CUNA Regulatory Advocacy Update
November 10, 2015
November 9, 2015
Here is what you need to know about credit union advocacy this week:
- CUNA-supported regulatory relief measures included in the Highway Trust Fund Bill.
- Key Attorney General drops his name from the retailer-sponsored state attorneys general Chip and PIN letter.
- CUNA / League witness tells House Small Business Committee about regulatory burdens facing small credit unions.
The House is out of session this week in observance of Veterans Day. The Senate will be in at least the first part of the week and is expected to vote on a motion to concur with the House amendment to the National Defense Authorization bill.
The Senate is also expected to appoint conferees to the Highway Trust Fund Bill. As you may recall, last week the House passed its version of the bill, and included two CUNA-supported regulatory relief provisions: language modernizing privacy notification requirements and permitting privately insured credit unions to join the Federal Home Loan Bank system. A House-Senate conference committee must now resolve the differences. We expect the conference committee to get to work this week; the current highway funding authorization expires November 20.
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|
|Investments & Deposit Activities – Banks Notes||November 23, 2015||NCUA||Lance Noggle|
|OMB re: Joint Standards for Assessing Diversity Policies and Practices||December 7, 2015||Joint||TBD|
Last Week on the Removing Barriers Blog
At a field hearing in Las Vegas, Nevada, Pahranagat Valley Federal Credit Union CEO Robin Simmers told a House Small Business Committee Subcommittee that credit unions face a crisis of creeping complexity with respect to regulatory burdens.
Last week, we submitted a letter to the CFPB regarding their survey of overdraft forms, urging them to open the survey up to public comment before it is used.
League representatives from the Dakotas and Pennsylvania helped to wrap up another successful Hike the Hill season, which included hundreds of meetings with regulators and members of Congress.
We have received reports that Georgia AG Olens, one of the original authors of the state attorneys general Chip-and PIN letter, has withdrawn his name.
On Election Day in Kentucky, Mississippi, New Jersey, Tennessee and Virginia, the parties controlling state legislatures remain unchanged.
Last week, we met with CFPB staff to discuss their proposals for arbitration clauses.
The Department of Education recently adopted revisions to its Title IV Higher Education Act (HEA) cash management rules.
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