Legislative & Political News

Financial Services Committee Markup, NCUA Board Meeting this Week

WASHINGTON – The full House Financial Services Committee will conduct a markup this week that will include a bill to repeal the NCUA's risk-based capital rule (RBC).

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CU-backed Regulatory Relief Bill Passes Senate Committee

WASHINGTON -- The Senate Banking Committee voted 16-7 to pass the CUNA-backed, bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). CUNA and the state leagues strongly support the bill which contains several regulatory relief provisions for credit unions.

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Final Emergency Merger, Re-Organization Rules on NCUA Agenda​

The NCUA board will consider final rules on emergency mergers and agency reorganization at its Dec. 14 meeting, according to an agency release Thursday. The meeting is scheduled to begin at 10 a.m. (ET) Dec. 14, and will be streamed live on NCUA’s Web site.

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Adjusted High-Cost Home Loan Threshold Issued by DOBI

TRENTON, N.J. – The NJ Department of Banking & Insurance (DOBI) has issued an adjusted threshold for determining high-cost home loans under the New Jersey Home Ownership Security Act of 2002 with Bulletin No. 17-10

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FHA Stops Insuring PACE Home Mortgages, a Win for CUs

WASHINGTON -- The Federal Housing Administration (FHA) announced Thursday it will no longer insure new mortgages on properties that include Property Assessed Clean Energy (PACE) assessments, a victory for credit union mortgage lenders.

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Home Depot Payments Start in January, Equifax Suits Combined

LOUISVILLE, Ky. -- Credit unions that filed claims under the Home Depot data breach settlement will begin receiving settlements payments from the company starting in January. A settlement was approved in September that included the creation of a $25 million fund by Home Depot and an agreement to strengthen its future data security measures.

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CUNA Supports Three Regulatory Relief Bills in Letter to HFSC

WASHINGTON -- CUNA wrote to House Financial Services Committee leadership Thursday in support of three regulatory relief bills being discussed at the committee’s hearing. The bills would provide relief on several fronts.

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Tell Sen’s Menendez & Booker to Support Regulatory Relief Bill

WASHINGTON --The Economic Growth, Regulatory Relief, and Consumer Protection Act (S.2155) is slated for committee markup today. The bi-partisan legislation includes several provisions that would improve the operating environment for credit unions and their ability to better serve their members.

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Senate Banking Committee Passes CUNA-Backed Reg Relief Bill

The Senate Banking Committee voted 16-7 to pass the CUNA-backed, bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). CUNA strongly supports the bill, which contains several regulatory relief provisions for credit unions.

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ELT Mandate Passes Senate Transportation Committee

TRENTON, N.J. – NJCUL-requested legislation (S2968) that would mandate establishment of an electronic lien and titling (ELT) system for New Jersey motor vehicles to replace the state’s current paper based system passed the Senate Transportation Committee Monday by a 5-0 vote. The NJCUL worked with the sponsor, committee members and staff and was at the hearing to help ensure the measure was approved. The bill now heads to the Senate Appropriations Committee. The Assembly companion bill (A1943) was approved by the Assembly Transportation Committee in January and is on the agenda for the next Assembly Appropriations Committee meeting.

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CUNA Engaged w/ Sen Reg Relief Markup, House Bill this Week

CUNA is heavily engaged in its support of the bipartisan Senate regulatory relief bill, scheduled to be marked up by the Senate Banking Committee Tuesday. The Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) contains several regulatory relief provisions for credit unions, and would achieve several goals of CUNA’s bipartisan, pro-consumer Campaign for Common-Sense Regulation.

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Congress pushes FCC for CUNA-suggested TCPA relief

More than a dozen bipartisan members of Congress wrote to Federal Communications Commission (FCC) Chairman Ajit Pai Monday asking for CUNA-requested clarifications of the Telephone Consumer Protection Act (TCPA). CUNA filed a petition with the FCC in September, which was opened for comment. A majority of comments received supported CUNA’s position.

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Tell Sen’s Menendez & Booker to Support Regulatory Relief Bill

WASHINGTON – The Economic Growth, Regulatory Relief, and Consumer Protection Act (S.2155) is slated for committee markup today. The bi-partisan legislation includes several provisions that would improve the operating environment for credit unions and their ability to better serve their members.

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ELT Mandate Passes Senate Transportation Committee

TRENTON, N.J. – NJCUL-requested legislation (S2968) that would mandate establishment of an electronic lien and titling (ELT) system for New Jersey motor vehicles to replace the state’s current paper based system passed the Senate Transportation Committee yesterday by a 5-0 vote. The NJCUL worked with the sponsor, committee members and staff and was at the hearing to help ensure the measure was approved. The bill now heads to the Senate Appropriations Committee. The Assembly companion bill (A1943) was approved by the Assembly Transportation Committee in January and is on the agenda for the next Assembly Appropriations Committee meeting.

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Nussle Pens Op-ed, CFPB Commission Best Option for Consumers

WASHINGTON -- CUNA President/CEO Jim Nussle joined his counterparts from other trade organizations to publish an op-ed Friday that highlights why a bipartisan commission is the solution to leadership questions at the Consumer Financial Protection Bureau (CFPB). The Morning Consult op-ed spells out the numerous reasons a commission at the CFPB is the best option for consumers.

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ELT Mandate Slated for Committee Action Today

TRENTON, N.J. – NJCUL-requested legislation (S2968) that would mandate establishment of an electronic lien and titling (ELT) system for New Jersey motor vehicles to replace the state’s current paper-based system is scheduled for Senate Transportation Committee consideration this morning. The NJCUL has been working with the sponsor, committee members and staff and will be at the hearing to help ensure the measure is reported favorably. The Assembly companion bill (A1943) was approved by the Assembly Transportation Committee in January and is on the agenda for the next Assembly Appropriations Committee meeting.

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Senate Passes Its Tax Reform Bill, CU Status Untouched

WASHINGTON -- The Senate voted Saturday morning in favor of the Tax Cuts and Jobs Act, passing a tax reform bill that leaves the credit union tax status untouched.

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CFPB Director Steps-down, Court Dismisses Challenge to Trump’s Interim Director

WASHINGTON – Richard Cordray officially stepped down from his post as CFPB director last Friday and at the same time named his chief of staff as deputy director of the agency in an attempt to prevent President Trump from naming an interim director. In the meantime, the president named Mick Mulvaney, his Office of Management and Budget (OMB) director, as the CFPB interim director.

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State Senator Van Drew Enters Race to Succeed LoBiondo

CAPE MAY COURT HOUSE, N.J. – State Sen. Jeff Van Drew (D-1) announced Wednesday that he will seek the Democratic Party nomination for the 2nd Congressional District in 2018.

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CUNA Calls for CU Push to Move Senate Regulatory Relief Bill Forward

WASHINGTON -- CUNA issued an action alert Thursday urging credit unions to contact their members to push for Senate support for the bipartisan regulatory relief bill introduced earlier this month. The Senate Banking Committee is expected to markup the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) Tuesday, and CUNA President/CEO Jim Nussle urged stakeholders to continue the advocacy push to advance the bill, which would accomplish several goals CUNA has been working for since launching its Campaign for Common-Sense Regulation earlier this year.

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ELT Mandate Slated for Committee Action Monday

TRENTON, N.J. – NJCUL-requested legislation (S2968) that would mandate establishment of an electronic lien and titling (ELT) system for New Jersey motor vehicles to replace the state’s current paper based system is scheduled for Senate Transportation Committee consideration Monday. The Assembly companion bill (A1943) was approved by the Assembly Transportation Committee in January and is on the agenda for the next Assembly Appropriations Committee meeting.

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Judge throws out restraining order request in CFPB leadership lawsuit

A U.S. District Court in Washington, D.C. has thrown out a request for a restraining order that would block OMB Director Mick Mulvaney from assuming leadership as interim director of the Consumer Financial Protection Bureau (CFPB).

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CUNA ramps up S. 2155 support in advance of markup

CUNA is continuing its advocacy push and nationwide grassroots support of the bipartisan Senate regulatory relief bill leading up to the Senate Banking Committee’s markup of the bill, scheduled to begin Tuesday. The Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) was introduced earlier this month by a bipartisan group of Senators, and contains a number of regulatory relief provisions that would help credit unions more effectively serve their members.

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CUNA engaged with Senate tax reform bill, hearings this week

CUNA is engaged with a number of activities on Capitol Hill this week, including the Senate’s tax reform consideration and several hearings. The Senate Finance Committee passed the Tax Cuts and Jobs Act, which leaves the credit union tax status untouched, earlier this month.

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Mulvaney announces freeze of CFPB rulemaking actions

Acting Consumer Financial Protection Bureau (CFPB) Director Mick Mulvaney announced a freeze of rulemaking actions at the bureau Monday, several hours after CUNA sent a letter requesting a freeze on new rules and requirements.

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CUNA Outlines CFPB Concerns to Acting Director Mulvaney

CUNA wrote to Mick Mulvaney, who was named interim Consumer Protection Bureau (CFPB) director, Monday morning to outline ways the bureau could provide credit unions with regulatory relief. Mulvaney was named acting director by President Donald Trump Friday, and CUNA continues to follow leadership developments at the bureau. 

