CUNA Advocacy Update – Week of October 23, 2017

What’s Happening in Washington this Week

The House and Senate will both be in Washington for business this week. Last week, the Senate passed its FY18 budget resolution, sending it to the House of Representatives. The House is scheduled to take up the measure this week, without amendment, in order to avoid a lengthy House-Senate conference committee. Once adopted, we expect the House Ways and Means Committee to quickly release the text of the long-awaited tax reform legislation as well as schedule a date for the Committee to consider its passage.

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

TCPA Petition: It’s Time to Submit Comments to the FCC

CUNA hopes you and your credit union will take the time to file a substantive comment with the Federal Communications Commission (FCC) by November 6 on how the Telephone Consumer Protection Act (TCPA) has adversely affected the way you communicate with your member-owners.

Please visit CUNA’s Grassroots Action Center to submit your comments! On CUNA’s Grassroots Action Center you will find talking points about the petition as well as a portal to submit comments directly to the FCC. [Read more here]

CUNA Provides Input to NCUA on Budget at Budget Briefing

CUNA Vice President of Economics and Statistics Mike Schenk and Cooperative Credit Union Association President/CEO Paul Gentile, who chairs CUNA’s Examination and Supervision Subcommittee, were among the presenters at last week’s NCUA budget briefing.

CUNA has reviewed the proposed 2018-2019 budget, and believes the agency has addressed many issues CUNA previously raised, including reducing growth from the previous proposed budget, modernizing its operations, and updating the examination process. [Read more here]

CUNA Attends NCUA October Board Meeting

CUNA staff attended the NCUA October Board Meeting last week. During the meeting, the NCUA finalized two rules impacting appeals procedures and composition of the supervisory review committee. The NCUA Board also proposed a stress testing rule that would reduce the burden on credit unions subject to the current requirements. In addition, the Board issued a request for information related to standardized electronic loan data reporting, including new data fields for credit cards, student loans, and mortgages. Lastly, the Board approved a request for information for updates to data collection practices for loan, deposit, and investment information.

The next Board Meeting is scheduled for November 16 at the NCUA’s headquarters in Alexandria, VA. [Read more here]

CUNA Urges Congress to Curb Litigation Abuse Under the ADA

CUNA sent a letter to Representatives Ted Poe (R-TX), Scott Peters (D-CA), Ami Bera (D-CA), Ken Calvert (R-CA), Jackie Speier (D-CA), and Mike Conway (R-TX) in support of legislation they introduced to address litigation abuse under the Americans with Disability Act (ADA) – H.R. 620, the ADA Education and Reform Act of 2017.

In the letter, CUNA urged the legislators to consider how credit unions are being impacted by frivolous ADA related litigation including a recent rise in the number of demand letters surrounding website accessibility. [Read more here]

CUNA Meets with OMB Director on MLA Guidance

On Friday, CUNA’s President and CEO, Jim Nussle, met with the current OMB Director – Mick Mulvaney. During the meeting, Jim, the Director, and the Director’s Economic Special Assistant discussed ongoing credit union concerns with the Department of Defense’s (DoD) Military Lending Act (MLA) regulation, focusing on implementation guidance provided by the DoD to the OMB for its review. The anticipated guidance is expected to provide some clarification on issues related to the regulation’s provisions on credit cards, which became effective earlier this month. [Read more here]

CUNA Sends Letter to Senate Banking Committee Prior to Consumer Data Security Hearing

Last week, the Senate Banking Committee held a hearing entitled, “Consumer Data Security and the Credit Bureaus.” Prior to the hearing, CUNA sent a letter to Chairman Crapo and Ranking Member Brown. In the letter, CUNA urged the Committee to ensure consumers are not at further risk, and encouraged the Committee to consider the risk to consumers’ personal data in other sectors of the economy, including the retail sector, as well as at federal agencies like the CFPB. [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. Also feel free to contact the CUNA staff listed if you would like more information on how to send your own letter.

For more information regarding these proposals, please follow the links below:

Issue Comment Period Deadline Agency CUNA Staff Contact
Overdraft Form Prototypes Oct. 31, 2017 CFPB Luke Martone
Mortgage Servicing Rules under RESPA (Reg X) Nov. 15, 2017 CFPB Monique Michel
Mortgage Servicing Rules under TILA (Reg Z) Nov. 17, 2017 CFPB Luke Martone
Regulatory Reform Agenda Nov. 20, 2017 NCUA Monique Michel
Disclosure of Loan-Level HMDA Data Nov. 24, 2017 CFPB Luke Martone
NCUA Draft 2018-2022 Strategic Plan Dec. 4, 2017 NCUA Monique Michel
Accuracy of Advertising and Notice of Insured Status Dec. 4, 2017 NCUA Monique Michel
Over on the Removing Barriers Blog

Interesting Reads

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