CUNA Advocacy Update – Week of January 30, 2017
January 30, 2017
CUNA and the Leagues won a huge victory on Member Business Lending… Mark McWatters is named Acting Chairman of NCUA… Congress begins to use the Congressional Review Act to set side Obama administration regulations… Confirmation hearings continue in the Senate… the Campaign for Common-Sense Regulation moves into the next phase with the activation of the MAP tool… We will discuss all of this and more in this week’s… CUNA Advocacy Update:
BIG WIN on MBL: You don’t know how long I’ve been waiting to write those words. A decades-long effort to expand credit unions’ ability to serve their small business members got a huge boost last week when the U.S. District Court for the Eastern District of Virginia dismissed the Independent Community Bankers of America’s lawsuit against NCUA and its new member business lending rule. As I told my team after the decision was handed down, I am not sure there is a finer example of 360-degree advocacy in action: CUNA, the Leagues, credit unions and their small business members fought for credit union small business lending in Congress, at NCUA and in the courts, and we prevailed. While it is possible that the banking trades will appeal this ruling, the likelihood that such an effort would be successful is remote. With NCUA’s MBL rule, barriers to small business lending have been removed and small businesses that might not have been able to access credit from their credit union may now be able to. Congratulations and thank you for your efforts on this! [Read More]
Campaign for Common-Sense Regulation:
In Congress: This week, the House will vote on a number of noncontroversial national security bills as well as begin a process of voting to repeal certain federal regulations. The Senate will continue votes to confirm more of President Trump’s cabinet nominations. We’re following hearings in a number of committees, including a hearing on elder financial abuse in the Senate Select Committee on Aging. [Read More]
Congratulations to Mark McWatters: We offer our congratulations to Mark McWatters who has been named Acting Chairman of the National Credit Union Administration by President Trump, and we look forward to continuing to work with him, Boardmember Metsger and their staffs.
In the States: This week 45 states were in session and next week 44 states are scheduled to be in session (Delaware will recess until March 14). Since January 1, we have tracked 760 bills and are closely monitoring 25 bills.
State lawmakers in Connecticut, Georgia and Oklahoma are considering legislation that would strengthen existing data breach notification laws. [Read more] Also, new Georgia legislation would reduce compliance burdens and improve the operational environment for credit unions. [Read more]
Pressure on State Budgets Leaves Legislatures Looking for Revenue: Check out this article which highlights the tough road ahead for many states, as at least 30 have budget shortfalls and four have completely depleted their rainy day funds. We closely monitor the health of state budgets because as states face challenges, they begin to eye other revenue sources, such as the repeal of the credit union tax exemption.
Debate over CFPB Leadership Continues to Loom Large in DC: Several special interest groups, as well as Congressional Democrats, petitioned to join the PHH lawsuit, which is challenging the CFPB’s constitutional authority and structure. Additionally, legal experts continued to opine on whether President Trump has the authority to remove CFPB Director Richard Cordray and what could follow such an action. [Read More]
CUNA Intends to Comment on TCPA Petition at FCC: In August the Federal Communications Commission adopted an exemption for autodialed, prerecorded calls to collect a debt owed to or guaranteed by the United States from the Telephone Consumer Protection Act (TCPA)’s prior-express-consent requirement. This change was prompted by the Budget Act of 2015, which amended the TCPA to create the exemptions for calls made to cell phones when collecting a debt owed to or guaranteed by the federal government.
However, the FCC’s rule took a narrow reading of this law, and requires several limitations surrounding the exemption. Navient, Great Lakes, Nelnet, PHEAA, and SLSA filed a petition for reconsideration of the R&O on December 16, 2016, seeking additional clarification. CUNA plans to comment on this petition and address additional concerns credit unions have with the July 2015 TCPA Order. [Read More]
Pending Regulatory Comment Calls: CUNA plans 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.
For more information regarding these proposals, please follow the links below:
|Issue||Comment Period Deadline||
|CUNA Staff Contact|
|Petition for Reconsideration of Action in Rulemaking Proceeding||February 1, 2017||FCC||Leah Dempsey|
|Consumer Access of Financial Records||February 17, 2017||CFPB||Luke Martone|
CFPB Seeking Credit Union, Consumer Advisory Council Members: The CFPB is seeking applicants for the Credit Union Advisory Council (CUAC) and the Consumer Advisory Board (CAB); completed application packets must be submitted by March 1, 2017. The CAB has seven open seats and the CUAC has six open seats. [Read More]
On the Removing Barriers Blog:
- PHH Argues the D.C. Court of Appeals Ruling Changing the CFPB Construct Should Stand
- Fed’s Faster Payment’s Task Force Issues Report
- CUNA and Ohio talk regulatory reform on Capitol Hill
- Senior $afe Reintroduced in the Senate
- Small banks, credit unions struggling with overregulation
- Trump’s regulatory freeze goes further than Obama’s