CUNA Advocacy Update – Week of June 26, 2017

What’s Happening in Washington this Week
With both the House and Senate in session this week, there are a number of hearings and pieces of legislation expected to be considered, including the Senate’s proposed legislation to repeal Obamacare.

On Wednesday, Faith Anderson, Senior Vice-President and General Counsel of American Airlines Federal Credit Union will testify on behalf of CUNA before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit regarding BSA/AML Compliance. The hearing will be broadcast live on www.financialservices.house.gov.

CUNA will meet with the SBA Office of Advocacy today to discuss mortgage rules and small business lending.

Read more about what is happening in Washington this week here!

CUNA Urges Appropriations Committee to Continue Funding CDFI
CUNA sent letters to both the House and Senate Appropriations Committee, urging Congress to fully fund the Community Development Financial Institution (CDFI) Fund at $248 million in FY2018. The President’s proposed FY 2018 budget zeros out both the CDFI Fund and the Community Development Revolving Loan Fund (CDRLF). [ Read more here]

CUNA Joins in Sending Letter Supporting Change to CFPB Structure
CUNA joined a number of other financial services trade associations in sending a letter to Leadership of the House and Senate Appropriation’s Financial Services and General Government Subcommittees to express strong support for the inclusion of language that would transition the structure of the CFPB to a five-person bipartisan commission. [Read more here]

CUNA and other Trades Send Roadmap to DoD For Curtailing Unintended Negative Consequences from MLA
CUNA joined other financial trade associations in sending a letter to the Department of Defense concerning the implementation of the Department of Defense’s amended Military Lending Act (MLA) Regulation. The letter outlined ways to improve upon unintended negative consequences of the rule with suggested recommendations and clarifications.

The letter explained that despite almost a year’s experience under the amended Regulation, confusion remains about the meaning of several of its most important provisions. This confusion and these inconsistencies make it likely that service members and their families might not have full access to safe and responsible credit options. [ Read more here]

CUNA Attended NCUA’s June Board Meeting
CUNA attended the NCUA’s June Board Meeting. During the meeting, the NCUA adopted a Final Rule on the Statutory Inflation of Civil Money Penalties, adopted a Final Rule on Freedom of Information Act, adopted a Final Rule on Safe Harbor, issued a Proposed Rule on Corporate Credit Unions, approved Request for Comments on the Overhead Transfer Rate Methodology, and received a Board Briefing on the Enterprise Solution Modernization Program. [Read more here]

NCUA Chairman Testifies before Senate Banking Committee
The NCUA Chairman joined other financial regulators as a witness before the Senate Banking Committee last week for a hearing, “Fostering Economic Growth: Regulator Perspective.”

During his opening statement, Chairman McWatters gave an overview of his written testimony including how the NCUA is participating in the Economic Growth and Regulatory Paperwork Reduction Act, recommendations that were included in the Treasury Department’s report that was recently released, and a few of NCUA’s current initiatives. [Read more here]

Office of Advocacy to Hold Roundtables in Idaho
The Small Business Administration’s Office of Advocacy will be hosting two regulatory reform roundtables in Idaho, the first in Boise on July 11 and the second in Coeur d’Alene on July 13. [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:

Issue Comment Period Deadline Agency CUNA Staff Contact
Assessment of 2013 RESPA Servicing Rule July 10, 2017 CFPB Andy Price
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
Small Business Lending Market September 12, 2017 CFPB Leah Dempsey
Over on the Removing Barriers Blog:

Interesting Reads

Posted in CUNA, Federal, NCUA.