CUNA Advocacy Update – Week of May 15, 2017

CHOICE Act Absent from House Calendar: The House of Representatives returns to Washington this week, but the chamber is not expected to consider H.R. 10, the Financial CHOICE Act. Committee and Chamber leadership continue to discuss how and when to bring the bill, which passed the Financial Services Committee earlier this month, to the floor. [Read more]

  • Scheduling note: CFPB Director Cordray is expected to meet with House Democrats at their weekly caucus meeting on Wednesday. President Trump is expected to submit the remainder of his FY 2018 budget next week.

Big Week in the States: Several credit union priorities advanced in state legislatures last week including state credit union act updates in Nebraska and Georgia. In Ohio, the state budget passed with several credit union priorities. And while not directly impacting credit unions, Vermont’s legislature became the first in the nation to approve the recreational use of marijuana; all previous legalization efforts have been enacted by referenda.

CUNA Urges NCUA to Proceed with Alternative Capital Rulemaking: CUNA filed a comment letter last week urging the NCUA to adopt a rule to allow credit unions to accept supplemental capital instruments to count towards the risk-based net worth requirement. [Read more]

Defense Council Joins CUNA in Letter to DoD Regarding Military Lending Act: Last week, CUNA and the Credit Union Council (DCUC) sent a letter to the Acting Director of Financial Readiness of the U.S. Department of Defense in regard to the impact of the Military Lending Act Regulations on credit union lending. The letter shares relevant findings from CUNA and DCUC’s data collection and offers suggestions the Department could implement to reduce or eliminate the adverse impact the MLA rule is having on service members and their dependents. This communication also served as a follow-up to a letter sent to the DoD earlier this year. [Read more]

CUNA Weighs in on Housing Finance Reform with Senate Banking Committee: The Senate Banking, Housing, and Urban Affairs Committee held a hearing to discuss the status of the housing finance system. The lone witness was Mel Watt, Director of the Federal Housing Finance Agency (FHFA), which oversees Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac. Prior to the hearing, CUNA sent a letter highlighting credit unions’ interest in the current and future structure of the housing finance system. [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
Use of Alternative Data and Modeling Techniques in the Credit Process May 19, 2017 CFPB Leah Dempsey
Remittance Rule Assessment May 23, 2017 CFPB Luke Martone
Technical and Clarifying Amendments to HMDA Oct. 2015 Final Rule May 25, 2017 CFPB Andy Price
Credit Card Market Request for Information June 8, 2017 CFPB Lance Noggle
Assessment of 2013 RESPA Servicing Rule July 10, 2017 CFPB Andy Price
Over on the Removing Barriers Blog:

Interesting Reads:

Posted in Advocacy News, CUNA, NCUA.