CUNA Advocacy Update
February 22, 2016
February 22, 2016
CUNA’s 2016 GAC begins today… the House and the Senate return to Washington… NCUA finalizes MBL rule…CUNA supports new fiduciary legislation… CUNA supports League of Southeastern Credit Unions on IOLTA effort… and the bankers have a present for us on Capitol Hill.
All of this and more in this week’s CUNA Advocacy Update…
Welcome to CUNA’s GAC:
We’re excited to have nearly 5,000 credit union advocates here in Washington this week to help take the credit union message to policymakers. The conference agenda is packed solid with quality breakout sessions, keynote speakers and special guests from Congress, NCUA and the CFPB. It’s going to be a great week!
For many, the highlight of the week are the visits with policymakers. We have assembled a number of briefing documents to help you prepare for these visits. There are five things that I want you to know about your Hill visits this week:
- This is not rocket science. It’s about telling your credit union and your members’ story.
- Lawmakers are going to tell you nothing will get done this year, but it’s a half-truth.
- There are three key messages for us to deliver to policymakers regarding NCUA’s Field of Membership proposal, regulatory burden and merchant data breach.
- Data helps tell our story, but local examples drive it home.
- Advocacy is a long game.
Want to learn more? Come to the Advocacy Briefing in Hall E after CUNA’s Annual General Meeting!
House and Senate Return to Washington:
The House will consider H.R. 3624, the Fraudulent Joinder Prevention Act of 2015 as well as H.R. 2406, the SHARE Act. The Senate is expected to vote on cloture on the nomination of Robert McKinnon Califf of South Carolina, to be the Food and Drug Administration (FDA) Commissioner.
As usual, we are following several hearings on both sides of the Capitol, including the following:
The House Financial Services Committee Capital Markets and Government Sponsored Enterprises Subcommittee will hold a hearing on “The Impact of the Dodd-Frank Act and Basel III on the Fixed Income Market and Securitizations.”
The House Committee on Ways and Means will hold a hearing on the global tax environment and implications for international tax reform.
The House Financial Services Committee Oversight and Investigations Subcommittee will hold a hearing on “Puerto Rico’s Debt Crisis and Its Impact on the Bond Markets.”
The House Natural Resources Committee will hold a hearing on the situation in Puerto Rico.
**BARRIER REMOVED** NCUA Approves MBL Rule:
Last year, we asked NCUA to remove from regulation requirements that were not required by law. The NCUA Board responded to our call, voting 3-0 to amend its member business loan (MBL) rule to provide federally insured credit unions with greater flexibility and individual autonomy in safely and soundly providing business loan services to their members. This is a major victory for America’s small businesses because it will help credit unions more fully serve them. We appreciate the NCUA action and look forward to credit unions taking advantage of the new rule to help small businesses.
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, and contact the CUNA staff listed with each proposal with your feedback
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:
|HMDA Resubmission Guidelines||March 14, 2016||CFPB||Andy Price|
|Enterprise Duty to Serve Underserved Markets||March 17, 2016||FHFA||Andy Price|
|EGRPRA Review||March 22, 2016||NCUA||Andy Price|
|NCUA Draft 2017 – 2021 Strategic Plan||March 28, 2016||NCUA||Lance Noggle|
|BSA CTR Revised Layout & Additional Data Fields||April 4, 2016||FinCEN||Luke Martone|
|Overhead Transfer Rate Methodology||April 26, 2016||NCUA||Andy Price|
|Operating Fee Methodology||April 26, 2016||NCUA||Andy Price|
Over on the Removing Barriers Blog… CUNA comments on Florida Bar Association rule on IOLTA accounts… CUNA supports new legislation to delay DOL Fiduciary Rule… Comment period opens on NCUA’s Strategic Plan.
Our friends at the ABA have sent a present to Capitol Hill for us in the form of an ad campaign attacking our tax status. Take a look at the ad and my thoughts on it in this Removing Barriers blog post, then take a deep breath and let’s keep the focus on our positive, pro-consumer, pro-small business, pro-credit union advocacy agenda!
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