CUNA Advocacy Update

On the Hill:The House will consider H.R. 5053, the Preventing IRS Abuse and Protecting Free Speech Act and H.R. 5293, the Department of Defense Appropriations Act. The Senate will consider H.R. 2578, the vehicle for the Senate Committee-reported FY17 Commerce, Justice, Science Appropriations bill.

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

Wednesday

  • The House Homeland Security Committee will hold a full committee hearing on “The Cybersecurity Act of 2015: Industry Perspectives.”
  • The House Financial Services Committee will hold a full committee markup of H.R. 4538, the “Senior$afe Act of 2016”;H.R. 4850, the “Micro Offering Safe Harbor Act”; H.R. 4852, the “Private Placement Improvement Act of 2016”; H.R. 4854, the “Supporting America’s Innovators Act of 2016”; H.R. 4855, the “Fix Crowdfunding Act”; H.R. 5143, the “Transparent Insurance Standards Act of 2016”; H.R. 5311, the “Corporate Governance Reform and Transparency Act of 2016”; H.R. 5322, the “U.S. Territories Investor Protection Act of 2016”; H.R. 5421, the “National Securities Exchange Regulatory Parity Act of 2016”; H.R. 5424, the “Investment Advisers Modernization Act of 2016”; H.R. 5429, the “SEC Regulatory Accountability Act”; and H.R. ____, the “Iranian Leadership Transparency Act”
  • The Senate (Special Committee on) Aging will hold a full committee hearing on innovations to promote Americans’ financial security.

Thursday

  • The Senate Appropriations Committee Financial Services and General Government Subcommittee will mark up of the “Financial Services and General Government Appropriations Act, FY2017.”

Metsger Tells Hensarling: Supervisory Improvements on Fast Track Last week, NCUA made some positive developments that suggest it will soon begin implementing an extended exam cycle for most credit unions with under $1 billion in assets. NCUA Chairman Metsger, in a letter to House Financial Services Committee Chairman Jeb Hensarling, stated that his goal was to have the extension in place for the 2017 exam cycle. Chairman Metsger also mentioned details on NCUA’s ongoing process to overhaul the agency’s call report and exam efforts. [More]
 
NCUA Board Meeting Thursday: There are three items on this month’s agenda: Technical Amendments to Community Development Revolving Loan Fund; Statutory Inflation Adjustment of Civil Money Penalties; and a board briefing on interest rate risk supervision and adding ‘S’ to CAMEL. We will post a board meeting summary on the Removing Barriers Blog after the meeting.

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

Student Loan Borrower Communications

June 12, 2016

CFPB

Luke Martone

NCUA Occupancy Rule

June 27, 2016

NCUA

Lance Noggle

Uniform Interagency Consumer Compliance Rating System

July 5, 2016

FFIRC

Andy Price

FHA: Strengthening the Home Equity COnversion Mortgage Program

July 18, 2016

FFIRC

Andy Price

NCUA Occupancy Rule

July 22, 2016

NCUA

Lance Noggle

2016 Regulatory Review

August 8, 2016

NCUA

Lance Noggle

Arbitration Clauses

August 22, 2016

CFPB

Leah Dempsey

Payday Loans

September 14, 2016

CFPB

Leah Dempsey

Request for Information: Payday Loans

October 14, 2016

CFPB

Leah Dempsey

In the States: Credit union act modernization bills were enacted in Michigan and Missouri. The Michigan legislation updates the state charter in a dozen ways, including authorizing credit unions to offer trust services through CUSOs and eliminating a cap on fixed assets for well capitalized credit unions. The Missouri enhancement permits state-chartered credit unions to align their examination procedures with those of federally chartered credit unions.  
 
Prize-linked savings programs were recently authorized in Louisiana and South Carolina as well.  
 
Over on the Removing Barriers Blog…Hensarling Unveils Package of Reforms to Dodd-Frank Act and Durbin Amendment Repeal… House FSGG Appropriations Bill Includes Language Backing Several CUNA-League CFPB Priorities [see also this blog post]… President Obama vetoes disapproval of DoL Fiduciary Rule… CFPB webinar covers E-Regulation Tool… House Committee holds hearing on DoL Overtime Rule… CUNA presents Regulatory Burden study to House Small Business Committee… CUNA supports CFPB student loan payback playbook.

 

Posted in Article Post.