CUNA Advocacy Update – Week of February 6, 2017

Executive Order Mirrors CUNA’s Call for Tailored Regulations: President Donald Trump signed an executive order focused on the financial system that calls for “efficient, effective and appropriately tailored” regulations. This is a key objective of Credit Union National Association’s Campaign for Common-Sense Regulation which seeks to relieve regulatory burdens to better allow local institutions like credit unions to make decisions that best suit their communities. [Read More]

CUNA Responds to Senate Dear Colleague Letter on CFPB: This morning, we sent a letter to Senator Sherrod Brown in response to a Dear Colleague Letter he and Senator Elizabeth Warren sent last week regarding the CFPB and their opposition to changes to the Bureau’s structure. We reiterated our support for a multi-person Board, noting that structure was originally proposed by Senator Warren and the Obama Administration in 2009. Look for a blog post regarding this letter later today on the Removing Barriers Blog.

In Congress: The House will continue to work their way through resolutions of disapproval of Obama administration rules. The Senate will continue to process the Trump administration cabinet nominees. And, more committees will hold formal organizational meetings this week. [Read More]

Congressional Review Act Resolution on Prepaid Rule Introduced: Last week, several Senate Republicans began the process to eliminate the CFPB’s prepaid card rule. The CFPB’s treatment in the final rule of an overdraft service as consumer credit ignores years of statutory precedent. Senator David Perdue (R-GA), along with six Republican colleagues, introduced a joint resolution to eliminate this unnecessary rule thought the Congressional Review Act process.

CFPB Reform Bill Introduced: Senator Deb Fischer (R-NE) introduced legislation that would replace the single CFPB director with a bipartisan, five-person commission, similar to what was proposed way back in 2009 by proponents of the CFPB. CUNA strongly supports this bill because we think it will meaningfully improve the decision-making process at the Bureau and help end a rigged regulatory structure in favor of the largest institutions that can afford to comply with the ideas coming out of Washington. Thank you, Senator Fischer!

In the States: This week, 47 states will be in session with lawmakers in Alabama, Illinois, Maine and Tennessee considering measures that would alter some credit union restrictions and operational requirements including examination frequency, electronic voting, private share insurance and payouts of deceased members’ accounts.

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 Agency CUNA Staff Contact
Consumer Access of Financial Records February 17, 2017 CFPB Luke Martone
CUNA Outlines TCPA Concerns: In a comment filed in response to the Petition for Reconsideration for the August 2016 Report and Order (R&O) Implementing the Budget Act, CUNA outlined concerns with the Federal Communication Commissions (FCC) interpretation of the Telephone Consumer Protection Act (TCPA). CUNA urges the FCC to consider how it can streamline and simplify the onerous guidance currently in place under the TCPA, so that consumers can receive the information they want and need. [Read More]

CUNA Urges Department of Defense to Issue Guidance on MLA: CUNA and other representatives from the financial industry met Wednesday with representatives from the Department of Defense and federal financial regulatory agencies (NCUA, CFPB, FTC, FDIC, OCC, FRB) to reiterate the numerous concerns with the Military Lending Act (MLA) regulation. [Read More]

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:

Good Reads:

Posted in Advocacy News, CUNA.