Legislative & Political News

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.

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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.

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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.

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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.

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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.

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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.

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‘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.

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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. 

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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.

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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.

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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.

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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.

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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.

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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."

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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).

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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CUNA to pursue ‘tax extenders’ during final months of 2018

CUNA will pursue the extension of two expired tax cuts, known as “tax extenders,” during the final months of the 115th Congress. Tax extenders are temporary tax provisions, generally cuts, that have scheduled expiration dates, but are often extended by Congress.

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CUNA election whitepaper highlights election’s impact on CUs

Despite the divided Congress that will take office in January, CUNA, leagues and credit unions are well-positioned in a challenging legislative environment, CUNA noted in its post-election whitepaper, released Thursday. Titled “Credit Union-Friendly Majority in a Divided Congress,” the paper provides a comprehensive breakdown of credit union involvement in the election, what the results mean and CUNA’s plans for the 116th Congress.

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CUNA’s Nussle, Donovan, Gose talk post-election picture for CUs

"Credit unions are well positioned after Tuesday’s election into the 116th Congress," CUNA President/CEO Jim Nussle said during CUNA’s post-election webinar Thursday. Nussle was joined by Chief Advocacy Officer Ryan Donovan and Chief Political Officer Richard Gose to break down the election results, which can also be found in great detail in CUNA’s post-election whitepaper.

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Nussle, CUNA Leaders to Talk Election Results in Webinar Today

CUNA President/CEO Jim Nussle and other CUNA leaders will break down what a Democrat-controlled House and a larger Republican majority in the Senate means for credit unions Thursday in a free webinar for CUNA members. Nussle will be joined by Chief Advocacy Officer Ryan Donovan and Chief Political Officer Richard Gose.

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Congressman-Elect Jeff Van Drew at Rider University on Monday

Congressman-elect Jeff Van Drew will be the guest speaker at Rider University’s Rebovich Institute of Politics on Monday, November 12. The event is free and open to the public. NJCUL Vice President of Corporate and Governmental Affairs will be in attendance. Interested credit union advocates are encouraged to attend as well. Please contact Chris Abeel for additional information and registration, or feel free to register directly here.

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Ten State Legislative Vacancies Decided Tuesday

New Jersey state legislative elections are held in even years but Tuesday there were ten special legislative elections, one for the state Senate and nine for the Assembly. These were essentially ratifications of the local Democratic parties’ choices to fill seats that had been vacated over the last year. 

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John Kerry, 68th Secretary of State, to Address CU Leaders at 2019 CUNA GAC

2004 Democratic presidential nominee and former secretary of State, John Kerry, will bring his extensive experience and insights directly to the leaders of the credit union movement as he delivers the key note address at the 2019 CUNA Governmental Affairs Conference (GAC) in March.

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CUNA to Host Post-Election Landscape Webinar Nov. 8

CUNA staff will host a post-election webinar Thursday, where CUNA President/CEO Jim Nussle, Chief Advocacy Officer Ryan Donovan, Chief Political Officer Richard Gose and Deputy Chief Advocacy Officer for Political Action Trey Hawkins will give a comprehensive breakdown on how the election results will shape CUNA advocacy efforts going forward.

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CUs Can Find Voting Info at CreditUnionsVote.com

With election day tomorrow, CUNA’s “Credit Unions Vote” campaign is still underway, and voters can use CUNA’s CreditUnionsVote.com Web site to make the process easier. The site lets visitors enter basic information to check voter registration status, find their polling place, tweet about voting and more.

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2018 Election Poised for Record-breaking $5.2 Billion in Spending, CULAC Remains Evenly Bi-partisan While Securities & Investment Industry Favors Dems and Bankers GOP

The Center for Responsive Politics (CRP) projects that more than $5.2 billion will be spent this election cycle, making it the most expensive midterm election by a wide margin. The overall estimated cost would represent a 35 percent increase over the 2014 cycle in nominal dollars, the largest increase in at least two decades.

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CUNA Site Highlights CU-backed Candidates in Tuesday’s Mid-term Elections

CUNA has launched a Web site highlighting each of the candidates supported by CUNA, the state leagues and credit unions in the 2018 mid-terms. CUNA and the leagues have invested nearly $7 million on more than 380 pro-credit union candidates for the U.S. House and Senate from across the nation.

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One Week Until Mid-term Elections: NJ Candidates Supported, Voter Resources Available

CUNA and the state leagues have invested nearly $7 million in over 380 pro-credit union U.S. House and Senate candidates across the nation. This support included not only direct contributions to candidate campaign committees by CULAC, the Credit Union Legislative Action Council, but direct voter engagement via mailers, and television, radio and online ads in targeted districts.

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Paid Family Leave Expansion Awaits Floor Votes

Legislation (S2528) that would expand benefits under the state’s paid family leave has received final committee approval and is awaiting a vote by the full Senate. The Assembly companion bill (A3975) has been reported to the floor and is awaiting a vote by the full Assembly.

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CUNA’s ‘CUs vote’ MAP campaign emphasizes CU engagement

As the Nov. 6 mid-term election approaches, credit unions have a lot at stake in the new Congress. The 115th Congress brought major wins for credit unions, and CUNA, leagues and credit unions are already focused on continuing the momentum in the next Congress.

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Congressional Delegation Thanked for Taxi Medallion Letter

New Jersey Credit Union League (NJCUL) President/CEO David Frankil Thursday wrote members of Congress from New Jersey to thank them for adding their name to the delegation letter to NCUA Chairman J. Mark McWatters on the agency’s treatment of taxi medallion loans.

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Congressman MacArthur Visits First Atlantic FCU, Meets with CU Advocates

Congressman Tom MacArthur (R-3) visited the Toms River Store of First Atlantic FCU to tour the facility and meet with the New Jersey Credit Union League (NJCUL) and credit union advocates. MacArthur serves on the House Financial Services Committee and has been a strong credit union supporter while serving in Congress.

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Final Independent Expenditure for 2018 Midterm Election Launched

Credit Union Legislative Action Council (CULAC), the CUNA/League System’s federal political action committee (PAC), launched its final independent expenditure (IE) for the 2018 midterm election cycle Tuesday. CULAC is ranked among the top five largest PACs for trade associations. 

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CUNA Advocacy Priorities Reflected in BCFP Rule-Making Agenda

The Bureau of Consumer Financial Protection (BCFP) issued its Fall 2018 rule-making agenda this week, with several items reflecting CUNA’s advocacy with the Bureau. The agenda is a snapshot of the Bureau’s regulatory priorities over the coming months into 2019.

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REMINDER: The New NJ Paid Sick Leave Law takes effect October 29, 2018

Effective October 29, 2018, most private sector employers in New Jersey will be required to provide at least 40 hours of paid sick leave in a 12-month period to every New Jersey employee for their own diagnosis, treatment, or preventative care, or, for that of a family member. The law covers most employers and does not include a small business exemption or minimum number of employees. While there are a few exemptions for certain types of employees or employment situations, a credit union or credit union employee would not fall into one of the exemptions.

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Mid-term Support for Candidates Covered by Washington Publications

CUNA support for credit union-friendly candidates in this year’s mid-term election was covered by two Washington, D.C. publications Wednesday. CUNA announced several independent expenditures Wednesday, which follows a similar announcement several weeks ago, part of the $7 million CUNA is investing in this year’s mid-terms.

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CUNA Launches First Round of Independent Expenditures for 2018 Midterms

Credit Union Legislative Action Council (CULAC), the federal PAC of CUNA, is launching its first round of independent expenditures (IEs) for the 2018 midterm election cycle. The IEs are being launched in various stages throughout the week.

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Paid Family Leave Bill Signed by Governor

Gov. Phil Murphy has signed legislation (A2762, now P.L. 2018, c.122) designed to increase the use of the State’s paid family leave insurance law for pregnancy or child birth.

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Electronic Payments Fraud Growing, Fed Study Finds

A new Federal Reserve study found that between 2012 and 2015, the value of fraudulent electronic payments increased 37 percent, driven primarily by card fraud. During the same time period, the total value of electronic payments increased only 12 percent.

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Special Advocacy Reception at Convention Puts Credit Union Volunteers at the Forefront of Political Advocacy

As part of its initiative to educate, train, and build an “army” of volunteer advocates, the New Jersey Credit Union League has extended an invitation to all New Jersey credit union volunteers attending its 2018 Convention to a special Advocacy Reception Sunday at 2:15 pm with special guest State Senator Jeff Van Drew, the leading candidate to replace retiring Congressman LoBiondo in the 2nd District.

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Administration Working on Housing Finance Reform, Top Aide Tells Mortgage Bankers

In comments Monday during the Mortgage Bankers Association annual conference, Treasury Secretary Steven Mnuchin’s top housing advisor Craig Phillips told the crowd that the Trump administration is working to end the conservatorship of Fannie Mae and Freddie Mac.

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Secure Choice Savings Program Passes Assembly Committee

The Assembly Financial Institutions and Insurance Committee Monday approved by an 8-3 vote legislation (A4134) that would establish a retirement savings program for certain private sector employees, the “New Jersey Secure Choice Savings Program.” The Senate companion bill (S2891) was scheduled for consideration by the Senate Labor Committee on Sept. 12 but was held at the sponsor’s request.

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Minimum Wage to Increase January 1

The NJ Department of Labor and Workforce Development (LWD) announced that New Jersey’s current state minimum wage of $8.60 will increase to $8.85 on January 1, 2019.

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Paid Family Leave on Today’s Senate Budget Committee Agenda

Legislation (S2528) that would expand benefits under the state’s paid family leave law is scheduled to be considered today by the Senate Budget Committee. The measure was approved by the Senate Labor Committee in May. The Assembly companion bill (A3975) has been reported to the floor and is awaiting a vote by the full Assembly.

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Secure Choice Savings Program Up in Assembly Committee Today

Legislation (A4134) that would establish the “New Jersey Secure Choice Savings Program,” a retirement savings program for certain private sector employees, is on today’s Assembly Financial Institutions and Insurance Committee agenda. The Senate companion bill (S2891) was scheduled for consideration by the Senate Labor Committee on Sept. 12 but was held at the sponsor’s request.

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League, CU Advocates Meet with Congressman Gottheimer

The New Jersey Credit Union League (NJCUL) and credit union advocates met Friday with Congressman Josh Gottheimer (D-5). Gottheimer serves on the House Financial Services Committee.

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Paid Family Leave on Monday’s Senate Budget Committee Agenda

Legislation (S2528) that would expand benefits under the state’s paid family leave law is scheduled to be considered Monday by the Senate Budget Committee. The measure was approved by the Senate Labor Committee in May. The Assembly companion bill (A3975) has been reported to the floor and is awaiting a vote by the full Assembly.

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Secure Choice Savings Program Up in Assembly Committee Monday

Legislation (A4134) that would establish the “New Jersey Secure Choice Savings Program,” a retirement savings program for certain private sector employees, is on Monday’s Assembly Financial Institutions and Insurance Committee agenda. The Senate companion bill (S2891) was scheduled for consideration by the Senate Labor Committee on Sept. 12 but was held at the sponsor’s request.

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Senate Banking Committee Cryptocurrency, Blockchain Hearing Today

The Senate Banking Committee will hold a hearing on “Exploring the Cryptocurrency and Blockchain Ecosystem” today. Scheduled to testify are Dr. Nouriel Roubini, Professor of Economics and International Business, New York University Stern School of Business; and Mr. Peter Van Valkenburgh, Director of Research, Coin Center.

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FCC issues call for public input on definition of autodialer

The Federal Communications Commission (FCC) has issued a proposal seeking further comment on the definition of an autodialer under the Telephone Consumer Protection Act (TCPA). CUNA has called on the FCC to clarify the definition of autodialer in a May petition to the FCC.

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Putting CUs under CRA is ‘a step backwards,’ Donovan in The Hill

Sen. Elizabeth Warren’s (D-Mass.) proposal to place credit unions under the Community Reinvestment Act (CRA) would be a step backward in access to affordable mortgage credit, CUNA Chief Advocacy Officer Ryan Donovan wrote in The Hill Wednesday. Donovan’s op-ed was written in response to Warren’s bill that contains a provision placing credit unions under the CRA.

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CUNA writes full Senate to oppose CRA provision in S. 3503

While the American Housing and Economic Mobility Act of 2018 (S. 3503) has a laudable goal, its provision to extend the Community Reinvestment Act (CRA) to credit unions runs counter to the goal of increasing access to credit. CUNA President/CEO Jim Nussle wrote to all 100 Senators Wednesday to oppose the section in S. 3503 that would expand the reach of the CRA to credit unions, including to Sen. Elizabeth Warren (D-Mass.), the bill’s sponsor.

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McWatters Raises CU Priorities at Senate Hearing on S. 2155 Implementation

A number of credit union priorities were discussed during yesterday's Senate Banking Committee hearing on financial regulators' implementation of the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155), including serving underserved communities, exam efficiency, cybersecurity and creating a faster, real-time payments system.

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Push for BCFP Guidance on S. 2155 Provisions Continues

CUNA applauds the National Credit Union Administration’s timely implementation of provisions in the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) and continues to await fulfillment of several provisions by the Bureau of Consumer Financial Protection (BCFP).

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CUNA to Invest $7M in Mid-Term Elections

CUNA and the state leagues are investing a record-breaking $7 million in support of credit union-friendly candidates for the 2018 mid-term election cycle with most of the expenditures coming via from the Credit Union Legislative Action Council (CULAC), the federal political action committee of CUNA and the state leagues.

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Governor Murphy Unveils Economic Development Plan

Governor Phil Murphy Monday unveiled his economic development strategic plan – “The State of Innovation: Building a Stronger and Fairer Economy in New Jersey” – to set New Jersey on the path to a stronger future where innovation and diversity are at the forefront of the state’s economy.

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S. 2155, Money Laundering Hearings this Week

CUNA will be engaged with a hearing on the implementation of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) this week, in addition to other activities on Capitol Hill this week. NCUA Chairman J. Mark McWatters will be one of several federal financial regulators expected to testify at the hearing, which will be conducted by the Senate Banking Committee.

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CUNA Praised for S. 2155 Digital Grassroots Campaign

CUNA was recognized last week for its grassroots success in getting tens of thousands of messages to Capitol Hill lawmakers in support of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). CUNA’s grassroots engagement with credit union leaders, which started at the 2018 CUNA Governmental Affairs Conference, resulted in more than 50,000 messages sent to Congress, and the bill being signed into law in May.

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NJ Attorney General Announces Historic Settlement Resolving Uber Data Breach

NJ Attorney General Gurbir Grewal announced Wednesday that the ride-sharing company Uber Technologies, Inc. has agreed to pay a total of $148 million to resolve a multi-jurisdiction investigation into a data breach that compromised the personal information of Uber riders and drivers.

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Pre-Tax Transportation Benefit Mandate Passes State Senate

Legislation (S1567) that would require most employers to offer pre-tax transportation spending accounts passed the NJ State Senate by a 23-14 vote Thursday. A companion bill (A2425) has been reported favorably from committee in the lower chamber and is awaiting consideration by full Assembly.

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Fintech Could Cause Next Financial Crisis

As a House Financial Services sub-committee readies for today’s hearing to examine opportunities in the financial space for fintech, new research suggests that unregulated fintech companies could set the stage for another financial crisis.

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Fed Hikes Rates, Anticipates Another Increase Before Year-end

The Federal Open Market Committee (FOMC) decided Wednesday to raise the federal funds target rate by a quarter-point to a range of 2 to 2.25 percent. This is the third rate hike this year.

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House Passes Measure Funding Government Through Dec. 7

The House passed the conference report to H.R. 6157 Wednesday, a “minibus” bill that includes a continuing resolution to fund the government through Dec. 7. The federal government is scheduled to shut down Sept. 30 if President Trump does not sign the bill.

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