Legislative & Political News

GUIDE Act Companion Introduced in Senate

Senate Finance Committee Chairman Orrin Hatch (R-UT) and Sen. James Lankford (R-OK) introduced legislation Monday that would require the Bureau of Consumer Financial Protection (BCFP) to issue timely guidance on its rules in order to facilitate industry compliance and better protect consumers.

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League, CU Advocates Meet with Reps Pallone and Pascrell

The New Jersey Credit Union League and credit union advocates met Monday morning with Congressman Frank Pallone (D-6) and in the afternoon with Congressman Bill Pascrell, Jr. (D-9). Pallone is the ranking Democrat on the House Energy and Commerce Committee and is in line to become chairman if the Democrats capture a House majority in the November mid-term elections. Pascrell serves on the House Ways and Means Committee. Both committees are extremely important when it comes to credit union-related legislation.

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Nussle Pens Op-ed, CUs Can Help Shape Data Security Policy

The time is now for Congress to enact stricter data security standards that better protect credit unions and consumers, CUNA President/CEO Jim Nussle wrote Thursday in Credit Union Journal. Nussle noted that with the heads of Facebook and Twitter before Congress last week and the markup of a data breach notification bill this week, data security is on a lot of policymakers’ minds right now.

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League, CU Advocates Meet with Senator Booker’s State Director

The New Jersey Credit Union League (NJCUL) and credit union advocates met Thursday with George Helmy, Sen. Cory Booker’s (D-NJ) state director, and other senior state staff to discuss credit union priorities for the balance of the 115th Congress. The discussion focused on post-S. 2155 regulatory relief priorities, the need for the Department of Justice to issue Americans with Disabilities Act (ADA) Web site compliance rules, the ongoing problem of merchant data breaches and the need to subject retailers to the same data security requirements as card issuers, and issues relating to NCUA’s treatment of taxi medallion loans and participations.

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Secure Choice Savings Program “Held” Following Opposition from League

Legislation (S2891) that would establish the “New Jersey Secure Choice Savings Program,” a retirement savings program for certain private sector employees, was removed from Thursday’s Senate Labor Committee agenda following opposition from the League.

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Extension for TDP Comments Requested

CUNA joined other trade organizations Wednesday requesting an extension of the comment deadline for the Bureau of Consumer Financial Protection’s proposed policy to encourage trial disclosure programs. Specifically, CUNA requests the comment deadline be extended an additional 45 days beyond the current Oct. 10 deadline.

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Guidance Clarity, Data Security Bills Backed Prior to Markup

CUNA wrote to House Financial Services Committee leadership Wednesday in support of two bills it is expected to mark up the today. The bills are the Give Useful Information to Define Effective (GUIDE) Compliance Act (H.R. 5534) and the Consumer Information Notification Requirement Act (H.R. 6743).

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Senate Banking Committee postpones S. 2155 hearing to Oct. 2

The Senate Banking Committee announced Tuesday it will postpone its hearing on the implementation on the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). Originally scheduled for Thursday, the hearing is now scheduled to take place Oct. 2.

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Data Breach Bill a ‘Strong Step in the Right Direction’, CUNA Tells Rep. Luetkemeyer

The Consumer Information Notification Requirement Act (H.R. 6743) is a strong step in the right direction, and CUNA looks forward to working with Congress to do more on data security, CUNA President/CEO Jim Nussle wrote Tuesday. CUNA’s letter was sent to Rep. Blaine Luetkemeyer (R-Mo.), who introduced the bill last week.

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CUs Need Access to Interest Rate Swaps, World Council Says

Interest rate swaps and caps promote safety and soundness by helping community-based depository institutions hedge interest rate risks related to fixed-rate mortgage loans held in portfolio and similar fixed-rate investments, the World Council of Credit Unions wrote Monday. The World Council sent its letter to the Basel Committee on Banking Supervision, the primary global standard setter for the prudential regulation of banks, in response to its consultative document on “Incentives to centrally clear over-the-counter derivatives.”

