CUNA Advocacy Update – Week of July 5, 2017

CUNA Engages with Appropriators on Issues as Subcommittee Passes Concerning Language
The House Appropriations Subcommittee on Financial Services and General Government released its Fiscal Year 2018 draft legislation. On Thursday, the Subcommittee passed the bill and expect it to be considered by the full House Appropriations Committee on July 13.CUNA is already engaging the Hill to fix problems in the legislation. [Read more here]

Witness Testified Before House Committee on Behalf of CUNA
The Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit held a hearing entitled, “Examining the BSA/AML Regulatory Compliance Regime.” Faith Lleva Anderson, SVP and General Counsel for American Airlines Federal Credit Union, was a witness on behalf of CUNA. Ms. Anderson also serves as Vice-Chair of the Consumer Protection Subcommittee for CUNA. [Read more here]

CUNA Files Amicus Brief in Support of NCUA in Field of Membership Lawsuit
CUNA, along with CUNA Mutual and NAFCU, filed an amicus brief in defense of NCUA’s revised Field of Membership (FOM) rule – the American Bankers Association brought suit against the rule at the end of 2016. The brief supports NCUA’s cross-motion for summary judgement and has been filed with the U.S. District Court for the District of Columbia. [Read more here]

CUNA Works with SBA Office of Advocacy to Highlight Changes that Should be Made to CFPB Rules
CUNA staff attended an SBA Office of Advocacy Roundtable last week to discuss the Dodd-Frank required assessment of CFPB mortgage rules and the Small Business Lending Request for Information. In addition to SBA Office of Advocacy staff, staff from the CFPB, the Federal Reserve, and the House Small Business Committee also attended. During the roundtable, the group discussed ideas for reducing regulatory burdens on small entities, such as credit unions. [Read more here]

CUNA and WOCCU Send Letter to Appropriations Committee Leadership
In partnership with the World Council of Credit Unions (WOCCU), CUNA sent letters to Appropriations Committee and Subcommittee leadership in the House and Senate. The letter is in support of proposed report language in the State, Foreign Operations, and Related Programs Appropriations Act for fiscal year 2018 that would urge the United States Agency for International Development (USAID) to give a high priority to credit union development, as required by existing law. [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
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
Review of Regulation July 31, 2017 Treasury Leah Dempsey
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 Lance Noggle
Appeals Procedures August 7, 2017 NCUA Lance Noggle
Annual Regulatory Review August 14, 2017 NCUA Luke Martone
Amendments to Prepaid Accounts Rules under Regs E and Z August 14, 2017 CFPB Luke Martone
Small Business Lending Market September 12, 2017 CFPB Leah Dempsey
TCPA Ruling in Second Circuit Good News for Credit Unions
Last week a decision handed down in the Second Circuit Court of Appeals held that the Telephone Consumer Protection Act (TCPA) does not allow consumers to revoke consent to receive automated or prerecorded cell phone calls if consent was previously given as part of a binding contract. [Read more here]Chairman McWatters is now Officially Chairman of the NCUA
Chairman McWatters has been the Acting Chairman of the NCUA since the middle of January, but that changed on Tuesday when President Trump removed “Acting” from his title and named him Chairman of the NCUA Board. [Read more here]

DOL Sends RFI to OMB for Overtime Rules
The Department of Labor sent a Request for Information (RFI) to the OMB for the overtime rule which was finalized in 2016. CUNA previously commented on this rule and has been following the litigation surrounding it, which led to a nationwide injunction of the rule in December 2016. [Read more here]

CUNA’s Senior Director of Advocacy & Counsel Shares TCPA Outlook
In a recent article, Leah Dempsey, Senior Director of Advocacy and Counsel outlines, “The Current State of the Telephone Consumer Protection Act.” In the article, Dempsey notes that because of the new leadership in place at the Federal Communications Commission (FCC or Commission) and ongoing litigation challenging aspects of its July 2015 Omnibus Ruling and Order (2015 Order or Order) concerning the Telephone Consumer Protection Act (TCPA), the financial services industry is cautiously optimistic that there could be some much-needed relief from this outdated and onerous statute. [Read more here]

Over on the Removing Barriers Blog:

Posted in CUNA, Federal, NCUA.