CUNA Regulatory Advocacy Update

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.

In Congress

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

CUNA/Nevada League Witness tells House Small Business Committee Regulatory Burden Hurts Consumers, Small Businesses

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.

CUNA Letter to CFPB on Overdraft Survey

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.

CUAD, PCUA visits wrap up active Hike the Hill season

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.

Georgia Attorney General Withdraws from chip-and-PIN letter

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.

Status Quo Maintained in the State Legislatures; Kentucky Governor Party Change

On Election Day in Kentucky, Mississippi, New Jersey, Tennessee and Virginia, the parties controlling state legislatures remain unchanged.

CUNA Staff Meets with CFPB Concerning Arbitration

Last week, we met with CFPB staff to discuss their proposals for arbitration clauses.

Dept. of Education Adopts New Revisions to Title IV HEA Rules

The Department of Education recently adopted revisions to its Title IV Higher Education Act (HEA) cash management rules.

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