joint Agency Symposium on Cybersecurity
CUNA, along with several credit union representatives, attended an open house event in Washington, DC, hosted by the Federal Bureau of Investigation (FBI), U.S. Secret Service (USSS), and U.S. Department of the Treasury.
Letter to Senate Leadership Urging Passage of CISA and Data-Security Bills
Last week we sent a letter to Senate leaders to both urge passage of the bipartisan CISA bill, and remind them about the critical need for data security.
FHA Partially Withdraws Proposal on Claims Deadline
The Federal Housing administration (FHA) published a partial withdrawal of the proposed rule that established a maximum timeline to file a claim with FHA for insurance benefits on insured mortgages.
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