CUNA Advocacy Update

This Week on the Hill:  The House is expected to consider the “Comprehensive Opioid Abuse Reduction Act of 2016” (H.R. 5046) and H. R. 4641, to provide for the establishment of an inter-agency task force to review, modify, and update best practices for pain management and prescribing pain medication.  In addition, the House may consider H.R. 4909, the National Defense Authorization Act for Fiscal Year 2017.

The Senate is expected to resume consideration of the “Energy and Water Development and Related Agencies Appropriations Act of 2016” (H.R. 2028) and will vote on the motion to invoke cloture on the substitute amendment to the bill.

As usual, we are following several hearings on both sides of the Capitol, including the following:

Wednesday

  • The Senate Small Business Committee will hold a hearing on the Department of Labor’s Overtime proposal.
  • The House Oversight and Government Reform Committee will hold a hearing on Postal Service Reform.

Thursday

  • The House Financial Services Committee Housing and Insurance Subcommittee will hold a hearing on “The Future of Housing in America: A Comparison of the United Kingdom and United States Models for Affordable Housing.”
  • The House Science, Space, and Technology Committee Oversight Subcommittee will hold a hearing on “FDIC (Federal Deposit Insurance Corporation) Data Breaches: Can Americans Trust that Their Private Banking Information Is Secure.”
  • The House Ways and Means Committee Tax Policy Subcommittee will hold a hearing on ideas to improve the tax code.

CFPB Proposes New Arbitration Rule:  In conjunction with a field hearing in Albuquerque, New Mexico, the Consumer Financial Protection Bureau (CFPB) released its anticipated proposed rule for abitration clauses, and CFPB Director Richard Cordray provided opening remarks. Kevin Hammar of Aldridge, Hammar, Wexler & Bradley, P.A. testified on behalf of CUNA and represented the credit union perspective. He was joined by consumer group representatives and other panelists. [More]

In advance of the hearing, the House Financial Services Committee and the U.S. Chamber of Commerce sent letters to the CFPB regarding the proposal.  The House Financial Services Committee is investigating the influence of advocacy groups on the development of the proposal. [More]

Here is our statement on the arbitration proposal.  And, Henry Meier of the New York Credit Union Association shared a fantastic perspective in an op-ed on cuinsight.com entitled, “Tom Brady, CFPB Poster Boy.”

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:

Issue Comment Period Deadline

Agency

CUNA Staff Contact
Draft National Strategy for Financial Literacy Update May 11, 2016 Treasury Luke Martone
Amendments to Servicing Rules under TILA/RESPA May 26. 2016 CFPB Andy Price
Fixed Assets June 27, 2016 NCUA Lance Noggle
Arbitration Clauses TBD CFPB Leah Dempsey

In the States… Cornerstone Credit Union League Seeking Changes to Oklahoma Open Carry Bill… Legislation to Combat Patent Infringement Enacted in Minnesota… Burdensome Affidavit Requirement Near Removal in Louisiana

Over on the Removing Barriers Blog Ohio League Outlines Concerns about Impending Small-Dollar Loan Proposed Rule… USDA Tweaks Single Family Housing Guaranteed Loan Program… CUNA Supports Update to Financial Literacy Strategy…

And, finally… the American Bankers Association recently wrote to the Federal Reserve Board asserting that banks have a constitutional right to earn pidends on the stocks they hold as part of their membership in the Federal Reserve System.

 

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