CUNA Advocacy Update

More than 260 House Members have joined a bipartisan letter to the CFPB on exemption authority… Federal financial services regulators will meet today with the president… the Senate Homeland Security Committee releases a report on the Department of Labor’s Fiduciary rule… the House Financial Services Committee passes CUNA-supported regulatory relief legislation…
All of this and more in this week’s CUNA Advocacy Update…

Immediate Impact:

Our key ask at the GAC was for House members to sign the Stivers-Schiff letter to the CFPB encouraging the Bureau to use its exemption authority to focus new rules on bad actors. The response to this letter has been very encouraging. As of Friday, more than 260 House members have agreed to sign, and we expect that number to continue to increase this week as Representatives Stivers and Schiff collect the signatures.

Financial Regulators Huddle at the White House:

The president has asked the federal financial services regulators, including the National Credit Union Administration, to attend a meeting at the White House today to discuss the administration’s priorities in 2016. The discussion is expected to include the Department of Labor’s Fiduciary Rule.

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

Deeper Dive Into Director Cordray’s GAC Speech:

If you were at the GAC, you may have heard CFPB Director’s wake up call to credit unions. We promised we would present the Director’s speech unedited to CUNA members and that we would listen to our members’ reactions, and I hope you have taken some time to digest his message. CUNA’s Advocacy team has put together a series of blog posts dissecting his remarks. This week, we discussed upcoming rulemakings on overdraft protection and small dollar loans, and how the Director has underestimated the regulatory burdens facing credit unions.

This Week on Capitol Hill:

The House of Representatives is in recess this week. The Senate will resume consideration of the “Comprehensive Addiction and Recovery Act of 2015” (S. 524) and may resume consideration of the “Energy Policy Modernization Act of 2015” (S. 2012).

With the House in recess, there is only one hearing of note. On Tuesday, the Senate Appropriations Committee Subcommittee on Financial Institutions and General Government will hold a hearing on the Treasury Budget.

Over on the Removing Barriers Blog:

The Senate Homeland Security and Governmental Affairs Committee released a report on the Department of Labor’s Fiduciary Rule… The House Financial Services Committee passed CUNA-supported TAILOR Act… the CFPB finalized the application process for rural designation.

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