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CUNA Engaged with S. 2155 Hearing, Data Breach Bill Markup

CUNA will be engaged with a Senate Banking Committee hearing on implementation of S. 2155, the markup of a data breach notification bill and other activities on Capitol Hill this week. National Credit Union Administration (NCUA) Chairman J. Mark McWatters will be among federal financial regulators who will be testifying before the Senate Banking Committee Thursday on implementation of S. 2155, which contains several regulatory relief provisions from credit unions.

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CU Tax Status Untouched in “Tax Reform 2.0”

The credit union tax status remains untouched in the House Ways and Means Committee release of “Tax Reform 2.0,” legislation intended to make several changes to the Tax Cuts and Jobs Act of 2017.

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Secure Choice Savings Program Up in Committee, Call-to-Action Issued

Legislation (S2891) that would establish the “New Jersey Secure Choice Savings Program,” a retirement savings program for certain private sector employees, is on Thursday’s Senate Labor Committee agenda. The Assembly companion bill (A4134) is pending consideration by the Assembly Financial Institutions and Insurance Committee.

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BCFP Names seven to Reconstituted CU Advisory Council

The Bureau of Consumer Financial Protection (BCFP) Friday announced new members for its reconstituted Credit Union Advisory Council (CUAC). All seven of the selected CUAC members are currently CUNA member credit unions.

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British Airways Reports Data Breach, 380,000 Impacted

British Airways announced that consumers who booked flights with the company between Aug. 21 and Sept. 5 had their personal data stolen. The information compromised in the breach includes credit card numbers, expiration dates and security codes, and names, street addresses and email addresses.

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Data Breach Notification Bill Introduced

Rep. Blaine Luetkemeyer (R-MO) formally introduced data breach notification legislation Friday, a bill that would provide credit unions regulatory relief if they suffered a data breach. The bill is titled the Consumer Information Notification Requirement Act.

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Governor Renews Call for $15 Minimum Wage, Top Priority This Fall

Governor Phil Murphy and Assembly Speaker Craig Coughlin (D-19) held a press conference Thursday where they indicated that the top two legislative priorities for this fall are legalizing recreational marijuana and increasing the state's minimum wage to $15 an hour.

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Arguments in Appellate-level ADA Case Against CU Start Oct. 30

The Fourth Circuit U.S. Court of Appeals will hear arguments Oct. 30 in an appeal by Department of Labor (DOL) FCU in a frivolous lawsuit alleging Web site noncompliance with the Americans with Disabilities Act (ADA). The lawsuit is just one of many around the country facing credit unions due to uncertainty about how the ADA applies to Web sites.

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Secondary Market Protections Included in Housing Financial Reform Draft

A new bi-partisan housing finance reform discussion draft unveiled Thursday by House Financial Services Committee Chairman Jeb Hensarling (R-TX) and Rep. John Delaney (D-MD) would preserve a credit union-sought government guarantee to the secondary mortgage market and create more lending opportunities for small lenders.

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Nussle Talks Advocacy, CUNA Next Steps with National Journal

CUNA President/CEO Jim Nussle discussed grassroots advocacy, the Bureau of Consumer Financial Protection and the appropriations process Wednesday in an interview with National Journal. Nussle served as a member of Congress from Iowa from 1991 to 2007, and as director of the Office of Management and Budget from 2007 to 2009.

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Senate Banking Committee Sets Hearing on S. 2155 Implementation

The National Credit Union Administration (NCUA) Chairman J. Mark McWatters will be among federal financial regulators testifying before the Senate Banking Committee Sept. 13 on implementation of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). The hearing is scheduled to begin at 10 a.m. and will be live streamed on the committee’s Web site.

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Senators Write DOJ Sharing Credit Union Concerns over ADA Web site Compliance

Six Senators wrote to Attorney General Jeff Sessions Wednesday with concerns shared by credit unions, banks and small businesses over how the Americans with Disabilities Act (ADA) applies to Web sites. Credit unions around the country continue to face legal threats due to uncertainty over how to make Web sites compliant with the ADA. Finding a solution is a top priority for CUNA and the state leagues.

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GSE Hearing, Government Funding Discussions this Week

The House and Senate are both back in Washington, D.C. this week, and CUNA is engaged with several activities on Capitol Hill, including ongoing discussions to fund the federal government after Sept. 30, when funding runs out.

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CU-Supported Candidates Win Tuesday in Fla., Okla.

Credit union-backed candidates saw victories in Tuesday’s elections, including primaries in Florida and a runoff election in Oklahoma. Candidates are backed by credit union leagues and the Credit Union Legislative Action Council, CUNA’s political action committee.

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ACI President Says CU ‘Formula’ is Working for Consumers

Congress got the credit union “formula” right, American Consumer Institute (ACI) President Steve Pociask wrote in Inside Sources in response to false banker claims appearing in the Wall Street Journal. CUNA President/CEO Jim Nussle’s response to the banker claims appeared in the Wall Street Journal last week.

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Clarida Confirmed as Fed Board Vice Chair

The Senate voted 69-26 Tuesday to confirm Richard Clarida as vice chairman of the Federal Reserve Board. Clarida has offered support of reducing the regulatory burden facing community-based financial institutions by better tailoring regulations.

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CUNA Calls for Mortgage Choice Act Inclusion in FSGG Appropriations Bill

CUNA joined a group of organizations this week to call on Senate leadership to ensure mortgage regulatory relief language remains in the conference committee version of the 2019 financial services and general government appropriations bill. The Mortgage Choice Act (H.R. 1153) language is a bipartisan measure that passed the House in February and is strongly supported by CUNA and the state leagues.

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CUs Back Candidates in Florida Primaries, Oklahoma Runoff

Credit unions are supporting several candidates in Tuesday’s primary elections in Arizona and Florida, and a candidate in a runoff election in Oklahoma. Candidates are backed by credit union leagues and the Credit Union Legislative Action Council (CULAC). 

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BCFP Student Loan Ombudsman Quits

The top official overseeing student loans at the Bureau of Consumer Financial Protection (BCFP) resigned on Monday saying Trump Administration policies were harming students and families.

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IRS Targets SALT Deduction Workaround

The Internal Revenue Service (IRS) issued proposed regulations last week providing rules on the availability of charitable contribution deductions when the taxpayer receives or expects to receive a corresponding state or local tax credit.

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BCFP Nomination Clears Senate Banking Committee

Kathy Kraninger’s nomination to lead the Bureau of Consumer Financial Protection (BCFP) cleared the Senate Banking Committee 13-12 Thursday and now heads to a final vote by the full Senate.

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CUNA Corrects False Banker Attack in Wall Street Journal

CUNA and credit unions responded to the latest banker attack in the Wall Street Journal Thursday, with CUNA President/CEO Jim Nussle leading the response letters to the editor. Nussle responded to claims by a Florida banking association on credit unions’ tax status.

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BCFP Nomination Expected to Clear Senate Banking Committee Today

A Senate Banking Committee vote on the nomination of Kathy Kraninger to lead the Bureau of Consumer Financial Protection (BCFP) is expected today. During her nomination hearing last month, Kraninger said that rule-makings by the Bureau should be tailored "to reduce the burden of compliance, particularly on consumers and smaller marketplace participants."

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ADA Litigation Update Available from CUNA

CUNA Senior Director of Advocacy and Counsel Alexander Monterrubio appeared on CUBroadcast recently to discuss CUNA’s latest efforts at finding a solution to credit unions being hit with abusive lawsuits under the Americans with Disabilities Act (ADA). Credit unions are facing these lawsuits due to uncertainty about how the ADA applies to Web sites.

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CUNA Engaged with Kraninger Committee Vote this Week

CUNA will be engaged with the Senate Banking Committee’s mark-up of several nominees Thursday, most notably director of Bureau of Consumer Financial Protection (BCFP) nominee Kathy Kraninger. The Senate Banking Committee is expected to meet in executive session to consider the nominees Thursday morning.

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League to Meet with Congressman Pascrell, August 29

The New Jersey Credit Union League (NJCUL) will be meeting with Congressman Bill Pascrell (D-9) August 29th to discuss credit union priorities for the balance of the 115th Congress. The discussion is expected to focus on post-S. 2155 regulatory relief priorities, the need for the Department of Justice to issue Americans with Disabilities Act (ADA) Web site compliance rules, the ongoing problem of merchant data breaches and the need to subject retailers to the same data security requirements as card issuers, and issues relating to NCUA’s treatment of taxi medallion loans and participations.

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Senate Banking Committee Schedules Vote on CFPB Nomination

The Senate Banking Committee is expected to vote on the nomination of Kathy Kraninger to lead the Consumer Financial Protection Bureau (CFPB) on August 23. During her nomination hearing before the committee last month, Kraninger said that rule-makings by the Bureau should be tailored "to reduce the burden of compliance, particularly on consumers and smaller marketplace participants."

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CUNA’s Donovan: Talk Data Breaches with Congress During August Recess

This year has been a “wildly successful year in credit union advocacy,” CUNA Chief Advocacy Officer Ryan Donovan said, and during the August recess credit unions have a great opportunity for additional efforts. The House has adjourned until Sept. 4.

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BCFP Reportedly Stepping Away from Military Lending Act Oversight

The Bureau of Consumer Financial Protection will reportedly suspend routine examinations of lenders for compliance with the Department of Defense's (DoD) Military Lending Act (MLA) rule, a rule that has posed compliance challenges to many credit unions. CUNA and the state leagues continue to push for clarity in the form of guidance or revisions.

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Cyber-Breaches to Result in Over 146 Billion Records Being Stolen by 2023, Data-Security Front and Center for In-District, Recess Meetings with NJ’s Congressional Delegation

report released last week by UK-based Juniper Research estimates that cybercriminals will steal more than 146 billion personal and financial data records globally over the next five years. In addition, the firm expects the U.S. to become an even bigger target for data breaches, with over half of all breaches to occur here by 2023.

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President Signs NDAA Without Provision Impacting Military CUs

President Donald Trump signed the National Defense Authorization Act (NDAA) for fiscal year 2019 Monday at Fort Drum, enacting the legislation without a provision that could have negatively impacted military credit unions. CUNA and leagues successfully fought for removal of a section of the bill that would have the House bill, which was removed when the conference report of the bill was released Monday.

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CUNA to Host Young Professionals Advocacy Training Sept. 10, 24

CUNA will conduct two training programs for young credit union professionals in September, building off the successful program CUNA hosted last year. Registration is open now for the all-day programs, scheduled for September 10 and 24 at Credit Union House.

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BCFP Finalizes Privacy Notice Regulatory Relief

The Bureau of Consumer Financial Protection (BCFP) issued a final rule on Friday amending Regulation P providing regulatory relief by exempting credit unions that meet specific criteria from the requirement to send annual privacy notices to members. CUNA continues its evaluation of the final rule but supports efforts to reduce burdens associated with redundant and unnecessary regulations.

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League Meets with Congressman Norcross

The New Jersey Credit Union League (NJCUL) met with Congressman Donald Norcross (D-1) Thursday to discuss credit union priorities for the balance of the 115th Congress. The discussion focused on post-S. 2155 regulatory relief priorities, the need for the Department of Justice (DOJ) to issue Americans with Disabilities Act (ADA) Web site compliance rules, the ongoing problem of merchant data breaches and the need to subject retailers to the same data security requirements as card issuers, and issues relating to NCUA’s treatment of taxi medallion loans and participations.

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Borough of Red Bank Issues RFP for Banking Services

The Borough of Red Bank is seeking proposals from financial institutions to provide primary banking services for the Borough. The Borough’s objective in soliciting proposals is to enable it to select a respondent that will provide high quality and cost-effective services to the municipality.

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NYC Council Votes to Limit Ride-share Cars, Mayor Announces his Support

The New York City Council voted Wednesday to halt the issuance of new for-hire vehicle licenses for 12 months while it studies the booming industry. Under the cap, Uber and Lyft could still be granted licenses for wheelchair-accessible vehicles, but would be prevented from adding new ride-hail vehicles for one year. The city’s Taxi and Limousine Commission could also issue licenses in particular neighborhoods that are running low on ride-hail vehicles.

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CU-backed Candidates See Wins in Kansas, Michigan, Likely Ohio

Credit union supported candidates saw victories in Tuesday’s primaries, including in Kansas and Michigan, and a likely victory in Ohio’s special election. Candidates are supported by the CUNA’s political action committee, the Credit Union Legislative Action Council, and state leagues.

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CUNA, Illinois League See Victory with ADA Suit Dismissal

CUNA and the Illinois Credit Union League (ICUL) saw a victory late Tuesday with the dismissal of a frivolous lawsuit against Aurora (Ill.) Policemen Credit Union. CUNA and the league worked with the credit union to file an amicus brief on its behalf.

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NJCUL Meets with Congressman Lance

The New Jersey Credit Union League (NJCUL) met with Congressman Leonard Lance (R-7) Tuesday to discuss credit union priorities for the balance of the 115th Congress. The discussion focused on post-S. 2155 regulatory relief priorities, the need for the Department of Justice to issue Americans with Disabilities Act (ADA) Web site compliance rules, the ongoing problem of merchant data breaches and the need to subject retailers to the same data security requirements as card issuers, and issues relating to NCUA’s treatment of taxi medallion loans and participations.

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H.R. 1151 Shows CUs are Strongest When Working Together, Nussle Pens Op-Ed

Credit unions saw an industry-changing victory 20 years ago with the passage of H.R. 1151, CUNA President/CEO Jim Nussle wrote in an op-ed Monday, a win that demonstrated the credit union system is at its best when it works together. Nussle was serving as a member of Congress from Iowa in 1998 and voted for H.R. 1151.

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H.R. 1151 Turns Twenty

Twenty years ago today, President Bill Clinton signed into law the Credit Union Membership Access Act (H.R. 1151).

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CU-backed Candidates Win in Tennessee Primaries

Two credit union-friendly candidates won their primary elections Thursday in Tennessee. Both candidates are supported by the Tennessee Credit Union League and the Credit Union Legislative Action Council (CULAC), CUNA’s political action committee.

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Freddie, Fannie Q2 Income Increases

Government-sponsored enterprises (GSEs) Freddie Mac and Fannie Mae reported net incomes of $2.4 billion and $4.4 billion, respectively, in the second quarter of 2018. Each entity saw slight increases from their first-quarter gains.

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Free Webinar Outlines Data Breach MAP Campaign, Resources

CUNA staff hosted a webinar Tuesday highlighting the latest Member Activation Program (MAP) campaign, Stop the Data Breaches. CUNA launched the campaign last week to focus on educating and activating members to call on members of Congress to enact data breach legislation. A recording of the webinar is available for free to CUNA members.

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NJCUL Members Alerted to Bogus Call-to-Action

A blast email was sent to New Jersey credit unions Thursday afternoon alerting them of an unsolicited “Call-to-Action” email from an outside player that was not issued nor endorsed by either CUNA or the NJCUL.

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Mercer Freeholder Verrelli to Fill Assembly Vacancy

Mercer County Freeholder Anthony Verrelli (D) won appointment to fill the Assembly seat left vacant when Reed Gusciora (D) was elected mayor of Trenton. He will join state Sen. Shirley Turner (D) and Asw. Verlina Reynolds-Jackson in representing the 15th Legislative District, which covers parts of Hunterdon, and Mercer counties.

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No Fed Rate Hike Amid Growing Economy, Labor Market

The Federal Open Market Committee (FOMC) did not raise rates at the close of its two-day policy-setting meeting Wednesday citing a strengthening labor market and rising economic activity.

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NDAA Passes Senate without Harmful CU Provision

The Senate voted in favor of the National Defense Authorization Act (NDAA) Fiscal Year 2019 (H.R. 5515) conference report that omits a harmful provision to military credit unions. As a result, credit unions will continue to receive exemption from costs associated to the furnishing of office space and/or land (including ATM placement) on military bases – as governed by Section 124 of the Federal Credit Union Act.

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NFIP Extension Passes Senate

The U.S. Senate voted Tuesday to extend the National Flood Insurance Program (NFIP) until November 30, providing program funding for an additional four months. Extending the program prevents potentially significant disruption to housing markets in flood-prone areas of the country. 

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CUNA, Trades Call for Legislation with Strong Merchant Security Requirements

Major merchant data breaches continue to put millions of consumers at risk, CUNA and other financial trade organizations wrote in a joint letter Tuesday. The joint letter was sent to Rep. Bob Latta (R-Ohio), chairman of the House Energy and Commerce sub-committee, and follows up a letter CUNA wrote last week on the same topic.

