CUNA Advocacy Update – Week of April 24, 2017

Check the Calendar… It’s Not Groundhog Day… Stop me if you’ve heard this before: The House of Representatives is expected to vote this week on legislation to repeal and replace Obamacare. You may recall the House’s failed effort to pass a new healthcare law last month, but they’re back at it again this week after weeks of negotiations between leaders in the House, Senate and the White House. Here is why it is important to us: time on the House floor is valuable, and unexpected changes to the calendar tend to have a butterfly effect on other priorities. If consideration of this legislation takes much time it may displace or delay other matters, including financial regulatory reform legislation.

Shutdown Watch: Federal government funding expires on Friday at midnight. So, Congress is under the gun to enact a new resolution to fund the government past this deadline, and hopefully to the end of the fiscal year (September 30). We are aware that negotiators made progress over the last fortnight but the White House has come in at the last-minute demanding funding for a southern border wall. Democrats have threatened to filibuster any funding bill that includes certain priorities of the president, including funds to pay for an enhanced wall on our southern border. Democrats are also seeking funding for Obamacare subsidies.

Click here for more information regarding this week’s floor and committee schedule.

Federal Budget Process: While we wait and see how Congress will or will not fund the Government, CUNA continues to advocate to fully fund the CDFI Fund through the appropriations process. CUNA also supports the retention of report language directing the CFPB to report to the Senate and House Appropriations Committees, Senate Banking Committee and House Financial Services Committee on how it has used its section 1022 exemption authority under the Dodd-Frank Act to tailor its rulemakings to community financial institutions. This language was included in last year’s House-passed Financial Services and General Government Appropriations Act for Fiscal Year 2017 (H.R. 5485). [Read More]

CHOICE Act 2.0 Released, Ready for Hearing: Long-awaited legislative language for House Financial Services Committee Chairman Jeb Hensarling’s Financial CHOICE Act was released last week as the Committee announced a hearing on the measure for Wednesday. We worked quickly to prepare an analysis of the bill from a credit union perspective, and we also put the legislation in context given the complex process beginning to unfold. In addition, we are preparing a comprehensive letter for the record of the hearing. To be sure, there is a lot for credit unions to like in this legislation, but also several provisions that cause us significant concerns. And that’s not to mention the provisions that we think ought to be included but are not! There’s a lot to digest as Congress begins the process of reforming the financial regulatory scheme.

CUNA Urges Fed to Play a Role in Faster Payments: CUNA, along with the National Association of Federally-Insured Credit Unions and Independent Community Bankers of America, sent a letter to the Federal Reserve Board addressing concerns with the future of faster payments. [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.