Articles

BCFP follows CUNA recommendation with ‘no-action’ letter proposal

The Bureau of Consumer Financial Protection (BCFP) will issue a proposal to revise its current “No-Action” letter policy following CUNA efforts to have the Bureau amend to provide clarity regarding enforcement and supervision expectations. The proposal will have a 60-day comment period after it is published in the Federal Register, which is expected soon.

in Legislative & Political News
CUNA calls for not-for-profit excise tax parity from Treasury

CUNA wrote to the Treasury Monday to call for parity for executive compensation at not-for-profit employers, agreeing with a recent letter sent by the American Society of Association Executives (ASAE) that called on the Treasury to provide parity between for-profit and not-for-profit organizations by grandfathering not-for-profit employer contracts in effect on or before Nov. 2, 2017.

in Legislative & Political News
NLRB Further Extends Time for Submitting Comments on Proposed Joint-Employer Rule-making

WASHINGTON — The National Labor Relations Board (NLRB) is extending the time for submitting comments regarding its proposed rule-making to address its joint-employer standard for an additional 30 days. The submission window is currently open and interested parties may now file comments on or before Monday, January 14, 2019. Comments replying to the comments submitted during the initial comment period must be received by the Board on or before January 22, 2019.

in Compliance & Regulatory News
Pushing for CUSO relief, CUNA opposes NCUA vendor authority

CUNA asked the National Credit Union Administration (NCUA) to continue to review its rules governing credit union service organizations (CUSOs) to achieve greater regulatory relief in a letter sent Monday. CUNA also reiterated its long-time stance that NCUA should not have examination and enforcement authority over third-party vendors, including CUSOs.

in Legislative & Political News
CUNA engaged with CECL hearing, H.R. 88 consideration this week

CUNA will be engaged with several hearings in both chambers of Congress this week, including one on the impact of the Financial Accounting Standards Board’s (FASB) current expected credit loss (CECL) standard. The House and Senate are both in session this week, and could vote on a farm bill, as well as a tax bill that contains two CUNA-supported extensions of expired tax provisions, H.R. 88.

in Legislative & Political News
Government Funding Bill Signed, NFIP Good Through Dec. 21

President Donald Trump signed a bill crafted by Congressional negotiators Thursday that will extend funding of the federal government, including the National Flood Insurance Program (NFIP), to Dec. 21.

in Legislative & Political News
Mulvaney Thanked for BCFP Tenure, CUNA Renews Call for Commission

CUNA wrote to Bureau of Consumer Financial Protection (BCFP) Acting Director Mick Mulvaney Thursday to thank him for his service during the 13 months he served as acting director for the agency. Kathy Kraninger was confirmed by the Senate to become bureau director Thursday; Mulvaney will continue his duties as director of the Office of Management and Budget.

in Legislative & Political News
‘New Era’ at BCFP Brings Opportunities for CUs, Nussle Pens in Op-Ed

CUNA President/CEO Jim Nussle addressed a “new era” at the Bureau of Consumer Financial Protection (BCFP) in a Credit Union Times op-ed Thursday with the confirmation of Director Kathy Kraninger. Kraninger was confirmed by Senate vote Thursday afternoon.

in Legislative & Political News
Consideration of Minimum Wage Increase Postponed, League Asks for Amendments

Assembly Labor Committee consideration of a bill (A-15) to increase the state’s minimum wage, originally scheduled for today, has been postponed. Friday, the New Jersey Credit Union League requested the bill be amended to provide relief to not-for-profits and increase the small employer threshold. 

in Legislative & Political News
NJCFE Hosts Free Financial Literacy Roundtable on Top Security Frauds in NJ

MANALAPAN, N.J. – The New Jersey Coalition for Financial Education (NJCFE) held a free Financial Literacy Roundtable at Navicore Solutions on Friday ahead of its board meeting. The keynote speaker, Christopher Gerold, Chief of the NJ Bureau of Securities, introduced attendees to the Bureau, explaining that its purpose is to protect investors from investment fraud, and regulating the securities industry in New Jersey. He then went on to list and explain the top 10 security frauds consumers should be aware of...

in NJ CU Foundation News
Acclaimed Author Malcolm Gladwell to Speak at 2019 CUNA GAC

CUNA announced that Malcolm Gladwell, author of New York Times bestselling books such as The Tipping Point and Blink, will deliver a keynote address at the 2019 CUNA Governmental Affairs Conference (GAC).

in Industry News
Extension Passed to Fund Government Through Dec. 21

The House and Senate have passed a two-week government spending bill that also reauthorizes the National Flood Insurance Program (NFIP) through Dec. 21. The president is expected to sign the measure, which must happen before midnight tonight to avoid a partial government shutdown.

in Legislative & Political News
NCUA Files FOM Appeal Brief

The National Credit Union Administration (NCUA) yesterday filed its brief for the appeal of the U.S. Court of Appeals for the D.C. Circuit decision in the American Bankers Association (ABA) lawsuit that challenged the agency's Field of Membership (FOM) rule. The lower court upheld two challenged portions of NCUA's FOM rule and struck down two provisions in the lawsuit filed against the agency.

in Compliance & Regulatory News
NCUA Board to Hear Regulatory Reform Final Report Dec. 13

The National Credit Union Administration (NCUA) board will hear recommendations from the agency’s Regulatory Reform Task Force at its Dec. 13 meeting. Scheduled for 10 a.m. the meeting is the board’s final of 2018 and will be streamed live at NCUA.gov.

in Compliance & Regulatory News
Kraninger Confirmed as BCFP Director, CUNA Outlines CU Priorities

The Senate voted 50-49 Thursday to confirm Kathy Kraninger as the next director of the Bureau of Consumer Financial Protection (BCFP). Kraninger replaces Acting Director Mick Mulvaney and will serve a five-year term as director.

in Legislative & Political News
Pending Regulatory Comment Calls

The IRS has published 83 FR 56763 in a recent Federal Register proposed amendments to the regulations relating to hardship distributions from section 401(k) plans. The amendments reflect statutory changes affecting section 401(k) plans, including recent changes made by the Bipartisan Budget Act of 2018. These regulations would affect participants in, beneficiaries of, employers maintaining, and administrators of plans that contain cash or deferred arrangements or provide for employee or matching contributions. Comments and requests for a public hearing must be received by January 14, 2019.

in Compliance & Regulatory News
BCFP Issues 2019 Regulations Z and M Dollar Thresholds

The Bureau of Consumer Financial Protection (BCFP), along with the Federal Reserve Board, updated the dollar thresholds in Regulation Z (Truth in Lending or TILA) and Regulation M (Consumer Leasing) that will apply for determining exempt consumer credit and lease transactions in 2019. The Dodd-Frank Act requires these thresholds be adjusted annually based on changes to the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).

in Compliance & Regulatory News
NCUA Releases Q3 2018 Credit Union System Performance Data

ALEXANDRIA, Va. – Data on the financial performance of federally-insured credit unions for the quarter ending Sept. 30, 2018, are now available from the National Credit Union Administration (NCUA).

in Compliance & Regulatory News
Interagency Regulators Encourage BSA Innovation

The Federal Reserve Board, Federal Deposit Insurance Corporation (FDIC), Financial Crimes Enforcement Network (FinCEN), National Credit Union Administration (NCUA), and Office of the Comptroller of the Currancy (OCC) have issued a joint statement to encourage banks and credit unions to consider, evaluate, and, where appropriate, responsibly implement innovative approaches to meet their Bank Secrecy Act/anti-money laundering (BSA/AML) compliance obligations.

in Compliance & Regulatory News
Gov. Murphy to Chair DGA During 2020 Presidential Election

The Democratic Governors Association (DGA) has announced Gov. Phil Murphy as its pick to chair the nationwide association for 2020, clearing the way for the state to be in the national spotlight ahead of the presidential elections that year.

in Legislative & Political News
CUNA Launches 2019 Small CU Scholarship Contest for GAC

For the second straight year, CUNA will award two small credit unions full scholarships to the CUNA Governmental Affairs Conference (GAC) via a contest run through the CUNA Small Credit Union Community, sponsored by CUNA Mutual Group.

in Legislative & Political News
AI and Financial Records Access on Today’s BCFP Advisory Councils Agenda

The Bureau of Consumer Financial Protection’s (BCFP) advisory councils, including the Credit Union Advisory Council (CUAC), will hold a public meeting today from 1:00-3:45 p.m. to discuss artificial intelligence (AI) in consumer financial services and consumer access to financial records.