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CUNA Engaged with Kraninger Committee Vote, Senate Bills this Week

CUNA will be engaged with several Senate floor activities this week, including consideration of several bills that would have an impact on credit unions. The Senate Banking Committee will also vote on the nomination of Kathy Kraninger to serve as Consumer Financial Protection Bureau director. 

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CUNA Suggests Improvements to NCUA’s PAL II Proposal

In its comment letter submitted Monday, CUNA wrote to NCUA that it appreciates the agency’s efforts to expand opportunities to provide short-term, small-dollar loans, but expressed concerns about the agency’s proposed Payday Alternative Loan (PAL) rule. NCUA proposed the rule May 24.

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CUs Need Data Breach Solution, CUNA Writes to Congress

Mitigating losses from data breaches remains a top credit union priority, CUNA wrote to Rep. Bob Latta (R-OH), chair of the House Energy and Commerce sub-committee on digital commerce and consumer protection Friday. CUNA’s letter comes as CUNA launches its Stop the Data Breaches campaign under its Member Activation Program (MAP).

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CUNA, Leagues to Attend NCSL in Los Angeles Next Week

CUNA and leagues will be on hand with nearly 6,000 attendees at the National Conference of State Legislatures (NCSL) Legislative Summit July 30-Aug. 2 in Los Angeles. Attendees include state lawmakers, legislative staff, government officials, business representatives, and others interested in public policy.

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CUs Likely Unaffected by House Ways & Means ‘Tax Reform 2.0’

The House Ways and Means Committee released a two-page outline commonly referred to as “Tax Reform 2.0” this week. This bill will likely not have any direct positive or negative effects on credit unions.

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Flood Insurance Extension Passes House

The U.S. House passed legislation Wednesday that would extend the National Flood Insurance Program's (NFIP) funding an additional four months, through Nov. 30. CUNA and the state leagues support this extension to prevent potentially significant disruption to housing markets in flood-prone areas of the country.

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Senate FSGG Bill with Full CU Fund Allocations Supported

CUNA wrote this week in support of the Senate’s Financial Services and General Government (FSGG) Act for Fiscal Year 2019 and its funding levels for several vital credit union funds. The Senate is expected to finish consideration of the bill Thursday.

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FASB to Propose CUNA-Backed CECL Change

The Financial Accounting Standards Board (FASB) agreed to propose a CUNA-advocated for change to its current expected credit losses (CECL) standard at its Wednesday board meeting.

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CUNA-Backed NCUSIF Distributions Hit CUs This Week

More than 5,700 credit unions will begin receiving share insurance fund distributions this week as a result of the CUNA-supported plan from NCUA. CUNA continues to press NCUA to reduce the Share Insurance Fund Normal Operating Level (NOL).

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CUNA’s MAP Community Touted as Engagement Builder

CUNA’s newly launched Member Activation Program (MAP) community was highlighted this month in Associations Now, in an article noting CUNA’s efforts to expand the reach of its government relations work. CUNA Grassroots Manager Adam Engelman spoke to the publication about the new community’s origins and CUNA’s goal for the online community.

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CUNA Engaged with Appropriations Bills, NFIP, FCC Oversight Hearing

CUNA is engaged with appropriations legislation, a bill to extend the National Flood Insurance Program (NFIP) and an oversight hearing of the Federal Communications Commission, among other activities in Washington, D.C. this week.

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Pushes for Regulatory Relief, RBC Delay Continue, Flood Insurance Vote Expected, NDAA Concerns Communicated

CUNA will continue to push the Senate this week to take up credit union-backed, House-passed regulatory relief measures and approve the delay the NCUA’s risk-based capital (RBC) rule, a provision that has passed the House three times. The House this week is expected to vote on a four-month extension of the National Flood Insurance Program, which expires July 31. Both chambers are also working out the final details of the National Defense Authorization Act (NDAA).

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Need for CFPB Oversight Commission Stressed at Kraninger Hearing

Two members of the Senate Banking Committee called for board/commission oversight of the Consumer Financial Protection Bureau (CFPB) during the confirmation hearing of Kathleen Kraninger, President Trump’s choice to lead Bureau.

