What’s Happening in Washington this Week
What a week we had last week! Senate Banking Committee Ranking Member Sherrod Brown (D-OH) “walked away” from negotiations with Chairman Mike Crapo (R-ID) on a package of regulatory relief for smaller financial institutions, including credit unions. While disappointing, we are encouraging all parties to return to the negotiating table and craft a package that will remove unnecessary and unneeded regulatory burdens on credit unions. Also last week, House Ways and Means Committee Chairman Kevin Brady (R-TX) released his long-anticipated tax reform legislation. The legislation does not eliminate or alter the credit union federal income tax status.
Earlier today, CUNA sent an analysis of the legislation on how the provisions in the bill may alter products that credit unions offer their members. A four-day markup of the legislation begins today. It is expected to be passed by the Committee this week and brought to the House floor for a vote next week. This week, the Senate Finance Committee has indicated that it will release its version of tax reform.
Read more about what is happening this week here!
Arbitration CRA was Signed into Law by President Trump!
It’s official—the resolution to repeal the Consumer Financial Protection Bureau’s Arbitration rule has been signed into law by the President. The CUNA-League System showed its force on Capitol Hill when the Senate passed the resolution to repeal the CFPB’s arbitration rule under the Congressional Review Act (CRA). The House of Representatives passed their resolution in July. [Read more here]
Tax Reform: House Republicans Release Legislation
The long-anticipated tax reform legislation was released by the House Ways and Means Committee on Thursday morning. CUNA’s initial analysis shows no changes to the credit union tax status. While this is good news—please remember—this legislation is just the first step in a long process. The CUNA-League System will remain fully engaged with the Ways and Means Committee, the Senate Finance Committee, and Congress as a whole as tax reforms move through the legislative process, ensuring that the credit union tax status stays untouched. Read more the process and timeline here!
CUNA’s TCPA Petition Request Highlighted in The Hill Newspaper
The need for the FCC to exempt credit unions from the onerous TCPA regulations was showcased in The Hill newspaper Thursday morning. Katie McAuliffe, the Federal Affairs Manager at Americans for Tax Reform published an opinion piece where she highlighted the need to modernize telemarketing laws – especially for credit unions. [Read more here]
Last Call for Comments on CUNA’s TCPA Petition – due today!
It’s not too late—comments on the Petition are due TODAY. Visit CUNA’s Grassroots Action Center to submit your comments!
CUNA and Congress Urge DOJ to Issue Guidance on Website ADA Compliance
On Tuesday, CUNA’s President/CEO Jim Nussle, Chief Advocacy Officer Ryan Donovan, Chief Compliance Officer Jared Ihrig, Senior Director of Advocacy & Counsel Leah Dempsey, and CUNA Mutual Sr. Consultant Joe Luedke met with senior officials at the Department of Justice requesting clarification on how credit unions’ websites should comply with requirements surrounding website accessibility under the Americans with Disabilities Act (ADA). [Read more here]
CUNA Joins Financial Trades in Sending Letter to Subcommittee on Financial Institutions and Consumer Credit
CUNA joined a number of financial trade associations in sending a letter in support of strong data security legislation to Chairman Blaine Luetkemeyer and Ranking Member Lacy Clay of the House Financial Services Subcommittee on Financial Institutions and Consumer Credit. In the letter, the signers urge Congress to move forward on comprehensive legislation to put in place one strong national data security and breach notification standard eliminating the current inconsistent patchwork of state law. [Read more here]
CUNA’s President/CEO Named Top Lobbyist… Again!
The Hill newspaper has once again named CUNA’s President/CEO, Jim Nussle, to its annual list of Washington’s top lobbyists!
“The former House Budget Committee chairman is a big reason why credit unions exert such influence on financial regulations,” The Hill noted in its description of Nussle. [Read more here]
CUNA and Cornerstone Use MAP for Texas Initiatives
CUNA, the Cornerstone Credit Union League and credit unions are using CUNA’s Member Activation Program (MAP) to build support for two credit-union supported amendments to the Texas constitution that are on the ballot Tuesday. The measures would modernize home equity lending laws and allow for prize-linked savings accounts in Texas.
MAP helps credit unions that are part of the program to activate their members to advocate on their behalf through CUNA-provided content on advocacy issues that can be tailored as each credit union sees fit. [Read more here]
ICYMI: Chairman Hensarling Announced He Will Not Seek Reelection
Last week, Chairman Jeb Hensarling announced he will not be seeking reelection in 2018. CUNA’s President and CEO released the following statement, “CUNA thanks Chairman Hensarling for his work in Congress, particularly for his leadership on the House Financial Services Committee where we had many fruitful discussions about ways to improve the operating environment for credit unions. When I was Budget Chairman, Hensarling served on my committee his freshman year and
I’ll never forget working with him. He was a welcome voice calling for properly tailored regulations, and we wish him the best in the next phase of his career.”
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: