CUNA Advocacy Update – Week of September 25, 2017

What’s Happening in Washington this Week

Both the House of Representatives and the Senate are back in session this week after taking some time off in observance of Rosh Hashanah. We will see partisan fireworks this week as the Senate again considers legislation to repeal and replace Obamacare. In addition, leaders from the Administration and Congress are expected to release a common framework for comprehensive tax reform.

Read more about what is scheduled to happen in Washington this week here!

Arbitration CRA Update: CUNA Media Hits Continue

Last week, CUNA took to the media to continue advocacy efforts urging the Senate to take action on the Congressional Review Act of the Consumer Financial Protection Bureau’s Arbitration Rule.

On Thursday afternoon, I was quoted in a piece by the American Banker where they discussed the politics of the Equifax breach affecting the Senate’s CRA efforts.

On Friday, CUNA President and CEO Jim Nussle published an op-ed in the Morning Consult where he urged the Senate to act and stop the CFPB from lumping credit unions in with Wall Street. [Read more here]

CUNA Participated in a Joint Webinar on Fraud Loss Mitigation Following Data Breach

CUNA joined with CUNA Mutual Group and the Financial Services Information Sharing Center (FS-ISAC) Thursday for a webinar on how credit unions can deal with the fallout after a data breach. The webinar, which was attended by more than 1,300 credit unions, followed news earlier this month of a major breach affecting as many as 143 million consumers. [Read more here and watch the recorded webinar!]

Home Depot Data Breach Lawsuit Settlement Approved

Judge Thomas W. Thrash Jr. approved a settlement Friday between Home Depot and financial institutions in a lawsuit brought in the wake of a 2014 data breach. CUNA, state leagues and a number of credit unions are among the plaintiffs.

The settlement includes creation of a $25 million fund by Home Depot for distribution through a claims process, and an agreement from Home Depot to strengthen its future data security measures. Home Depot will now be required to fund the settlement and the payout of claims made should commence in the next 90 days. [Read more here]

TCCUSF Closure on Agenda for September NCUA Board Meeting

The NCUA released the agenda for the public Board meeting to be held on September 28. The NCUA board will discuss closing the Temporary Corporate Credit Union Stabilization Fund at the meeting. CUNA strongly supports closure of the fund and for NCUA to begin issuing refunds starting in 2018; we are the only national trade association for credit unions to hold that position. [Read more here]

CFPB Releases CUNA-Supported ECOA Regulation Change

The CFPB finalized CUNA-supported changes to its Equal Credit Opportunity Act (ECOA) regulations, while issuing a separate proposal seeking input on proposed Home Mortgage Disclosure Act (HMDA) policy guidance. CUNA supported the ECOA changes in its comment letter sent in May, saying the changes would provide a measure of regulatory relief. [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:

Issue Comment Period Deadline Agency CUNA Staff Contact
Defining and Delimiting the Exemptions for Employees Sept. 25, 2017 DOL Leah Dempsey
Emergency Mergers–Chartering and FOM Sept. 29, 2017 NCUA Lance Noggle
Mortgage Disclosure Requirements under
TILA (Reg Z)
Oct.10, 2017 CFPB Luke Martone
Regulatory Reform Agenda Nov. 20, 2017 NCUA Elizabeth Eurgubian
Over on the Removing Barriers Blog

Interesting Reads

Posted in CUNA.