CUNA Advocacy Update – Week of February 21, 2017

Well, it’s that time of year again… CUNA’s Governmental Affairs Conference is about to begin!  This year’s conference promises to be one of the biggest and best ever!  In addition to our keynote speakers, we’re going to be joined by credit union supporters from Capitol Hill, including Senate Banking Committee Chairman Mike Crapo, House Financial Services Committee Chairman Jeb Hensarling, Senator Roy Blunt, Representatives Maxine Waters, Brad Sherman, Blaine Luetkemeyer, Denny Heck, Linda Sanchez, Bill Huizenga, Kurt Schrader and Walter “Credit Union” Jones.

Be sure to check out the briefing documents which will help you effectively deliver our mesage next week. We want Congress to know that the current regulatory structure is rigged in favor of the large banks and nonbank providers who can afford to comply with all of the rules coming out of Washington.  We need common sense regulations that focus on Wall Street and get out of the way of Main Street.

If you have questions about our message or any advocacy issue, please find CUNA Advocacy staff at the CUNA booths in the exhibit hall and on the L Street Bridge.  We’re happy to help!

I can’t wait to see everyone in Washington in a few days!

In Congress: Congress is out of session this week, but will be back next week.

Senator Rounds Reintroduces TAILOR Act: Senator Mike Rounds (R-SD) reintroduced the TAILOR (Taking Account of Institutions with Low Operation Risk) Act.  S. 366 would require regulatory agencies, including NCUA, to take risk profiles and business models into account when crafting regulations.  The bill also requires agencies to examine all regulations issued since the passage of Dodd-Frank in 2010 to make sure they conform with the TAILOR Act.  A link to CUNA’s letter to Senator Rounds can be found here.

CUNA Raises Concerns Regarding Account Data Aggregators: Last week, CUNA filed a comment letter  with the CFPB in response to a request for information (RFI) on consumer access to financial account data. We support the CFPB’s information collection on this issue, as we are unaware of any previous major research efforts in this area. While we recognize the CFPB is only at the information collection stage, we strongly caution it from pursuing a rulemaking in this area before the agency, the fintech and financial services industries, and most importantly consumers fully understand the significance and potential risks associated with sharing access to consumers’ financial information with third-parties. [Read More]

CUNA Reiterates Concerns to DoD on Military Lending Act Rule: Last week, CUNA sent a letter to the Department of Defense (DoD) seeking clarification on a number of issues related to the DoD’s Military Lending Act (MLA) regulation, as amended in July 2015. The letter follows a February 1 meeting CUNA had with the DoD, CFPB, and NCUA on the MLA regulation.

CUNA continues to urge the DoD to clarify a number of issues with its guidance issued in August 2016, as well as to develop guidance specific to provisions of the MLA regulation pertaining to credit cards that will become effective in October 2017. [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 for each proposal with your feedback.

For more information regarding these proposals, please follow the links below:

Issue Comment Period Deadline Agency CUNA Staff Contact
Alternative Capital May 9, 2017 NCUA Andy Price
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]

Posted in Advocacy News, CUNA.