CUNA Advocacy Update – Week of March 13, 2017

CUNA Files Amicus Brief in Case on CFPB Structure: CUNA joined several other groups Friday as an amici in PHH, the court case that originally found that the Consumer Financial Protection Bureau’s structure was unconstitutional. However, this decision has since been vacated and the U.S. Court of Appeals for the D.C. Circuit granted the CFPB’s petition for an “en banc” re-hearing of the case, meaning it will be heard before all judges of the court. Oral arguments are scheduled for May 24, 2017. [Read More]CUNA, ICBA Team Up on TCPA in Commerce Committees: CUNA and ICBA sent a letter to the leadership of the Senate Commerce Committee and House Subcommittee on Communications and Technology describing major concerns small financial institutions have about the FCC’s Telephone Consumer Protection Act (TCPA) Omnibus Declaratory Ruling and Order (Order). The letter outlines how the Order has imposed significant obstacles in the ability of credit unions to contact their members. In his opening statement at the FCC Oversight hearing, Senate Commerce Committee Chairman Senator John Thune (R-SD) said it was important for the FCC to ensure its rules do not punish “legitimate callers who are not acting maliciously.”  [Read More]

CUNA Urges FCC to Reject TCPA Petition Making it Harder for Credit Unions to Communicate with Members: CUNA urged the FCC to reject a petition which seeks to adopt a rule requiring that every call made to either a wireless or residential line be placed pursuant to consent that is expressly stated, specifically pertaining to auto-dialed or prerecorded calls, at a specified number, and in writing. Such a ruling would undoubtedly add to the already onerous FCC TCPA guidance, which is already making it difficult for credit unions to communicate with their members on their cell phone and via text message. Concerns with this petition were outlined in a joint letter with several other financial services trade associations.[Read More]

In Congress: Both the House and the Senate return to session this week.  The House is expected to consider the “VA Accountability First Act of 2017” (H.R. 1259); the “Veterans 2nd Amendment Protection Act” (H.R. 1881); and H.R. 1367, to improve the authority of the VA Secretary to hire and retain physicians and other employees.  The Senate will resume consideration of the nomination of Seema Verma to be Administrator of the Centers for Medicare and Medicaid Services. [Read More]

In the States: This week, 45 state legislatures are scheduled to be in session.  Last week, testimony from the Nebraska League was integral to the defeat of an interchange bill that would have been harmful to consumers. The League joined other electronic payments coalition members in testifying in opposition to a retailer and restaurateur-backed interchange bill that would have prohibited the collection of interchange fees on non-federal taxes in Nebraska. [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
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
CUNA Represents Credit Unions at Two-Day Fed Meetings on Faster Payments and Secure Payments:  CUNA continued its effort to achieve faster payments and secure payments in the U.S., participating in separate two-day meetings of the Federal Reserve’s Faster Payments Task Force in Atlanta and the Secure Payments Task Force in Boston.  The meetings focused on assessing faster payments solution proposals, challenges and opportunities for achieving faster and secure payments in the U.S., and  each Task Force’s recommendations and suggestions for industry action. [Read More]

On the Removing Barriers Blog:

Good Reads:

Posted in Advocacy News, CUNA.