CUNA Advocacy Update – Week of May 22, 2017
May 23, 2017
|House Aims for CHOICE Act Consideration After Recess: House leaders continue to assess whether the CHOICE Act has enough support in the House to pass the chamber. Therefore, the Dodd-Frank Act replacement legislation is not on the House schedule this week. Check out more about the week ahead in Washington for credit unions here.
CUNA Defends Credit Union Tax Status in Ways and Means Committee: Protecting the credit union tax status is one of CUNA’s highest priorities. The House Ways and Means Committee held a hearing to discuss how tax reform will grow the economy and create jobs. Prior to the hearing, CUNA sent a letter to the leadership of the Committee, Chairman Kevin Brady and Ranking Member Richard Neal, urging the Committee to protect the federal tax status of credit unions in the context of comprehensive tax reform. [Read More]
CUNA Urges CFPB to Increase Remittances Threshold: Last week, CUNA sent a letter to the CFPB in regard to their assessment of the remittance transfer rule. As the CFPB conducts their mandatory review of the rule, CUNA urges the Bureau to increase the exemption threshold from 100 to 1,000 remittances annually. [Read more]
CUNA Reiterates Concerns with Fiduciary Rule in House Education and Workforce Committee: While we support the underlying intent of the Department of Labor’s fiduciary rule, which is to enhance investor protections, we are concerned with the overly broad definition of investment advice in addition to other provisions in the DOL’s rule, finalized in April 2016. We have urged the Department of Labor and Congress to give credit unions more time to comply and to make other changes to minimize the impact on low-to-moderate income investors, which could benefit credit union members. [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: