CUNA Advocacy Update – Week of April 17, 2017

CUNA, Leagues Submit Economic Growth Proposals: CUNA and the Leagues sent a letter last week to Chairman Crapo (R-ID) and Ranking Member Brown (D-OH) of the Senate Committee on Banking, Housing and Urban Affairs. The letter is in response to the Committee’s hearing on fostering economic growth, held at the end of March, where they requested proposals to spur the economy.

In the letter, CUNA and the Leagues outline several changes that should be made to reduce the one-size fits all overly burdensome regulations currently imposed on credit unions—which in turn would help grow the economy and stop impeding their ability to provide safe and affordable products and services. [Read More]

House Financial Services Committee Chairman Hensarling Releases CHOICE 2.0 Changes: While the full text of the bill is not yet available, CUNA is optimistic about the opportunity to continue our dialogue as the bill progresses through the legislative process. The Committee took CUNA’s suggestion and has removed the CFPB’s rulemaking authority under UDAAP. Under the legislation, the CFPB would lose its supervision authority and would only enforce rules. While CUNA was hoping for more dramatic changes to the bill – this is a great opportunity to continue our advocacy efforts and conversations as the bill goes through Committee, to the House floor, onto the Senate, and then to Conference. [Read More]

CFPB Proposes HMDA Changes: The CFPB released a proposed rule last week to make numerous technical/clarification/operational changes to the Home Mortgage Disclosure Act (HMDA) to assist with the transition to the new 2018 version of the HMDA regulation. [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
Equal Credit Opportunity Act (Reg B) Ethnicity and Race Information Collection May 4, 2017 CFPB Andy Price
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:

Interesting Reads:

Posted in Advocacy News, CUNA.