What’s Happening in Washington this Week
The House of Representatives and the Senate have a busy schedule planned for this week. The House will take up the Budget Resolution for Fiscal Year (FY) 2018. The Senate will consider its version of the budget resolution, in the Senate Budget Committee, on Wednesday and Thursday. The full Senate will take up the Senate Budget Resolution the week of October 16.
Read more about what is scheduled to happen in Washington this week here!
TCPA Petition: CUNA urges FCC to allow Credit Unions Greater Ability to Communicate
CUNA filed a petition with the Federal Communications Commission (FCC) regarding the Telephone Consumer Protection Act (TCPA) outlining how it can provide credit unions with regulatory relief from the onerous requirements for communicating with member-owners. In the petition, CUNA proposes two routes for providing credit unions with greater ability to communicate with consumers on their cell phones about information they want and need.
Register Now: CUNA will host a members-only webinar on October 11 at 3pm ET to discuss the FCC petition and ways credit unions can participate in the process. Industry attorneys will also explain how the statute impacts credit unions’ ability to communicate with members. [Read more here]
Equifax Data Breach: CUNA will File Lawsuit Against Equifax
CUNA announced it will file a lawsuit against Equifax to protect credit unions and their members from harm as a result of the Equifax data breach.
“Equifax needs to be held accountable for this massive data breach that gave hackers access to the personally identifiable information of 143 million Americans and the credit card information of 209,000 people,” said Jim Nussle, president/CEO of CUNA. “Equifax’s disregard for protecting this highly sensitive data means credit unions are left bearing the brunt for damages in replacing members’ cards payment cards, covering fraudulent purchases and taking protective measures to reduce risk of identity theft and false loans.”
Register Now: CUNA will be holding a members-only call tomorrow to discuss your credit union’s legal rights in the wake of the breach, including the potential of joining our litigation. Tuesday – October 3rd at 4:00 PM ET/3:00 PM CT [Read more here]
NCUA Board Meeting Recap: Board Votes to Close Stabilization Fund
The NCUA held their September board meeting last week, and as predicted and supported by CUNA, the Board voted to close the Corporate Stabilization Fund. In addition to closing the fund, the Board also discussed a proposed rule and the NCUA’s 2018-2022 strategic plan. [Read more here]
CUNA Files Comment on Request for Information about DOL Overtime Rule
CUNA filed a comment letter with the Department of Labor (DOL) concerning its finalized rule on overtime pay. The rule amended the Fair Labor Standards Act (FLSA) to increase the threshold salary level for overtime pay to the 40th percentile of weekly earnings for full-time salaried workers. In the comment, CUNA expressed concerns that the overtime rule raises the threshold by nearly double and establishes requirements for automatically updating salary and compensation levels occurring every three years. [Read more here]
CUNA Submits Comments on NCUA Emergency Merger Proposal
CUNA submitted a comment letter to the NCUA in response to the NPR on emergency mergers, which would amend the definition relating to “danger of insolvency,” by extending the forecast horizons under which an under-capitalized credit union may be deemed eligible for an emergency merger, absent common bond and other legal constraints. CUNA supports the effort to protect and preserve credit union assets under an expected liquidation event, while also ensuring members maintain access to credit union services. CUNA maintains objection, however, to any supervisory approach that would impose an inflexible methodology to resolve financially-challenged credit unions.
The California Credit Union League Ends Session with the Passage of New PACE Regulations
This session, the California Credit Union League continued its push for Property Accessed Clean Energy (PACE) loans protections. Building off last year’s enaction of League-supported legislation requiring truth-in-lending disclosures for these types of loans, another CCUL-supported bill passed the state legislature and is awaiting Governor Brown’s signature. If signed ahead of the Governor’s October 15 deadline, AB 1284 would require the first-ever state regulatory oversight of PACE lenders, as well as new underwriting protections. The bill would be an important step toward protecting vulnerable Californians from bad actors. [Read more here]
CUNA Staff and Credit Unions Attend SBA Office of Advocacy Roundtable on Small Business Lending
Credit unions traveled from across the country to discuss the CFPB’s request for information (RFI) about collecting additional data on small business lending at a Small Business Administration (SBA) Office of Advocacy Roundtable. [Read more here]
CUNA Seeks New CFPB Proposal on Regulation CC
CUNA sent a letter to the CFPB requesting it re-propose changes to Regulation CC (Expedited Funds Availability Act) issued by the Federal Reserve in 2011. The proposed changes would update Regulation CC regarding the availability of funds and collection of checks. [Read more here]
CUNA Sends Letters of Support for CDFI & CDRLF
Congress heard from credit unions on behalf of the Community Development Financial Institution (CDFI) Fund last week when two letters were sent from CUNA and from CDFI-designated credit unions throughout the country. [Read more here]
CUNA Thanks Rep. Tom Emmer for Introduction of H.R. 2954, the Home Mortgage Disclosure Adjustment Act
CUNA sent a letter to Representative Tom Emmer (R-MN) thanking him for his introduction of H.R. 2954 – the Home Mortgage Disclosure Adjustment Act. If enacted, H.R. 2954 would raise the threshold that mandates the reporting requirements to 1000 closed-end and 2000 open-end mortgages. This legislation would provide much needed relief to credit unions, especially to smaller institutions. [Read more here]
CUNA Sends Letter of Support for H.R. 3758, the Senior Safe Act of 2017
CUNA thanks Representatives Bruce Poliquin (R-ME) and Krysten Sinema (D-AZ) for the introduction of H.R. 3758, the Senior Safe Act of 2017 in a letter sent this week. If enacted, this legislation would provide important legal protections to credit union employees who report suspected financial elder abuse. [Read more here]
CUNA Sends Letter of Support for H.R. 3746, the Business of Insurance Regulatory Reform Act
CUNA sent a letter of support to Representatives Sean Duffy (R-WI) and Gwen Moore (D-WI) for their recently introduced legislation, H.R. 3746 – the Business of Insurance Regulatory Reform Act. If enacted, H.R. 3746 would clarify that Title X of the Dodd-Frank Act exempts insurance business from CFPB authority, and reiterates that regulation of insurance has been delegated to the states. [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: