CUNA Advocacy Update – Week of June 5, 2017

CUNA Board Member to Testify Before Senate Banking Committee

On Thursday, the Senate Banking Committee will hold a hearing entitled “Fostering Economic Growth: The Role of Financial Institutions in Local Communities.” Dallas Bergl, CEO of INOVA FCU and CUNA Board Member, will be a witness at the hearing.   During his testimony, Bergl will highlight several goals that are part of CUNA’s bipartisan, pro-consumer Campaign for Common-Sense Regulation, including changes to the function and structure of the CFPB. He will also address housing finance reform, modernizing the NCUA’s examination process and more.

The hearing will be streamed live at 10:00 a.m. (ET) on the Committee’s website.

Vote on CHOICE 2.0 Expected This Week
The House is expected to vote on final passage of H.R. 10, the Financial CHOICE Act this week.  CUNA supports many of the provisions included in the CHOICE Act, however provided several suggestions for improvements. We look forward to the House considering the bill and to future Senate consideration of meaningful regulatory relief legislation.

Learn more about the week ahead in Washington for credit unions here.

CUNA Sent a Survey to Learn the Impact of TCPA on Your Credit Union
The Telephone Consumer Protection Act (TCPA) has added a number of compliance burdens to credit unions and has adversely affected the way credit unions can communicate with the members they serve.  In order to best measure and present the compliance burdens and costs associated with the TCPA, CUNA sent out a survey to member credit unions this week. Link to Survey  [Read more here]

CUNA Provides CFPB with Detailed Summary of Changes to Better Protect Credit Union Members
CUNA sent CFPB Director Cordray a detailed list of suggestions, accompanied by a letter, highlighting the ways the CFPB’s rulemakings have adversely affected credit union operations and service to members.  In addition to outlining the issues, CUNA also included recommendations on how the CFPB should improve its regulations and rulemakings to provide much needed relief to credit unions and their members. [Read more here]

CUNA and Several Credit Unions Meet with CFPB on Small Business Data Collection 
CUNA and several credit unions met with the CFPB to discuss the recently released Request for Information (RFI) regarding the small business lending market. This RFI is the pre-rule stage for implementing Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act that amends the Equal Credit Opportunity Act requiring financial institutions to compile and submit information concerning credit applications made by women-owned, minority-owned, and small businesses. CUNA has long expressed concerns over this rulemaking to the extent that it would negatively impact a credit union’s ability to operate in this space. Credit unions have been engaging in responsible lending in this market and often meet the needs of underserved areas. The credit unions present at the meeting discussed their operations, their various strategies surrounding small businesses, and how the rulemaking might impact their members. CUNA also requested a 60-day extension to the short 45-day comment period in order to properly formulate a response to the RFI. [Read more here]

Pending Regulatory Comments 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
RFI re Credit Card Market June 8, 2017 CFPB Lance Noggle
Reducing Regulatory Buden; Enforcing the Regulatory Reform Agenda Under EO 1377 June 14, 2017 HUD Andy Price
Assessment of 2013 RESPA Servicing Rule July 10, 2017 CFPB Andy Price
Small Business Lending Market July 14, 2017 CFPB Leah Dempsey
Assessment of Ability-to-Repay/QM Rule July 31, 2017 CFPB Andy Price
Availbility of Funds and Collections of Checks August 1, 2017 FED TBD
Annual Regulatory Review August 14, 2017 NCUA Luke Martone
Over on the Removing Barriers Blog:

Interesting Reads:

Posted in CUNA.