What’s Happening in Washington this Week
The Senate left Washington last Thursday for its abbreviated August recess. Both the House and Senate will return to Washington on September 5.
Read more about what is scheduled for when Congress returns and what you can do to advocate for credit unions while Congress is on recess here!
Credit Unions Well Represented in Boston for NCSL Legislation Summit
Representatives from the credit union industry have descended upon Boston, MA for the Legislative Summit of the National Conference of State Legislatures (NCSL). At the Summit, CUNA, CUNA Mutual, AACUL, the leagues and local credit unions are leading a campaign to increase awareness of credit unions among state lawmakers. The campaign includes the America’s Credit Unions logo blazoned on the conference Wi-Fi splash page, the conference hotel key cards and the conference lanyards. [Read more here]
CUNA Sends Comments to Treasury Outlining Regulatory Burdens
CUNA sent a letter to the U.S. Department of the Treasury (Treasury) outlining areas where regulatory burdens are harming the ability of credit unions to serve their members. The Treasury’s inquiry into this issue is in response to Executive Order 13771, Reducing Regulation and Controlling Regulatory Costs, which directs agencies to eliminate two regulations for each new regulation issued and to limit costs for this fiscal year to zero, and Executive Order 13777, Enforcing the Regulatory Reform Agenda, which requires agencies to convene a regulatory reform task force to assist in the implementation of Executive Order 13771.
In the letter, CUNA expressed concern with the overall cost of compliance for credit unions from CFPB rules. It stated that more appropriate tailoring of rules and providing credit union exemptions when warranted in areas where credit unions have no pattern of harm to consumers, would create a better operating environment for consumers. [Read more here]
CUNA Responds to the CFPB’s Overdraft Research
The Consumer Financial Protection Bureau released a prototype for “Know Before You Owe” overdraft disclosure prototypes following an agency report that included research on only the nation’s largest banks. Consumers remain highly satisfied with overdraft products, as indicated by the low number of consumer complaints even reflected in the CFPB’s own data about overdraft. Credit unions provide these services as a courtesy and convenience to members. The CFPB conducted an overdraft study of only the largest banks, yet makes assumptions about a service that consumers at not-for-profit, member owned credit unions continue to seek as an option. [Read more here]
CUNA Joins Trades in Submitting Comments on Regulation CC
CUNA joined a number of financial trade associations in sending a comment letter to the Board of Governors of the Federal Reserve System in support of a proposal to amend Regulation CC – Availability of Funds and Collection of Check. The proposed rule is a revision to Regulation CC, which seeks to create a presumption of alteration for any dispute over whether the dollar amount or the payee on a substitute check or electronic check has been altered or whether the check is derived from an original check that is a forgery. [Read more here]
Senate Passes Nominations Package Prior to Recess
Prior to recessing, the Senate passed a package confirming a number of appointments for Executive Branch nominees.
Included in the package were nominations to the State Department, including Mark Green to be the new Director for the US Agency for International Development (USAID), the Federal Communications Commission (FCC), Treasury, Department of Transportation, Veteran Affairs, Homeland Security, Small Business Administration, and others. [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: