What’s Happening in Washington this Week
Lots of heat and drama will make this a busy week in Congress. The House is expected to recess for five weeks once it has completed its work for the week. The Senate is still expected to be in session an additional two weeks before they recess.
Read more about what is happening in Washington this week here!
CUNA Witness Testified Before Senate Banking on Housing Finance Reform
CUNA’s witness, Tim Mislansky – SVP and Chief Lending Officer at Wright-Patt Credit Union, discussed housing finance reform before the Senate Banking Committee last week. In addition to Mr. Mislansky, Chuck Purvis, President and CEO of Coastal Credit Union, also testified before the Committee.
During his opening statement, Mr. Mislansky highlighted many points from his written testimony, including CUNA’s principles for housing finance reform. Mr. Mislansky emphasized the need for credit union access to a functioning, well-regulated secondary market and a system that will accommodate member-demand for long term fixed rate mortgage products. [Read more here and watch the video by clicking below]
CUNA Submits Comment on DoL’s Fiduciary Rule RFI
CUNA submitted comments to the Department of Labor in response to their Request for Information (RFI) on the Fiduciary Rule and Prohibited Transaction Exemptions. While CUNA supports the underlying intent of the fiduciary rule to protect investors, CUNA has sought clarity about compliance complexities associated with the rule. [Read more here]
CUNA Applauds House Republican Resolution to Stop the CFPB’s Arbitration Rule
Lawmakers in the House Financial Services Committee introduced a resolution of disapproval to nullify the CFPB’s recently published final rule on Arbitration. We expect Congress to take action on the resolution this week.
The final rule unfortunately hurts the ability of credit unions to limit class action lawsuits. It also requires companies to submit to the CFPB certain records about claims, counterclaims, and awards issued in arbitration, which raises privacy concerns.
[Read more here]
Strong International Credit Union Language Included in Appropriations Bill
The House Appropriations Committee considered the Fiscal Year 2018 State, Foreign Operations, and Related Programs Appropriations Act. The bill’s report contains strong support for international credit unions. The bill also contains $12 million for the Cooperative Development Program at the U.S. Agency for International Development. The legislation passed the Committee by a vote of 30-22. [Read more here]
CUNA Sends Letter of Support for S. 1579
CUNA sent a letter of support to Senator Rounds (R-SD) and Senator King (I-ME) for their recently introduced legislation – S. 1579, the Bureau of Consumer Financial Protection Advisory Board Enhancement Act.
If enacted, this legislation would codify the Credit Union Advisory Council (CUAC) which is important because the CUAC is a valuable resource for the Bureau to receive feedback from credit unions regarding how its proposals and final rules will affect how they serve their members. Furthermore, in the absence of this legislation, there is no guarantee that the next director will continue the CUAC. [Read more here]
CUNA Staff Attended NCUA’s July Board Meeting
CUNA staff attended NCUA’s July open Board Meeting last week. During the meeting, NCUA staff provided a share insurance fund quarterly report and briefed the Board on the 2017 mid-session budget. The Board also approved proposed rules for emergency mergers and share insurance fund equity distributions. In addition, NCUA staff briefed the Board on agency plans to close the Temporary Corporate Stabilization Fund. The agency is requesting comments on the closing of the fund. [Read more here]
NCUA Announces Reorganization; Will Eliminate Two Regional Offices
Last week, NCUA announced that the agency plans to reorganize its operations. The agency will consolidate the five regional offices into three by closing the Albany, NY and Atlanta offices and eliminate four of the agency’s five leased facilities. CUNA commends Chairman McWatters for his efforts to modernize agency operations by finding efficiencies and eliminating redundancies. [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: