CUNA Advocacy Update November 21, 2016

Congressional Leaders urge the Obama Administration to Hold Off on Substantial Policymaking:

After CUNA sent a letter to the CFPB urging a moratorium on pending and new rulemaking, House Majority Leader Kevin McCarthy (R-CA) and every House Committee Chairman sent a letter to agency leaders urging them not to rush through any rules prior to the end of President Obama’s Administration. [Read More]

CUNA, Credit Unions, and Sen. Sullivan Meet with Director Cordray in Alaska:

Last Friday, November 18, CFPB Director Richard Cordray and his staff met with several credit unions in Anchorage, Alaska to discuss issues these credit unions are facing as a result of the past five years of increasing CFPB regulations. This meeting was organized by the Alaska Credit Union League with Alaska Senator Dan Sullivan’s office and Deputy Chief Advocacy Officer & Senior Counsel Elizabeth Eurgubian also attended the meeting, as part of the coordinated advocacy efforts between CUNA, the Leagues, and credit unions. [Read More]

CUNA/NYCUA file Comment Letter on Cybersecurity Proposal:

CUNA and the New York Credit Union Association filed a joint comment letter in response to a New York proposed regulation mandating banks and credit unions, insurance companies and financial service providers to establish cybersecurity programs to protect nonpublic electronic information. [Read More]

CFPB Appeals Decision Finding that Its Structure is Unconstitutional:

On Friday afternoon the CFPB appealed the PHH decision from the U.S. Court of Appeals, which found that its structure is unconstitutional. The CFPB is seeking an en banc review from the full court of the decision handed down by a three-judge panel. [Read More]

CUNA Meets with CFPB to Discuss Debt Collection:

During the meeting, CUNA members and staff discussed the CFPB’s outline of proposals under consideration for third-party debt collectors. They also touched on other recent CFPB debt collection activities including its recent enforcement action against a credit union for debt collection, and parts of the CPFB’s proposed payday and small dollar rule that impact credit unions statutory rights for collection activities. [Read More]

NCUA Holds November Board Meeting:

The NCUA Board received a Quarterly Report on the Share Insurance Fund, adopted a Final Rule on the Community Development Revolving Loan Fund, adopted the 2017/2018 Operating Budget, and held two Board Briefings on the 2017 Overhead Transfer Rate and the Share Insurance Fund Equity Ratio Projections and 2017 Premium Range. [Read More]

CFPB Hosts Field Hearing on Access to Financial Records:

In a field hearing held in Salt Lake City, Utah, the CFPB discussed consumer access to financial records. The hearing focused on how consumers may use third-party Financial Technology (FinTech) companies, by providing access to their financial data, to allow them to aggregate it in a way that aids with financial planning and other money-management. [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
CUNA Staff Contact
FHLB Membership for Non-Federally-Insured CUs November 28, 2016 FHFA Andy Price
Chartering and Field of Membership December 9, 2016 NCUA Andy Price
Indemnification Payments December 21, 2016 FHFA Andy Price
Loans in Areas Having Special Flood Hazards–Private Flood Insurance January 6, 2017 Joint Luke Martone

Over on the Removing Barriers Blog:

Posted in Advocacy News, CUNA.