in Compliance & Regulatory News
BCFP Director Vote Today

The Senate will vote today on the nomination of Kathy Kraninger to lead the Bureau of Consumer Financial Protection (BCFP). Kraninger was nominated to replace Acting Director Mick Mulvaney and was approved by the Senate Banking Committee in August.

in Legislative & Political News
Treasury Recommends Against Postal Banking Services

A Treasury task force report on how to overhaul the U.S. Postal System to return it to sustainability released Tuesday specifically noted that the US Postal Service (USPS) should not pursue postal banking given its "narrow expertise and capital limitations."

in Legislative & Political News
IRS Notes Increase in Phishing Scams, Issues Warning

Noting a 60 percent increase in "bogus" email schemes seeking to steal money or tax data in 2018, the IRS Tuesday warned consumers to be on the lookout for "new, sophisticated email phishing scams" during the holidays and the 2019 tax filing season.

in Industry News
Several Concerns in NCUA’s Appraisals Proposal Noted

CUNA generally supports the National Credit Union Administration (NCUA)’s proposed rule on real estate appraisals; however, it recommended several substantive changes in potentially problematic areas in its comment letter submitted Monday.

in Compliance & Regulatory News
CUNA Talks CU Jobs, Rule-makings with DOL

CUNA met with the Department of Labor (DOL) Monday to discuss several credit union related issues. In addition to discussions on DOL rule-makings, CUNA provided the agency with data estimating the credit union sector supports nearly 900,000 jobs nationally.

in Compliance & Regulatory News
CUNA, Leagues, CUs Talk ADA Concerns at DOJ Roundtable

CUNA, leagues and credit unions participated in a Department of Justice (DOJ) roundtable Monday to discuss topics related to the Americans with Disabilities Act (ADA). Credit unions in more than 30 states are facing lawsuits due to ambiguity about how the ADA applies to Web site, and CUNA has made finding a solution a top priority.

in Legislative & Political News
This Week on Capitol Hill

Due to the passing of former President George H.W. Bush, the House will not vote this week and the Senate is not expected to be in before Wednesday.

in Legislative & Political News
U.S. Department of the Treasury’s FinCEN and Federal Banking Agencies Issue Joint Statement Encouraging Innovative Industry Approaches to AML Compliance

WASHINGTON— As a result of a working group established by the U.S. Department of the Treasury’s Office of Terrorism and Financial Intelligence and the Federal depository institutions regulators, the Financial Crimes Enforcement Network (FinCEN) and its regulatory partners issued a joint statement to encourage banks and credit unions to take innovative approaches to combating money laundering, terrorist financing, and other illicit financial threats. 

in Compliance & Regulatory News
Beware of the “Grandparent” Scam this Holiday Season!

In 2018, according to the Consumer Sentinel Network, it has seen a striking increase in the median dollar amount that people 70 and over are saying they lost to fraud. Digging into the data, they found common stories with an unusual twist: people 70 and older report mailing huge amounts of cash to people who pretended to be their grandchildren.

in Risk Alerts
Latest Data-breach Impacts 500 Million Over Four Years

Marriott International revealed last week that as many as 500 million customers had personal information including names, addresses, payment card details and passport numbers compromised in a data breach going as far back as 2014.

in Legislative & Political News
House Republicans Name Ranking Members for 116th Congress

The House Republican Conference chose ranking members for House committees in the 116th Congress last week, with several credit union supporters being named ranking members of notable committees. With Democrats taking control of the House for the next Congress, Democratic lawmakers will chair all House committees, with Republicans serving as ranking members.

in Legislative & Political News
House Dems Hold Elections, Pelosi Nominated for Speaker

The House Democratic Caucus conducted leadership elections for the 116th Congress this week, with many credit union-friendly lawmakers taking leadership roles. Current House Minority Leader Nancy Pelosi (D-Calif.) was nominated as Speaker of the House for the 116th Congress.

in Legislative & Political News
BCFP Nomination Moves Closer to Final Vote

The Senate voted 50-49 to end debate on the nomination of Kathy Kraninger to lead the Bureau of Consumer Financial Protection (BCFP) Thursday, setting up a final vote on the nomination in the coming days. Kraninger was nominated to replace Acting Director Mick Mulvaney. The Senate Banking Committee approved her nomination in August.

in Legislative & Political News
NFIP Extension Passes Congress

Both the House and Senate passed a bill Thursday to extend the National Flood Insurance Program (NFIP) until Dec. 7. The program was set to expire at midnight tonight if the extension wasn't passed.

in Legislative & Political News
Needed BSA/AML Relief Outlined for Senate Committee

CUNA and the state leagues support efforts to track money laundering and terrorist financing but also believe it's important to strike the balance between the costs to financial institutions and the benefits to the federal government. CUNA sent a letter for the record of a Senate Banking Committee hearing on combating illicit finance.

in Legislative & Political News
BCFP Director Confirmation Expected

The Senate could vote on the nomination of Kathy Kraninger to lead the Bureau of Consumer Financial Protection (BCFP). Kraninger currently serves as an associate director at the Office of Management and Budget (OMB). President Donald Trump nominated her in June to lead the Bureau.

in Legislative & Political News
FHFA Conforming Loan Limits Increased for 2019

The Federal Housing Finance Agency (FHFA) announced Tuesday its maximum conforming loan limits for mortgages acquired by government-sponsored enterprises Fannie Mae and Freddie Mac will increase in 2019 to a level of $484,350, an increase from $453,100 in 2018.

in Industry News
Faster Payments Webinar Recording Available

CUNA members can register for free to access a recording of Wednesday's webinar on the Federal Reserve’s development of faster payments. The webinar was designed to answer member questions and solicit feedback for CUNA’s comments. The recording will be posted within the next 48 hours, and it features a discussion of faster payments as CUNA prepares its comments for the Fed, due Dec. 14.

in Compliance & Regulatory News
BCFP’s Office of Cost Benefit Analysis Consistent with CUNA Recommendations

The Bureau of Consumer Financial Protection (BCFP) seeks an individual to lead a new Office of Cost Benefit Analysis, according to a notice posted Monday. CUNA and the state leagues have repeatedly called on the BCFP to conduct more comprehensive cost-benefit research and analysis in connection with its rule-makings and supervisory activities. It was among the numerous recommendations contained in the regulatory relief white paper CUNA submitted to the BCFP this past summer.

in Compliance & Regulatory News
One-week Flood Insurance Extension Up

The House is expected to vote on a one-week extension of the National Flood Insurance Program (NFIP) as early as today. The NFIP expires at midnight Friday.

in Legislative & Political News
CUNA Calls for CU Relief Changes in New Tax Bill

CUNA raised concerns with several taxes contained in the Tax Cuts and Jobs Act in a Tuesday letter to Capitol Hill lawmakers. The letter was sent to Sen. Orrin Hatch (R-Utah), Sen. Ron Wyden (D-Ore.), Rep. Kevin Brady (R-Texas) and Rep. Richard Neal (D-Mass.) in response to Monday night’s release of the Retirement, Savings and Other Tax Relief Act of 2018 (H.R. 88).

in Legislative & Political News
NCUA Selects Leventis as Chief Economist

ALEXANDRIA, Va. – The National Credit Union Administration (NCUA) has selected Andrew Leventis as its new Chief Economist.

in Industry News
NCUA Issues Fourth Quarter Newsletter

ALEXANDRIA, Va. – The National Credit Union Administration (NCUA) released the fourth quarter edition of its online newsletter.

in Compliance & Regulatory News
Bowman Sworn into Fed

Former Kansas Bank Commissioner Michelle Bowman was sworn-in Monday to serve on the Federal Reserve Board. Bowman is the first Fed governor to fill a spot designated for someone with community banking experience.

in Legislative & Political News
Marijuana Legalization Clears Joint-Committee

Legislation (S2703) that would legalize recreational use marijuana in New Jersey gained the approval of the Senate Budget and Appropriations Committee and the Assembly Appropriations Committee during a joint hearing Monday. The joint-committee voted seven to four in the Senate and six to three in the Assembly in support of the legalization, taxation and regulation of small amounts of marijuana for adults 21 years and older.

in Legislative & Political News
Sign-up for December 11 Hike-the-Hill

The New Jersey Credit Union League (NJCUL) has scheduled a Hike-the-Hill for Tuesday, December 11.

in Legislative & Political News
CUNA Backs Consideration of BCFP Director, Calls for Commission

While the nomination of a permanent director to lead the Bureau of Consumer Financial Protection (BCFP) is a positive development, CUNA believes the best solution is a multi-member, bipartisan commission. CUNA wrote to Senate leadership Monday in advance of upcoming Senate consideration of Kathy Kraninger to lead the Bureau as director.

in Legislative & Political News
CUNA Engaged with Kraninger Vote, Hearings this Week

CUNA is engaged with several hearings in Congress this week, as well as a Senate confirmation vote on the director of the Bureau of Consumer Financial Protection (BCFP). CUNA wrote to Senate leadership Monday in advance of its expected vote on Kathy Kraninger to lead the Bureau.

in Legislative & Political News
America’s Credit Unions Invited to “Vote for Miracles”

Annual campaign to benefit children’s hospitals kicks off today, aims to generate one million votes

SALT LAKE CITY, UT – With the simple click of a mouse, credit union members and employees can make a difference in the lives of sick and injured children in their community.

in Industry News
NJ lawmakers unveil legislation legalizing marijuana

TRENTON, N.J. – New Jersey lawmakers on Wednesday unveiled their latest proposal to legalize recreational marijuana for people 21 and over, according to the Associated Press. A joint Democrat-led Assembly and Senate committee is expected to discuss the measures Monday.

in Compliance & Regulatory News
Payroll Tax Gets Council Approval in Jersey City

The Jersey City Council last week approved an ordinance imposing a one percent tax on the payroll of out-of-town employees starting January 1. Mayor Steve Fulop is expected to sign the measure.

in Legislative & Political News
NCUA Announces 2019 Board Meeting Schedule

The National Credit Union Administration (NCUA) board has announced its meeting schedule for 2019. The open board meetings are generally held at 10 a.m. at the agency’s Alexandria, Va. headquarters, and video is live streamed on NCUA.gov.

in Compliance & Regulatory News
Next BCFP CUAC Meeting Scheduled for Dec. 6

The Bureau of Consumer Financial Protection (BCFP) will host its next Credit Union Advisory Council (CUAC) meeting Dec. 6, according to a notice published Wednesday in the Federal Register. According to the Bureau, it will be conducted via conference call, and members will receive the agenda when they RSVP.

in Compliance & Regulatory News
Reassigned Numbers Database on FCC Dec. 12 Agenda

The Federal Communications Commission’s (FCC) December 12 agenda includes a vote to issue a rulemaking to create a single, comprehensive reassigned numbers database to aid in the elimination of illegal robocalls.

in Compliance & Regulatory News
IRS Issues Warning on New Internet Tax Scam

The Internal Revenue Service (IRS) and Security Summit partners Monday warned the public of a surge of fraudulent emails impersonating the IRS and using tax transcripts as bait to entice users to open documents containing malware.

in Industry News
HUD Secretary Carson Visits CU Receiving CDRLF Grant

Department of Housing and Urban Development (HUD) Secretary Ben Carson visited HUD FCU in Washington, DC earlier this week as the credit union received a $10,000 grant from the National Credit Union Administration (NCUA)'s Community Development Revolving Loan Fund (CDRLF) for leadership development.

in Legislative & Political News
CUNA to Host Webinar on Fed Faster Payments Nov. 28

CUNA will conduct a webinar on the Federal Reserve’s development of faster payments, designed to answer member questions and solicit feedback for CUNA’s comments. Registration is currently open for the free, members-only webinar, scheduled for noon on Wednesday, Nov. 28.  

in Compliance & Regulatory News
CUNA Urges OCC to Ensure CUs Remain Out of CRA

CUNA advocated against efforts to have the Office of the Comptroller of the Currency (OCC) recommend that the Community Reinvestment Act be expanded to apply to credit unions in a letter written Tuesday. CUNA responded to an advanced notice of proposed rulemaking from the OCC on reforming the CRA regulatory framework.

in Legislative & Political News
October 2018 NCUA Budget Briefing and Board Meeting Videos Available

ALEXANDRIA, Va. – The video recordings of the National Credit Union Administration (NCUA)’s Oct. 17, 2018, public budget briefing and Oct. 18, 2018, open Board meeting are now available on the agency’s Web site.

in Compliance & Regulatory News
NJEDA Establishes Small Business Unit

To help advance a key component of Gov. Phil Murphy’s comprehensive economic plan, the NJ Economic Development Authority (NJEDA) announced it has realigned operations to better foster a dynamic, supportive environment for the state’s entrepreneurs and small businesses, including the creation of a new dedicated small business unit. This follows other recent efforts of the NJEDA focused on increasing access to growth capital for historically underrepresented businesses.

in Industry News
Fed Offering Webinar on Settlement Service Proposal

The Federal Reserve is offering a webinar Monday on its recent proposal to develop a 24/7/365 real-time gross settlement (RTGS) service to facilitate interbank settlement of faster payments.

in Compliance & Regulatory News
CUNA to Focus on Tax Extenders, UBIT, Excise for Rest of 2018

As both 2018 and the 115th Congress wind down, CUNA will pursue several credit union priorities in the next few weeks. Congress will also work toward funding the federal government, which expires Dec. 7.

in Legislative & Political News
Happy holidays! Shopping tips from the Federal Trade Commission

The gift-giving season is just around the corner, and the gift-buying season starts, oh, any minute now. The Federal Trade Commission (FTC) has an early gift for you — tips to help you shop wisely and protect your personal information.

in Compliance & Regulatory News
BCFP Confirmation Vote Set for Next Week

Senate Majority Leader Mitch McConnell (R-KY) filed cloture Thursday on several nominations, including Kathy Kraninger to lead the Bureau of Consumer Financial Protection (BCFP), setting up a Senate vote on confirmation for the week after Thanksgiving.

in Legislative & Political News
CECL Delay Made Official by FASB

The Financial Accounting Standards Board (FASB) has officially issued an update to its current expected credit losses (CECL) standard, delaying implementation for credit unions for fiscal years beginning after December 2021. CUNA strongly pushed for the delay for help credit unions come into compliance.

in Compliance & Regulatory News
NCUA Board Approves 2019-2020 Budgets

ALEXANDRIA, Va. – The National Credit Union Administration (NCUA) Board held its 10th open meeting of 2018 at the agency’s headquarters today and unanimously approved two items.

in Compliance & Regulatory News
Summary of NCUA's November 15 Open Board Meeting

At Thursday's meeting, the National Credit Union Administration (NCUA) Board was briefed on the status of the Share Insurance Fund; approved the 2019-2020 budgets; and issued a proposed rule on fidelity bonds.

in Compliance & Regulatory News
CUNA Mutual Group Free Webinar on Emerging Risks December 5th

Join CUNA Mutual Group on Wednesday, December 5th at 2:00 p.m. for a free webinar on Emerging Risks. Register today for an exclusive and interactive discussion with CUNA Mutual Group’s Senior Risk & Compliance Consultants.

in Compliance & Regulatory News
CUNA applauds FHFA efforts to address pre-launch UMBS concerns

CUNA applauds the Federal Housing Finance Agency (FHFA) efforts to address investor concerns surrounding the Uniform Mortgage-Backed Security (UMBS) before the security is launched in the to-be-announced market on June 9, 2019. CUNA filed its letter with the agency Thursday in response to a proposed rule on the uniform security.

in Legislative & Political News
CUNA approves of strong GSE capital reqs, has impact concerns

CUNA welcomes the Federal Housing Finance Agency’s (FHFA) efforts to adopt strong capital requirements, but has concerns about the lack of analysis of the impact on the cost of conventional mortgage credit in the primary market. CUNA filed a comment letter with FHFA Thursday in response to a proposed rule on capital requirements for government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac.

in Legislative & Political News
Project Zip Code, More Important Than Ever

While there are still some races in last week’s mid-term elections that have yet to be decided, it is clear that an unusually large number of new lawmakers will descend on Capitol Hill when the116th Congress convenes on January 3rd.

in Legislative & Political News
Faster Payments Council Launches

The U.S. Faster Payments Council (FPC), which will coordinate the remaining implementation work identified by the Federal Reserve's task forces to modernize the U.S. payment system, launched Tuesday.

in Compliance & Regulatory News
CUNA Calls for UBIT Delay Until IRS Provides Clarification

The Internal Revenue Service and Treasury should delay new Unrelated Business Income (UBIT) taxes until the IRS issues clear and final rules, CUNA and other organizations wrote to the IRS. CUNA wrote to the IRS to specifically request a delay in the implementation of the new taxes.

in Legislative & Political News
Rep. McCarthy Elected Minority Leader

House Republicans conducted leadership elections Wednesday, filling positions for the 116th Congress. Rep. Kevin McCarthy (R-CA) was named House minority leader.

in Legislative & Political News
District 3 Race Called, Andy Kim to Replace Tom MacArthur in Next Congress

While there are still some races in last week’s midterm elections that have yet to be decided, the suspense over New Jersey’s remaining race finally lifted Wednesday afternoon when Democrat challenger Andy Kim was declared the winner over two-term Republican incumbent Tom MacArthur in the 3rd Congressional District.

in Legislative & Political News
NCUA Encourages CUs to Conduct Voluntary Credit Union Diversity Self-Assessment

ALEXANDRIA, Va. - The National Credit Union Administration (NCUA) sent a Letter to Credit Unions (18-CU-05) that explains that federally-insured credit unions, especially those with 100 or more employees, are encouraged to conduct and submit the annual Voluntary Credit Union Diversity Self-Assessment to the NCUA’s Office of Minority and Women Inclusion before December 31, 2018. The NCUA encourages credit unions to use the self-assessment as a source of diversity best practices and as a tool to assess and guide diversity efforts.

in Compliance & Regulatory News
CUNA Mutual Group Risk Alert: Don’t Let Holiday Fun Ruin Your Credit Union Reputation

As the holiday season approaches, credit unions will host company parties. These events can be a great way to reward employees and volunteers for their hard work and boost employee morale. Don’t let the benefits of these celebrations overshadow the legal and safety risks they can create. Plan ahead now to keep these celebrations and preparation both safe and fun. Organizing events introduces uncertainties and uncertainties can quickly result in harm to people, property, and reputation.

in Risk Alerts
CUNA Continues Work to Fix Excise Tax Disparity in TCJA

CUNA is continuing its advocacy with lawmakers to secure a fix for an excise tax contained in the Tax Cuts and Jobs Act of 2017 (TCJA). The new law requires tax-exempt entities to pay a 21% excise tax on the five highest-paid employees’ compensation that individually exceed $1 million annually, effective Jan. 1, 2018.

in Legislative & Political News
CU Priorities for BCFP Raised at SBA Roundtable

CUNA participated in a roundtable Thursday led by the Small Business Administration's Office of Advocacy to discuss the latest Bureau of Consumer Financial Protection (BCFP) rule-making agenda, which was released last month.

in Compliance & Regulatory News
NTIA Should ‘Seriously Consider’ CU Data Security Priorities

Credit unions have a long history of safeguarding information and are subject to numerous requirements, unlike others that use or maintain consumer information, CUNA wrote to the National Telecommunications and Information Administration (NTIA) Friday. CUNA sent its comments in response to a request for comment on developing an administration policy for consumer data privacy.

in Legislative & Political News
CUNA Attends Fed Faster Payments Town Hall

CUNA attended Friday’s Faster Payments Town Hall meeting in Minneapolis, part of the Federal Reserve’s series of town halls on the topic. The Fed is currently seeking comments on potential actions it can take to support interbank settlement of faster payments through Dec. 14.

in Compliance & Regulatory News
Congress Returns for Lame Duck Session

The House and Senate return to session this week following the mid-term elections and have a number of items to address during the lame duck session.

in Legislative & Political News
Fed Holds Rates, On Track for December Hike

As was expected, the Federal Open Market Committee (FOMC) did not raise rates at the close of its two-day meeting Thursday despite citing a strengthening labor market and increased economic activity.

in Industry News
Jersey City Payroll Tax Advances

The Jersey City Council introduced the payroll tax ordinance by a 7-0-1 vote. Wednesday's 90-minute hearing was the first time the council heard from the public on the proposed payroll tax, which would amount to one percent on any business's total non-resident payroll. The wages of Jersey City residents would be exempt. The council is expected to hold a final vote on the plan by the end of the year. All the money would be set aside for schools.

in Legislative & Political News
Jersey Shore Federal Credit Union Raises $1,205 for K9 Warriors Inc.

On Friday, October 26th, Jersey Shore Federal Credit Union’s Social Action Committee presented a check for $1,205 to Gabriel Ruiz, Founder and CEO of K9 Warriors Inc. to help with the cost of training K9s for Combat Veterans in our area. All CU employees make a donation for the privilege to wear jeans on Fridays and the money from this drive during the second and third quarter funded this donation.

in Credit Union News
CU Professionals from Three CUs Complete Financial Counselor Training

HIGHTSTOWN, N.J. – Credit union professionals from Credit Union of New Jersey, Members 1st of NJ FCU, and Princeton FCU completed Part 2 of Financial Counselor Training (FiCEP) offered here in New Jersey through a partnership between NJCUL, the National Credit Union Foundation, and CUNA.

in Credit Union News