CUNA Advocacy Update – Week of May 22, 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:

Issue Comment Period Deadline Agency CUNA Staff Contact
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
House Small Business Committee hears credit unions’ concerns with SBA 7(a) program: CUNA has been a strong supporter of the SBA 7(a) loan program – and advocates for the highest possible federal funding level. CUNA also encourages the SBA to simplify and clarify the language of its regulations, and eliminate inconsistencies and conflicts that make the rules complex and confusing. [Read more]

CUNA Comments on Use of Alternative Data: In response to a request for information, CUNA submitted a comment letter to the CFPB concerning the use of alternative data in the credit process. The CFPB is seeking information as to whether lenders are interested in using alternative data such as rent, utility payments, etc. to determine credit worthiness. These types of payments, which are not usually included in credit bureau calculations, could help credit-invisible individuals obtain mortgages and other loans. expressed support for any flexibility in using this data, but urged the CFPB not to require any additional mandatory reporting. [Read more]

Over on the Removing Barriers Blog:

Interesting Reads:

Posted in Advocacy News, CUNA.