What’s Happening in Washington this Week
This week, the Senate is in session with the House of Representatives going back to their home districts for the week. The Senate will be busy considering the Senate Budget Committee-passed Budget Resolution for Fiscal Year 2018. This budget resolution is necessary for Congress to move forward on tax reform — something we are actively engaged in. We expect a “vote-a-rama” when the resolution is debated on the floor as many amendments will likely be considered.
Read more about what is scheduled to happen in Washington this week here!
TCPA Petition: Member Webinar Held to Discuss Petition and CU Participation
CUNA and outside counsel addressed the Telephone Consumer Protection Act (TCPA) petition recently filed with the FCC with more than 230 credit union professionals in a member webinar on Wednesday afternoon.
CUNA is excited about the opportunity for the credit union system to participate and inform the FCC on how the TCPA affects the way they communicate with their member-owners. A recorded version of the webinar is available for CUNA members. [Read more here]
ICYMI: FCC Opened CUNA’s Petition for Comment
Comments are due by November 6, 2017. CUNA is working to educate stakeholders about this petition and seeking support for credit unions’ efforts to better communicate with members. [Read more here]
House Financial Services Committee Passes CUNA-Supported Reg Relief Legislation
The House Financial Services Committee passed 8 CUNA-supported regulatory relief bills in a markup last week. CUNA wrote to committee leadership supporting the bills leading up to the markup.
“We thank the committee for passing these bipartisan regulatory relief bills that will help credit unions better serve their members,” CUNA President/CEO Jim Nussle said. “These bills are a step toward removing barriers keeping consumers from more affordable mortgages and other products. We’re encouraged by the committee’s action today, and will continue our engagement to get these bills to the House floor, the Senate, and across the finish line.” [Read more here]
Credit Union System Working with Congress for Guidance on Webpage ADA Compliance
The Americans with Disabilities Act (ADA) was enacted in 1990, and since that time our society and the way we live our lives have become increasingly dominated by the internet. While the ADA is important and necessary for the wellbeing of those protected by it, there is not sufficient guidance concerning how it pertains to website use.
The California Credit Union League, League of Southeastern Credit Unions and CUNA are working with Representatives Eric Swalwall (D-CA) and Ron DeSaintis (R-FL) of the Judiciary Committee to draft and send a letter to the Attorney General asking him to complete a rulemaking started in 2010, that is currently “inactive,” but would provide much needed guidance in this area. [Read more here]
CUNA Supports Proposed Removal of TRID’s “Four-Business Day Limit”
CUNA filed a letter with the CFPB in support of a proposal to remove the “four-business day limit” from the TILA-RESPA Integrated Disclosures (TRID) rule under Regulation Z. The four-business day limit dictates, based on timing, the method by which a lender may disclose a revised estimate of closing costs to the consumer. [Read more here]
CUNA Shares TCPA Concerns with Energy and Commerce Committee
CUNA wrote to the House Energy and Commerce Subcommittee on Communications and Technology to request the Committee to consider issues CUNA has raised with the Telephone Consumer Protection Act as they conduct their markup to amend the Communications Act of 1934. [Read more here]
Nevada Credit Union League Comments on State Fiduciary Rule
The Nevada Credit Union League (NCUL) submitted a comment letter to the Nevada Secretary of State’s Securities Division public workshop on proposed regulations relating to the implementation of SB 383. SB 383 subjects broker-dealers, investment advisers, and sales representatives to the fiduciary standard previously applied to financial planners. SB 383 became effective on July 1, and directed the Securities Division to develop regulations defining practices that would fall under and be exempt from the broadened fiduciary standard.
Although the intent of SB 383 is a good one, to protect investors and encourage all advisers to act in the investor’s best interest, NCUL submitted a comment letter expressing concern about regulations harming credit unions’ ability to offer financial planning services to their members. [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: