CUNA Advocacy Update December 5, 2016

Congress Eyes End of 114th Congress: This week could be the end of the 114th Congress. Both chambers are in session with a December 9 deadline for funding the government further into the fiscal year.  There are a number of incentives to wrapping up work this week and skipping town for the remainder of the year, not the least of which is the anticipation many hold that the legislative gears will be greased next year by the new Congress and new administration.

In addition to the funding resolution and several noncontroversial bills which will be considered under suspension of the rules, the House will consider H.R. 5143, the Transparent Insurance Standards Act of 2016, and legislation to address the water crisis in Flint, Michigan. The Senate is expected to consider H.R.34, the 21st Century Cures Act, and legislation reauthorizing defense spending. [Read more]

CUNA Consumer Protection Subcommittee Presses Key Priorities with NCUA, CFPB: CUNA’s Consumer Protection Subcommittee members from across the country, representing credit unions of all sizes and with different memberships, traveled to Washington last week to meet with regulators at the National Credit Union Administration (NCUA) and the Consumer Financial Protection Bureau (CFPB).  We raised a number of issues including implementation of the Military Lending Act rule from the Department of Defense, the CFPB’s payday and debt collection proposals, the CFPB’s final rule on HMDA, the CFPB’s use of its Unfair, Deceptive, and Abusive Actions and Practices authority, and potential rulemaking on overdraft protection. [Read More]

CFPB Rulemaking Agenda Indicates Action on Arbitration and Debt Collection: While the CFPB leadership and construct could change in coming months, or on the other hand remain the same until 2018, it has moved forward with releasing its proposed rulemaking agenda for next year. The agenda indicates that there will be action on arbitration and debt collection in early 2017, and a pre-rule activity on overdraft in January 2017, which is expected to be the release of additional research. [Read More]

Senate Hearing Focuses on Elder Financial Abuse: Last week, the Senate Special Committee on Aging held a hearing entitled “Trust Betrayed: Financial Abuse of Older Americans by Guardians and Others in Power.” CUNA included testimony in the record of the hearing supporting S. 2216, the Senior$afe Act of 2015, which would improve the ability of credit unions to protect seniors from unscrupulous activity by providing limited immunity for properly trained financial employees who disclose concerns about financial exploitation of senior citizens to the appropriate authorities. [Read more]

Pending Regulatory Comment Calls:  CUNA intends to comment on the following pending regulatory proposals. For our comment letters 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
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
Consumer Access of Financial Records February 17, 2017 CFPB Luke Martone

CUNA Continues to Educate CFPB on Overdraft Protection: The CFPB has included overdraft services on its rulemaking agenda several times over the past few years, including on the recently released Fall 2016 agenda, which again indicates pre-rule activity on overdraft in January of next year.  CUNA has urged the CFPB not to move forward with any new regulations for overdraft services for credit unions through education about how credit union members use overdraft services. [Read More]

Over on the Removing Barriers Blog:

Of Note:

Posted in Advocacy News, CUNA.