What’s Happening in Washington this Week
Wow – what a week! Even by Washington, DC standards, last week was dramatic! The House of Representatives has recessed for August and will reconvene after Labor Day on September 5. However, the Senate is expected to be in session this week and possibly even next week before they head home for August recess.
Read more about what is happening in Washington this week here!
CUNA Applauds Congress for Efforts to Repeal the CFPB’s Arbitration Rule
The House of Representatives passed a CUNA-backed resolution of disapproval for the Consumer Financial Protection Bureau’s arbitration rule, that would restrict the use of arbitration agreements, by a vote of 231-190. Prior to the vote, CUNA sent a letter to Speaker Paul Ryan and Majority Leader Mitch McConnell in support of S.J. Res 47 and H.J. Res 111 – the resolution of disapproval under the authority provided by the Congressional Review Act concerning the CFPB’s final rule on arbitration. [Read more here]
Tax Reform Statement Issued, CUNA Continues Defense of Tax Status
Members of Congress and the administration released a statement on tax reform last week, in which the credit union tax status was not addressed. This follows a broad outline of tax reform released by Treasury Secretary Steven Mnuchin in April.
“The presence of not-for-profit, member-owned financial cooperatives brings numerous benefits to both members and consumers as a whole, and CUNA, leagues and credit unions are prepared to vigorously defend it, should the need arise,” said CUNA President/CEO Jim Nussle. “As the administration and Congress continue their work on tax reform, CUNA will continue its engagement to protect the credit union tax status and ensure policymakers are aware of the credit union difference as committees and staff work to add more detail to the framework.” [Read more here]
CUNA Offers Suggestions on CFPB’s Assessment of ATR and QM Rule
CUNA sent a letter to the CFPB in response to its Request for Information (RFI) on its proposed assessment of the Ability-to-Repay and Qualified Mortgage Rule (ATR/QM Rule). In the letter, CUNA includes a number of suggestions on how the CFPB could improve the ATR/QM rule. [Read more here]
CUNA Submits Comments to CFPB on Proposed Threshold Increase for HMDA Reporting
CUNA submitted comments to the CFPB on the proposed threshold changes to HMDA HELOC reporting. In the comment letter, CUNA acknowledges the CFPB’s effort to decrease the burden on lenders with limited HELOC activity, but also asked the CFPB to consider further increasing the threshold beyond 500. The proposed rule would change the HMDA HELOC reporting requirements from 100 to 500 open-end mortgages for 2018 and 2019. [Read more here]
When Will Payday Rules be Finalized – That is the Question?
The CFPB said there were more than one million comments on the proposed payday rule – including CUNA’s comment. With the possibility of Director Corday leaving and then the door open for a new and different leadership, the CFPB may be moving quicker than originally anticipated to finalize the payday rule. In the middle of July, the Bureau released their 2017 rulemaking agenda. [Read more here]
NCUA Wants Comments Soon on Corporate Stabilization Fund Closure
The NCUA’s plan to close the Temporary Corporate Credit Union Stabilization Fund and set the share insurance fund’s operating level was published in the Federal Register Thursday. Comments on the proposal are due by Sept. 5; however, the NCUA has encouraged credit unions to comment as soon as possible as NCUA is working against an end of September deadline to shutter the fund. The NCUA approved the request for comment at its July board meeting, and CUNA plans to work closely with NCUA throughout the process. [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: