CUNA Advocacy Update – Week of November 27, 2017

What’s Happening in Washington this Week

While it was a bit slow last week in Washington due to the Thanksgiving holiday – this upcoming week looks to make up for it.  This morning a leadership debate is happening at the CFPB. This was prompted by CFPB Director Richard Cordray’s resignation on Friday and subsequent naming of Leandra English as deputy director before resigning, and indicating English would become acting director upon his resignation. Meanwhile, President Donald Trump named Office of Management and Budget Director Mick Mulvaney as interim director of the bureau Friday. Earlier today, CUNA sent this letter to Mulvaney. English has filed litigation challenging Mulvaney’s appointment and the DoJ and the CFPB have issued legal memorandums in support of the Administration.

The House of Representatives will consider H.R. 3905, the Minnesota’s Economic Rights in the Superior National Forest Act; H.R. 3017, the Brownfields Enhancement, Economic Redevelopment, and Reauthorization Act of 2017; H.R. 4182, the Ensuring a Qualified Civil Service Act of 2017;  and H.R. 1699, the Preserving Access to Manufactured Housing Act of 2017. This bill amends the Truth in Lending Act (TILA) to specify that a retailer of manufactured housing is generally not a “mortgage originator” subject to requirements under that Act.  It also amends the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 to specify that such a retailer is generally not a “loan originator” subject to requirements under that Act.

The Senate will consider nominations to the federal court system as well as the Tax Cuts and Jobs Act.  Like its companion bill in the Senate, this bill does not alter or eliminate the income tax status of credit unions.  We expect the bill to clear the Senate later this week. Then we expect the House and Senate leadership to hammer out a compromise bill that both the House and Senate can agree to pass.

ICYMI

Also, federal spending is only authorized through December 8 so we can expect both bodies to negotiate either a short-term continuing resolution or a long-term omnibus spending bill. On Tuesday, the Senate Banking Committee is scheduled to begin the markup process of its bipartisan regulatory relief bill for credit unions and small community banks.

CUNA Comment on NCUA Regulatory Reform Agenda

CUNA submitted a comment letter to NCUA regarding its comprehensive Regulatory Reform Agenda, issued by a Task Force charged with culling all relevant regulations, with
recommendations to streamline and eliminate ineffective, outdated, and excessively burdensome regulations. The agenda parses regulatory recommendations into multi-year efforts, and temporarily supersedes the agency’s standard one-third annual regulatory review, which is slated to
re-commence in 2020. [Read more here]

Senate Financial Services and General Government Appropriations Act Released

The Senate Appropriations Committee released its draft spending package to fund agencies and government functions under the jurisdiction of the Senate Appropriations Subcommittee on Financial Services and General Government through the end of Fiscal Year 2018. This bill includes many significant wins for credit unions! [Read more here]

CUNA Files Reply Comments for TCPA Petition

In support of CUNA’s Petition with the FCC seeking declaratory relief from credit unions subject to the Telephone Consumer Protection Act (TCPA), credit unions, other trade associations, and service organizations have filed comments corroborating the need for the common-sense TCPA reforms set forth in the Petition. CUNA highlighted this support in Reply comments.

Other commenters in support of the Petition representing credit unions included: Illinois Credit Union League (Oct. 29, 2017); Wright-Patt Credit Union (Oct. 31, 2017); Bellco Credit Union (Oct. 31, 2017); Digital Liberty (Nov. 2, 2017); Ohio Credit Union League (Nov. 2, 2017); Public Service Credit Union (Nov. 2, 2017); Access Community Credit Union (Nov. 3, 2017); American Consumer Institute Center for Citizen Research (Nov. 3, 2017); Navy Federal Credit Union (Nov. 3, 2017); The Wisconsin Credit Union League (Nov. 3, 2017); American Airlines Credit Union (Nov. 6, 2017); Credit Union Association of the Dakotas (Nov. 6, 2017); CUNA Mutual Group (Nov. 6, 2017); Eastman Credit Union (Nov. 6, 2017); National Association of Federally-Insured Credit Unions (Nov. 6, 2017); New York Credit Union Association (Nov. 6, 2017); PSCU (Nov. 6, 2017); SchoolsFirst Federal Credit Union (Nov. 6, 2017); Truliant Federal Credit Union (Nov. 6, 2017); Minnesota Credit Union Network (Nov. 6, 2017); TTCU Federal Credit Union (Nov. 6, 2017); Vibrant Credit Union (Nov. 10, 2017).

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
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
Capital Planning and Supervisory Stress Testing Dec. 29, 2017 NCUA Lance Noggle
Electronic Loan, Deposit and Investment Data Collection Jan. 2, 2017 NCUA Lance Noggle

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