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CUNA Sends Letter to Senate Banking Committee on CFPB Nomination

CUNA sent a letter to Senate Banking Committee leadership ahead of the Consumer Financial Protection Bureau's (BCFP or Bureau) Director nomination hearing. The letter was written to Chairman Michael Crapo (R-ID) and Ranking Member Sherrod Brown (D-OH) in support of the nomination process and urges Congress to support a bipartisan commission for the CFPB.

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NJ Joins Suit Over Federal SALT Limits

“Blue state” Democrats have been saying it for a long time, and now New Jersey has joined a coalition of predominately Democratic states that have filed a lawsuit saying the new federal tax law is a politically motivated attack on them.

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Joint Letter Urges House Leaders to Prohibit Postal Service Banking

CUNA joined other trade association in sending a letter to House leaders urging the adoption of Rep. Patrick McHenry’s (R-N.C.) amendment to the Financial Services and General Government (FSGG) appropriations bill to prohibit the U.S. Postal Service from providing banking services.

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NCUA to Issue CUNA-backed Share Insurance Fund Distribution

As CUNA continues to press NCUA to reduce the Share Insurance Fund Normal Operating Level (NOL), the agency has announced it will issue dividends in 2018 during the week of July 23 for more than 5,700 eligible institutions.

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CUNA’s Nussle, Eurgubian talk CFPB RFIs at Bureau Roundtable

CUNA President/CEO Jim Nussle and Deputy Chief Advocacy Officer Elizabeth Eurgubian attended roundtable discussion Thursday with Consumer Financial Protection Bureau (CFPB) Acting Director Mick Mulvaney. The roundtable featured discussion of several of the Bureau’s recent requests for information about how it performs its functions.

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CU Advocates Meet with Sen. Van Drew, Candidate for Congress

There were little or no real surprises in New Jersey’s Congressional primary elections. Those incumbents running for re-election won their party’s nomination for an additional term, and all CULAC-supported candidates won their race.

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Murphy Said to Want $15 Minimum Wage Bill by Year's-end

According to a story in Politico, during an unrelated Atlantic City press conference Tuesday Gov. Phil Murphy said that he wants lawmakers to send him legislation before the end of the year that would raise the state's minimum wage to $15 per hour. Support for a $15 minimum wage was one of the positions candidate Murphy campaigned on last year, and he has re-affirmed that commitment on numerous occasions since taking office in January.

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CUNA Highlights Need for FCRA, Regulation Guidance Updates

The Fair Credit Reporting Act (FCRA) and its implementing regulations and guidance could be updated to provide more clarity and flexibility, CUNA wrote the Senate Banking Committee leadership Wednesday. CUNA sent its letter for the record of the committee’s Thursday hearing on the FCRA and credit bureaus.

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Former Camden Councilman Fills Legislative Vacancy

A former Camden councilman has been tapped to fill the Assembly seat vacated when the incumbent resigned following his arrest on domestic violence charges.

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Supreme Court Nominee Ruled CFPB Structure 'Unconstitutional' in 2016

Judge Brett Kavanaugh, President Trump’s nominee to fill the U.S. Supreme Court seat opening as a result of the retirement of Justice Anthony Kennedy, has served on the U.S. Court of Appeals for the D.C. Circuit since 2006. In 2016, he wrote an opinion for a three-judge panel that found the Consumer Financial Protection Bureau (CFPB)’s single-director structure unconstitutional.

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CUNA Launches MAP Community to Enhance Advocacy Coordination, Share Ideas

CUNA launched a new online community this week for its Member Activation Program (MAP), a forum where credit union industry professionals can discuss advocacy issues, communications, best practices and exchange ideas and resources to better advocate for credit unions. The MAP Community is a free and available to all CUNA members.

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CFPB Acting Deputy Director Named

Consumer Financial Protection Bureau (CFPB) Acting Director Mulvaney announced he has selected Brian Johnson, who currently serves as Principal Policy Director at the Bureau, to assume the responsibilities of Acting Deputy Director.

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CUNA Engaged in FCRA, Cybersecurity Hearings this Week

CUNA will be engaged with a Senate Banking Committee hearing on the Fair Credit Reporting Act (FCRA) this week, in addition to other activities in both chambers. The House and Senate are also expected to consider several natural resources bills.

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