CUNA Advocacy Update – Week of April 3, 2017

In Congress: The House and the Senate are in session for the last week before their Spring district work period.  The major vote expected this week is in the Senate on the nomination of Neil Gorsuch to be an associate justice of the United States Supreme Court.  The outcome of the vote, and how the vote is handled, could have major implications on how the Senate functions for years to come.  As usual, we are engaged in several hearings on both sides of the Capitol, including hearings on the CFPB, retirement security and regulatory reform. [Read More]In the States: This week, 41 states are scheduled to be in session and at the close of the first quarter of 2017, we tracked over 2,100 bills and provided technical assistance to the Leagues on several of them. Many of the monitored bills would strengthen credit unions by modernizing state credit union acts, requiring notification of data breaches and authorizing public deposits. However, some of the measures would harm credit unions by permitting surcharges and assigning priority to Property Assessed Clean Energy loans. We’ve worked closely with the Leagues to gather research and produce materials to defeat any harmful legislation.

CUNA Urges Congress to Fully Fund CDFIF: Last week, CUNA sent letters to Appropriations Committee leadership urging them to support the Treasury’s Community Development Financial Institutions (CDFI) Fund.  The Administration has requested Congress eliminate funding for the CDFI Fund in both FY2017 and FY2018.  [Read More]

CALL TO ACTION: Please join our effort to save the CDFIF by telling Congress to fully fund the program.  By coming together as an industry around this issue now, we can ensure Congress fully grasps the program’s importance when they begin making decisions on the budget later this year.

CUNA Participates in Senate Banking Panel on Housing Finance Reform: At the request of the Senate Banking Committee, CUNA participated on a panel for Senate staff to hear small lender perspectives on housing finance reform.  CUNA presented on credit union principles for housing finance reform emphasizing equal access and pricing, the need for a neutral third party

unaffiliated from other market participants, and the ability for credit unions to retain servicing rights. [Read More]

CFPB’s Credit Union Advisory Council Discusses Alternative Data and Consumer Access to Records: The CFPB’s Credit Union Advisory Council (CUAC) met in Washington, D.C. During the public session, discussion leaders of the CFPB presented on their requests for information on Alternative Data and Consumer Access to Financial Records.  The CUAC, which includes many CUNA member credit unions, advises the bureau on how its rulemakings, enforcement actions, and policies are impacting credit unions.  [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
Update and Revision of the FinCEN SAR Electronic Data Fields April 3, 2017 FinCEN Luke Martone
Prepaid Accounts Rule – Proposed Delay April 5, 2017 CFPB 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
Remittance Rule Assessment May 23, 2017 CFPB Luke Martone
Credit Card Market Request for Information June 8, 2017 CFPB Lance Noggle
CUNA Comments on FinCEN’s Proposed Changes to SARs: CUNA filed a letter with FinCEN regarding proposed technical revisions to the Suspicious Activity Report (SAR). While our concerns with the proposed updates were minimal, we used the opportunity to raise ongoing concerns with BSA/AML requirements with FinCEN. [Read More]

On the Removing Barriers Blog:

Good Reads:

And, Finally… The Campaign for Common-Sense Regulation is in full swing.  Check out our latest video, Get the Government Off Your Back.

Posted in Advocacy News, CUNA.