CUNA Advocacy Update – Week of April 10, 2017

CUNA, Credit Unions Meet with Senior Treasury Officials: The meeting, which also included representatives from NAFCU and the National Federation of Community Development Credit Unions, covered a wide range of credit union issues including capital standards, consumer protection regulation, field of membership and member business lending restrictions. The Secretary of Treasury is expected to present to the President a white paper on financial regulation in June. [Read More]Senators Wyden, Murkowski, Warren and Markey Introduce Legislation to Provide Parity in Treatment of 1-4 Family Non-Owner Occupied Residential Loans: S. 836 would provide important regulatory relief for America’s credit unions and their more than 110 million members. The House version, H.R. 389, was introduced in January. [Read More]

Financial Services Committee Spars with Cordray at Marathon Hearing: The House Committee on Financial Services met with Director Cordray for the semi-annual report on the CFPB. Prior to the hearing, CUNA sent a letter to Chairman Hensarling and Ranking Member Waters outlining a number of concerns with Director Cordray and the CFPB. [Read More]

Financial Institutions Subcommittee Considers Proposals for Regulatory Reform: CUNA sent a letter urging the subcommittee to maintain the NCUA as an independent agency, to make significant changes to the structure, authority and oversight of the CFPB, and to consider statutory changes related to the treatment of certain mortgage loans made by credit unions and clarification surrounding the CFPB’s lack of jurisdiction over insurance products. [Read More]

CUNA Urges One-Year Delay of Pre-Paid Rule: The CFPB is proposing to delay the effective date for six months. However, we believe a six-month delay will not afford prepaid card issuers and vendors adequate time to make the changes necessary under the final rule, particularly regarding replacement of physical card packaging to include new disclosures. [Read More]

Several Groups File Amicus in PHH vs. CFPB: In March, CUNA joined several other groups filling an amicus brief in a court case that originally found the CFPB’s structure to be unconstitutional. Recently, seven groups supported the CFPB with amicus briefs, including the AARP, Current and Former Democrat Members of Congress, and Americans for Financial Reform. [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
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
On the Removing Barriers Blog:

Well, this explains it all… Ever wonder why things in Congress seem to be getting more partisan even as the country remains almost evenly divided politically? Check this out.

And, Finally… Here’s a sneak peak of our new Campaign for Common-Sense Reform video, The Real Bureaucrats of DC, releasing tomorrow. Be sure to share it on social media platforms after the release!

Posted in Advocacy News, CUNA.