What’s Happening in Washington this Week
The House is in recess this week but will return next week to advance its busy schedule. The Senate will be in session today and in recess on Wednesday. On Tuesday, the Senate Finance Committee will hold a hearing on “Business Tax Reform.” Read more about what is scheduled to happen in Washington this week here!
Huge Victory for Credit Unions: Bipartisan Amodei/Aguilar Amendment Passed on a Voice Vote
The bipartisan Amodei/Aguilar amendment passed the House of Representatives by voice vote last week. It’s because of credit unions, the Leagues, and CUNA working hand in hand to ensure the credit union voice was heard that this important amendment passed and the NCUA will stay out of the appropriations process!
“This is a huge victory for credit unions and their member-owners. We thank Reps. Amodei and Aguilar for their steadfast leadership in keeping NCUA out of the appropriations process and the thousands of CUNA/League credit union activists who took action – these voices made all the difference on the Hill,” said Jim Nussle, CUNA president/CEO. “Placing NCUA under appropriations would be the functional equivalent of a hidden tax on credit unions and their members.” [Read more here]
Credit Unions Advocacy Efforts Payoff with House Appropriations Bill
Last week, the House voted in favor of H.R. 3354, an appropriations bill that contains several major victories for credit unions. The bill keeps NCUA out of the appropriations process, a provision the CUNA/League system advocated heavily for on Capitol Hill, and contains significant regulatory relief, including changes to the Consumer Financial Protection Bureau (CFPB). Prior to the vote, CUNA sent a letter to House Speaker Paul Ryan and Minority Leader Nancy Pelosi outlining CUNA’s position and urging their support for H.R. 3354. [Read more here]
CUNA Urges Equifax to Notify All Impacted Consumers
CUNA President & CEO Jim Nussle sent a letter to Equifax requesting that the credit reporting agency notify all consumers who have been impacted by the data breach. As we are sure you are aware, Equifax announced the massive data breach, which impacts 143 million American consumers with the loss of “Social Security numbers, birth dates, addresses and, in some instances, driver’s license numbers.” An additional 209,000 credit card numbers were also stolen. [Read more here]
Register Today! CUNA is hosting an Equifax Data Breach Webinar on Thursday
CUNA will be hosting a joint webinar with Financial Services – Information Sharing and Analysis Center (FS-ISAC) to discuss the Equifax data breach, its impact on credit unions and consumers, and what protective steps credit unions can take.
The webinar will be held Thursday – September 21st at 1:00 PM EST/12:00 CST – register here!
CUNA and DCUC Meet with DoD Officials on MLA and Deliver Bipartisan Letter
CUNA Chief Compliance Officer Jared Ihrig joined with the Defense Credit Union Council for a meeting with the Department of Defense (DoD) to reiterate credit union concerns and urge for more clarification for member credit unions on the changes to the MLA set to become effective in less than three weeks.
CUNA has sought guidance from the DoD on the MLA changes for many months. As we have continued to reiterate to the DoD, credit unions deserve clear guidance on how they can continue to serve servicemembers and their families without running into issues with the new MLA requirements. Since December, CUNA has sent four letters to the DoD—and has yet to receive an adequate response. [Read more here]
CUNA Supports Senate Efforts to Disapprove CFPB Rule
CUNA joined the Independent Community Bankers of America (ICBA) and the National Association of Federally-Insured Credit Unions (NAFCU) in sending a letter to Senate and Committee leadership in support of H.J. Res 111.
The legislation would disapprove the CFPB’s recent arbitration rule, which refused to take into account the very different size and member-ownership structure of credit unions, which can be particularly harmed by class action litigation where resources are taken directly from members’ own pockets to pay for trial lawyers. [Read more here]
CUNA Submits Comments to CFPB on RFI for Small Business Lending
CUNA’s Senior Director of Advocacy and Counsel, Leah Dempsey, submitted comments to the CFPB in response to their Request for Information (RFI) Regarding the Small Business Lending Market.
In the letter, CUNA outlines concerns about the likely unintended consequences of having to collect additional data for small business loans, which because of their diverse and unique fields of membership would not align with practices for collecting data by the large Wall Street banks and other financial service providers. [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: