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.
Read more about what is happening in Washington this week here!
Rick Nichols Discussed Need for Regulatory Relief
America’s credit unions again had a seat at the table with Rick Nichols, President and CEO of River Region Credit Union, testifying before the Financial Institutions and Consumer Credit Subcommittee. During his testimony, Mr. Nichols reiterated the need for Congress to tailor regulations because one-size-fits-all regulations, that were designed to reign in Wall Street, are negatively impacting credit unions and their ability to serve their members rather than changing the behavior and practices of the big banks that caused the financial crisis in the first place. [Read more here or watch the video below]
CFPB Agrees to Increasing HMDA HELOC Reporting
Director Cordray sent a letter to Senators Rounds and Heitkamp and announced the CFPB would issue a Notice of Proposed Rulemaking that would change the reporting requirement threshold from 100 to 500 for open-end mortgages for 2018 and 2019.
On Friday, the CFPB formally announced their proposed rulemaking. CUNA, the Leagues, and credit unions have been advocating for broader exemptions for credit unions with regard to HMDA reporting, particularly for HELOCs. [Read more here]
Appropriations Bill Moves Through Committee
The credit union movement scored critical wins in the House Appropriations Committee’s markup of the Financial Services and General Government (FSGG) Appropriations Act for Fiscal Year 2018. The bill includes a number of provisions that were included in H.R. 10, the Financial CHOICE Act. It includes significant regulatory relief and brings the CFPB under the appropriations process, reforms its UDAAP authority, and makes some of the other changes found in CHOICE that add more checks and balances to the CFPB rulemaking process. [Read more here]
CUNA Witness to Testify Before Senate Banking on Thursday
On Thursday, America’s credit unions will again have a seat in front of the Senate Banking Committee dais when they hold a hearing to discuss housing finance reform and maintaining access for small lenders. Tim Mislansky, SVP and Chief Lending Officer at Wright-Patt Credit Union in Ohio, will testify before the committee on Thursday – July 20th. [Read more here]
CUNA Concerned with the CFPB’s Finalized Arbitration Rule
The Consumer Financial Protection Bureau (CFPB) finalized its rule on arbitration. The CFPB’s rule will eliminate the ability to use pre-dispute arbitration agreements to prohibit class actions. CUNA has concerns that this will limit options for resolving disputes and could increase the incidences of frivolous class action litigation against credit unions, which could cause members to suffer when costs rise and resources are depleted. [Read more here]
CUNA Sent Letter in Support of CU Tax Status
At the request of Senate Finance Committee Chairman Orrin Hatch (R-UT), CUNA sent a letter to both him and Ranking Member Wyden earlier this morning in support of the credit union tax status. The Committee requested stakeholders to submit comments and proposals to the Committee as they continue their work on tax reform.
In the letter, CUNA urges Congress to retain and reaffirm the credit union tax status and goes into further detail explaining the importance of not-for-profit credit unions in the financial services marketplace. [Read more here]
CUNA Sent Letter to Subcommittee Prior to Hearing on DOL Fiduciary Rule
Prior to last week’s House Financial Services Subcommittee hearing, CUNA sent a letter to Chairman Huizenga and Ranking Member Maloney to inform the Committee of CUNA’s position on the Department of Labor (DOL) Fiduciary Rule. While CUNA supports the underlying intent of the fiduciary rule to protect investors, CUNA has sought clarity about the overly broad definition of investment advice in addition to other concerns with the DOL’s rule, which was finalized in April 2016. [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: