CUNA Advocacy Update – Week of March 6, 2017

There is a lot going on here in Washington this week… new credit union legislation dealing with CFPB exemption authority and supplemental capital has been introduced… NCUA Chairman McWatters proposes a 15-point plan for regulatory relief… and the Department of Labor (DOL) proposes a 60-day delay in the fiduciary rule… we’ll discuss all of this and more in this week’s CUNA Advocacy Update…

In Congress: The House is expected to consider the “Fairness in Class Action Litigation and Furthering Asbestos Claim Transparency Act of 2017” (H.R. 985); the “Innocent Party Protection Act” (H.R. 725); the “Department of Defense Appropriations Act, 2017” (H.R. 1301); and the “Lawsuit Abuse Reduction Act of 2017” (H.R. 720).  The Senate is expected to consider H.J.Res.37, disapproving the rule submitted by the Department of Defense, the General Services Administration, and the National Aeronautics and Space Administration relating to the Federal Acquisition Regulation.  The Senate may also consider more nominations for federal departments and agencies. [Read More]

In the States: This week 44 states are scheduled to be in session.  While the credit union world converged on Washington, D.C. last week, legislation impacting credit unions continued to move in the states. Pending bills would: permit credit unions to accept public deposits in Florida; require tow truck companies to notify lienholders when vehicles are towed in Georgia; permit surcharging in Maine and Montana; provide Minnesota credit union members with new methods to vote; and extend the credit union exam cycle in North Carolina.

William Introduces Common-Sense CFPB Legislation: House Financial Services Committee member Roger Williams (R-TX) introduced legislation (H.R. 1264) which would exempt credit unions with less than $50 billion in assets from new CFPB rules unless the CFPB demonstrates a pattern of abuse necessitating the rule cover credit unions.  The legislation would require consultation with and concurrence by the NCUA before a new CFPB rule could be applied to credit unions.  It is consistent with CUNA’s common-sense regulations campaign. [Read More]

King-Sherman Introduce Supplemental Capital Bill: House Financial Services Committee members Peter King (R-NY) and Brad Sherman (D-CA) introduced legislation that would permit credit unions to use supplemental capital for purposes of prompt corrective action.

McWatters Outlines Ambitious Plan for NCUA: Acting Chairman J. Mark McWatters during a speech at CUNA’s Government Affairs Conference announced his plan to comply with the “spirit and intent” of recent presidential executive orders directing executive branch agencies to reduce regulatory and supervisory burden on credit unions.

GAC Attendees Discuss Regulatory Relief with Administration and Agency Officials: Throughout last week GAC attendees had the opportunity to discuss the need for regulatory relief for credit unions with several lawmakers. These meetings included discussions with CFPB Director Richard Cordray and staff, NCUA leadership, as well as Vice President Pence’s Chief Economist Mark Calabria. [Read More]

Pending Regulatory Comment Calls: 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
Petition for Rulemaking & Declaratory Ruling re Prior Express Consent Under TCPA March 10, 2017 FCC Leah Dempsey
Definition of Fiduciary March 17, 2017 DOL Leah Dempsey
Update and Revision of the FinCEN SAR Electronic Data Fields April 3, 2017 FinCEN Luke Martone
Alternative Capital May 9, 2017 NCUA Andy Price
Use of Alternative Data and Modeling Techniques in the Credit Process May 10, 2017 CFPB Leah Dempsey
On the Removing Barriers Blog:

Good Reads:

Posted in Advocacy News, CUNA.