CUNA Advocacy Update – Week of June 12, 2017

House Passes CHOICE 2.0: On Thursday, the House passed H.R. 10 – the Financial CHOICE Act by a partisan vote of 233-186. Prior to the vote, CUNA sent a letter to House Leadership thanking them for considering the legislation and urging Members to vote in favor of passage. [Read more]

With both the House and Senate in session this week, there are a number of hearings and pieces of legislation expected to be considered. Read more about what is happening in Washington this week here!

CUNA Witness Shared Regulatory Burdens Hindering Economic Growth: CUNA’s witness Dallas Bergl did a great job representing America’s Credit Unions at last week’s Senate Banking, Housing, and Urban Development Committee hearing on Fostering Economic Growth: the Role of Financial Institutions in Local Communities. [Read more]

CUNA Files Letter for CFPB RFI on Consumer Credit Card Market: CUNA filed a letter with the CFPB providing information on the credit card market in response to the CFPB’s request for information (RFI). The Credit Card Accountability and Responsibility and Disclosure Act of 2009 (CARD Act) requires the CFPB to conduct a review of the consumer credit card market. The CFPB issued the RFI as part of the credit card market review. [Read more]

CUNA Seeks Input on NCUA Voluntary Merger Proposal: CUNA issued its Comment Call on NCUA’s proposed rule to revise the procedures a Federal Credit Union (FCU) must follow to merge voluntarily with another credit union. [Read more]

CFPB Agrees to CUNA’s Request to Extend RFI Deadline: The CFPB announced it would be granting CUNA’s request for a 60-day extension to the comment period for their Request for Information (RFI) regarding the Small Business Lending Market. The new deadline will be September 17, 2017, rather than the original July 14, 2017. [Read more]

CUNA Continues to Support National Flood Insurance Program Reauthorization: Last week, the House Financial Services Committee held a hearing entitled, “Flood Insurance Reform: A Taxpayer’s Perspective.” Prior to the hearing, CUNA sent a letter supporting the reauthorization of the National Flood Insurance Program (NFIP) to Chairman Hensarling and Ranking Member Waters. At the beginning of May, the Senate Banking Committee also met to discuss the Reauthorization of the NFIP which is set to expire in September. [Read more]

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
Loan Guaranty: Revisions to Allowable Charges and Fees Assessed Incident to VA-Guaranteed Home Loans June 12, 2017 VA Luke Martone
Reducing Regulatory Burden; 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 Luke Martone
Bylaws, Bank Conversions & Mergers, and Voluntary Mergers of FICUs August 7, 2017 NCUA Andy Price
Supervisory Review Committee, Procedures for Appealing Material Supervisory Determinations August 7, 2017 NCUA Andy Price
Appeals Procedures August 7, 2017 NCUA Andy Price
Annual Regulatory Review August 14, 2017 NCUA Luke Martone
Maine Legislature Enacts CU Bill by Overriding Governor’s Veto: The Maine Legislature voted overwhelmingly in favor of overriding Governor Le Page’s veto of L.D. 1055 – An Act to Update the State Credit Union Charter. The House voted 141-5 in support of overriding the veto, and the Senate voted unanimously to override the veto. [Read more]

House Judiciary to Hold Hearing about TCPA Lawsuit Abuse: Tomorrow, June 13, the House Judiciary Subcommittee on the Constitution and Civil Justice is holding a hearing about the Telephone Consumer Protection Act (TCPA) lawsuit abuse. CUNA plans to submit a letter for the record of the hearing outlining credit union concerns with litigation abuse. [Read more]
DOL Signals Potential Changes to Overtime Rule: Secretary Alexander Acosta stated that the Department of Labor (DOL) will issue a Request for Information (RFI) in the next few weeks seeking input on its new Overtime rule. The rule increased the threshold for overtime pay eligibility by approximately double the previous rate, from $23,600 annually to $47,476 annually. There is currently litigation, which has halted the overtime rule from going into effect. [Read more]

Over on the Removing Barriers Blog:

Interesting Reads:

Posted in Advocacy News, CUNA, Federal.