CUNA Advocacy Update October 24, 2016

President Obama Recognizes International Credit Union Day: In response to CUNA advocacy efforts, President Obama once again acknowledged International Credit Union Day, which has been celebrated since 1948 on the third Thursday of each October. CUNA would like to extend its appreciation in particular to Senator Michael Bennet (D-CO), and Representatives Gerry Connolly (D-VA) and Mark Pocan (D-WI), who contacted the White House directly to request acknowledgement of this important day.

UDAAP and Debt Collection Issues Remain High on CUNA’s Advocacy Agenda: The recent enforcement action issued under the CFPB’s UDAAP authority for debt collection activities raises new compliance concerns for credit unions, but the CFPB’s overbroad use of UDAAP authority unfortunately has been a concern to credit unions for some time. While this enforcement action raises news questions that we highlighted last week, particularly about conflicts with other statutory rights credit unions have and the extension of the FDCPA to first-party creditors without the support of Congress, this is certainly not the CFPB’s first enforcement action concerning debt collection. [More]

Field of Membership, Supplemental Capital and Budget Highlight Active Thursday for NCUA Board: At its Board meeting on Thursday, the NCUA Board is expected to take action on its pending field of membership proposal and receive a briefing on supplemental capital. In addition, the Board will host a briefing to receive public comment on its budget for 2017. CUNA will present comments on behalf of the CUNA/League system. The Board meeting and board briefing will both be webcast on NCUA’s website. We will have coverage on the Removing Barriers Blog by close of business on Thursday.

Oral Arguments Include Lively Discussion about FCC TCPA Order: A panel consisting of D.C. Circuit Court of Appeals Judges Srinivasan, Pillard, and Edwards questioned counsel for the petitioners and the FCC’s counsel for nearly three hours in the oral arguments for the lawsuit challenging the FCC’s July 2015 TCPA Order. Senior Directors of Advocacy and Counsel Leah Dempsey and Andy Price attended on behalf of CUNA, who is an amici in the case. [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
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

IRS Delays Changes to IVES System: In response to a letter sent by CUNA and others in the financial services industry, the Internal Revenue Service (IRS) recently indicated that it was indefinitely shelving significant proposed changes to the way users could access its Income Verification Express Service (IVES) system. [More]

Prize-Linked Savings Legislation Enacted in Massachusetts: Massachusetts recently became the 22nd state to authorize prize-linked savings (PLS) programs. [More]

Over on the Removing Barriers Blog:

Interesting Reads:

Posted in Advocacy News, CUNA.