CUNA Advocacy Update – Week of October 30, 2017

What’s Happening in Washington this Week

Both the House and Senate are in session this week. The Senate is expected to take up the nominations of several circuit court judgeships. On Wednesday, the big news will be the release of the long anticipated House Ways and Means tax reform legislation.

Also on Wednesday, all House Republicans will be asked to attend a tax reform education session. The multi-day markup of the tax bill will start on November 6th in the Ways and Means Committee. The following week, the full House of Representatives is expected to vote on the tax bill. Read more about what is happening this week here!

Arbitration CRA Passed the Senate… onto the President’s Desk!

Once again, the CUNA-League System showed its force on Capitol Hill! Late Tuesday night, the Senate passed a resolution to repeal the Consumer Financial Protection Bureau’s arbitration rule under the Congressional Review Act (CRA). The Vice President broke the tie with a vote of 51-50. The House of Representatives passed their resolution in July. The resolution is now waiting for the President’s signature. [Read more 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 6th 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 and a portal to submit comments directly to the FCC. [Read more here]

CUNA Submits Response to NCUA Budget Briefing

As a follow-up to the testimony presented by CUNA economist Mike Schenk at NCUA’s Budget Hearing on October 18, CUNA CEO Jim Nussle sent a letter to NCUA, applauding the agency’s effort to functionally administer its safety and soundness regulation with efficient cost allocations. [Read more here]

Credit Unions See Victories in Congressional Budget Resolution

Credit unions won several big victories last week in the obscure details of the Congressional Budget Resolution, as well as the emergency disaster supplemental funding legislation. The Senate-passed budget resolution was passed by the full House of Representatives without amendment, in order to avoid Senate reconsideration of the budget outline which would have delayed the appropriations and tax reform efforts already underway on both sides of the Capitol. [Read more here]

CUNA Joins Trades in Support of H.R. 3978 – the TRID Improvement Act of 2017

CUNA joined a number of other financial, mortgage and title insurance-related trade associations in sending a letter to Congress in support of H.R. 3978, the TRID Improvement Act of 2017. If passed, this legislation would amend the Real Estate Settlement Procedures Act (RESPA) to require the CFPB to allow the accurate disclosure of title insurance premiums and any potential available discounts to homebuyers. [Read more here]

CUNA Takes Opportunity to Share TCPA Concerns with House Committee

The House Energy and Commerce Subcommittee on Communications and Technology held an oversight hearing on the FCC last week. Prior to the hearing, CUNA took the opportunity to send the Committee a copy of the Petition for Declaratory Ruling CUNA submitted with the FCC at the end of September—the petition seeks relief from onerous compliance complexities associated with the TCPA. [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
CUNA TCPA Petition Nov. 6, 2017 FCC Leah Dempsey
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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