CUNA Advocacy Update November 14, 2016
November 14, 2016
November 14, 2016
CUNA tells CFPB to Halt Rulemaking Now:
CUNA urged the CFPB to impose an immediate moratorium on all of its pending and future rulemakings, other than those providing corrective regulatory relief. Citing American voters’ message to federal policymakers that they want their voices heard, CUNA noted that consumers have been harmed by policies that make safe credit more difficult to access from their credit union. [Read More]
CUNA Highlights Importance of NCUA Nominations to Trump Transition:
Hours after Donald Trump was elected, CUNA reached out to President-elect Trump’s Transition Committee expressing a desire to work together. The letter makes the point that just as democracy is the cornerstone of our nation, credit unions are economic democracy in action. The Trump-Pence team was encouraged to prepare for NCUA Board vacancies. CUNA had the opportunity to educate the President-elect’s team on credit union issues throughout the campaign. [Read More]
CUNA Election Analysis Finds Credit Unions Poised for Success:
Through the Credit Union Legislative Action Council (CULAC), CUNA, and leagues, credit unions invested nearly $6 million in 364 House and Senate races this year, winning an incredible 96% of them. Champions like Senators Rand Paul (R-KY), Roy Blunt (R-MO) and Pat Toomey (R-PA) and Representatives Ed Royce (R-CA), Brad Sherman (D-CA), Peter King (R-NY), Steve Stivers (R-OH), and Denny Heck (D-WA) will all return to Congress. Leaders on credit union issues in tight races like Representatives Rick Nolan (D-MN) and David Valadao (R-CA) won in part because of CUNA/League investments in their races.
Our participation in these races – made possible through generous contributions from credit unions, leagues, CUNA staff, and credit union volunteers – helps to position us well in what is unquestionably a challenging legislative environment. [Read More]
Lame Duck Congress Returns to DC, Likely to Live Up to Its Name:
Congress returns this week for its lame duck session. While the House is scheduled to be in session 16 days and the Senate 20, this is the type of session that will extend until the must-pass work is done. You may recall that four years ago, Congress worked into the very late hours of New Year’s Eve. As a result of the election, we do not expect that to happen this year. In fact, given the outcome of the election, this lame duck session may earn its moniker.
The most significant priority – and perhaps the only true must-pass item – will be a funding resolution (CR) that keeps the federal government operating past December 9. Last week, we began to hear that Congress is likely to consider a three-month CR. This will give the new administration some time to be a part of the discussion on funding levels and also moves the funding debate into alignment with an expected debate on raising the debt ceiling.
The House will consider H.R. 5711, to prohibit the Treasury from authorizing certain transactions by a U.S. financial institution in connection with the export or re-export of a commercial passenger aircraft to Iran; and the “Midnight Rules Relief Act of 2016” (H.R. 5982).
The Senate will be in session and is expected to begin consideration of the “Gold Star Families Voices Act” (H.R. 4511).
On Wednesday, the House Financial Services Committee Housing and Insurance Subcommittee will hold a hearing on “Modernizing Appraisals: A Regulatory Review and the Future of the Industry.”
In addition to these matters, party caucuses will begin leadership elections for the new Congress.
NCUA Meets on Thursday:
The NCUA will vote on a 2-year budget and receive a briefing on the overhead transfer rate at its Nov. 17 meeting, according to the agenda released last Thursday. The budget vote should also signal final support for the extended exam cycle and other priorities detailed in NCUA’s Exam Flexibility Initiative Report.
We hope the NCUA’s budget presentation reflects consideration of the points CUNA, its league partners and credit union stakeholders raised during last month’s briefing and our letter to the board. We continue to be concerned about the continued growth of the agency’s budget, and we urged it to remain focused on keeping costs down. We also hope that the scheduled board briefing on the overhead transfer rate addresses the need to overhaul the overhead transfer rate methodology to provide better fairness and transparency for credit unions.
CFPB Field Hearing Thursday in Utah:
This Thursday the CFPB is holding a field hearing in Salt Lake City, Utah about access to financial records. Credit unions will be participating in the event.
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:
Over on the Removing Barriers Blog:
- Where Does PHH and the Election Leave CFPB?
- 2016 Election: State Results
- Marijuana Legalized in California, Maine, Massachusetts and Nevada; Rejected in Arizona