CUNA Advocacy Update October 17, 2016

TCPA Oral Arguments to be Held Wednesday: Oral arguments in the case challenging the Federal Communications Commission’s (FCC) July 2015 TCPA Order will be held Wednesday. CUNA has been closely following this case and filed a joint Amici Brief highlighting credit union concerns with the Order. CUNA staff plans to attend the hearing that will be held at the D.C. Circuit Court of Appeals. [Read More]

NCUA Posts 2017/2018 Budget: NCUA posted their proposed 2017/2018 budget to their website today. NCUA is making the draft budget public before being adopted by the Board this year. This will allow credit unions to review the budget before NCUA holds a public budget briefing at their Alexandria headquarters on October 27, 2016. Unfortunately, the proposed 2017 budget reflects a 2.8% increase, or $8.2 million, from the 2016 Board with an estimate for 2018 of $313.1 million. [Read More]

D.C. Court of Appeals Questions Constitutionality of CFPB Structure: In a landmark decision, changing the accountability structure of the CFPB, the D.C. Circuit Court of Appeals ruled this week in favor of PHH Corp., and called into question the constitutionality of the CFPB. It also struck language in the Dodd-Frank Act that says the CFPB Director can only be removed for cause. [Read More]

CFPB Enforcement Action Brings to Light Concerns about Lack of Clarity Surrounding Use of UDAAP: A recent CFPB Consent Order has raised many questions for credit unions, who are seeking clarity about what is considered a UDAAP violation surrounding debt collection. CUNA is analyzing this issue and will be communicating credit union concerns to both the CFPB and NCUA. [Read More]

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
Amendments to TRID under Reg Z October 18, 2016 CFPB Andy Price
CIP/AML & Beneficial Ownership Requirements for Banks Lacking a Functional Federal Regulator October 24, 2016 FinCEN Luke Martone
Amendments Relating to Disclosure of Records and Information October 24, 2016 CFPB Luke Martone
Request for Information: Payday Loans November 7, 2016 CFPB Leah Dempsey
Indemnification Payments November 21, 2016 FHFA Andy Price
FHLB Membership for Non-Federally-Insured CUs November 28, 2016 FHFA Andy Price

Over on the Removing Barriers Blog:

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Posted in Advocacy News, CUNA.