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CUs, Others ‘Amply Demonstrate’ Need for TCPA Reforms, CUNA Says

WASHINGTON -- Numerous comments by credit unions and state leagues, other trade associations, consumer groups, and other third parties support CUNA’s petition calling for reforms to the Telephone Consumer Protection Act (TCPA). CUNA filed its response comments to the petition Tuesday, highlighting how most responses to the petition “amply demonstrate” the need for CUNA’s proposed changes.

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CFPB Director Steps down, Cordray and President Name Different Successors

WASHINGTON – Richard Cordray officially stepped down from his post as CFPB director Friday at the same time naming his chief of staff as deputy director of the agency. In the meantime, President Donald Trump named Mick Mulvaney, his director of the White House Office of Management and Budget (OMB), as interim CFPB director, a conflict which may be played out in the courts.

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Minimum Wage Increase Gains Momentum

TRENTON, N.J. – Making good on a campaign promise even before taking office, Governor-elect Phil Murphy (D) held a press conference Monday to announce support for gradually increasing the minimum wage to $15 an hour. 

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Senate FSGG Appropriations Bill Contains CU Victories

WASHINGTON – The Senate Appropriations Committee released its draft financial services and general government (FSGG) funding package Monday, which includes a number of significant wins for credit unions.

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Support for Bipartisan Regulatory Relief Bill Expressed in CUNA Letter

WASHINGTON – CUNA wrote to five senators Monday to support their bipartisan legislation that contains regulatory relief provisions for credit unions. The Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) was introduced last week, and addresses several goals of CUNA's Campaign for Common-Sense Regulation.

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CUNA Launches Grassroots Support of Senate Regulatory Relief Bill

WASHINGTON – CUNA and the state leagues have launched a nationwide grassroots effort to support the bipartisan Senate regulatory relief bill introduced last week. The Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) is aligned with the goals of CUNA’s Campaign for Common-Sense Regulation.

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Residents Deceived into Paying Scammers via Western Union Can Apply for Compensation from Settlement Fund

TRENTON, N.J. – Attorney General Christopher Porrino announced last week that New Jersey residents who were deceived into sending payments to scammers using Western Union’s wire transfer service can now apply for compensation from a $586 million fund related to a multi-state settlement with Western Union in which New Jersey participated.

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Frelinghuysen’s District Moved to “Toss-up”

WASHINGTON -- The Cook Political Report has moved New Jersey’s 11th congressional district from "Leans Republican" to "Toss-up" signaling a potential problem for 12-term incumbent Congressman Rodney Frelinghuysen (R-11).

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Much-improved Payday Rule Published in Federal Register

WASHINGTON -- The Consumer Financial Protection Bureau (CFPB) published its final short-term, small-dollar loan rule in the Federal Register Friday, with an effective date of Jan. 16th. The final rule is much-improved over the proposed rule, CUNA believes, and CUNA’s Final Rule Analysis of the rule is available with details.

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CUNA Raises ADA-web site Concerns in Letter to House Judiciary Committee

WASHINGTON -- CUNA raised its concerns over Web site compliance with the Americans with Disabilities Act (ADA) in a letter to the House Judiciary Committee for its Department of Justice (DOJ) oversight hearing. CUNA has been strongly pushing for guidance in this area as credit unions are facing legal threats due to confusion over how the ADA applies to Web sites.

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House Financial Services Committee Passes CU-backed Regulatory Relief Bills

WASHINGTON -- The House Financial Services Committee completed its markup of 23 bills Wednesday, passing three credit union-supported bills that would offer regulatory relief.

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Tax Reform Passes Full House, Senate Version Passes Committee

WASHINGTON – Thursday afternoon the U.S. House passed the Republican tax reform bill, the Tax Cuts and Jobs Act (H.R. 1). Later in the evening the Senate Finance Committee passed its version of tax reform. Both bills leave the credit union tax exemption fully intact.

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NCUA Board Approves 2018-2019 Budget

New, Simpler Methodology Yields 61.5 Percent Overhead Transfer Rate

ALEXANDRIA, Va. – The National Credit Union Administration Board held its tenth open meeting of 2017 at the agency’s headquarters here Thursday and unanimously approved three items:

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Lt. Gov. to Head Community Affairs, Long-time Codey Aide as Named as Chief of Staff

TRENTON, N.J. – Governor-elect Phil Murphy has announced his lieutenant governor will head the N.J. Department of Community Affairs (DCA) and he named long-time aide to Gov. Richard Codey to be his chief of staff.

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House Votes to Reauthorize Flood Insurance Program

WASHINGTON -- The House passed legislation to reauthorize the National Flood Insurance Program, including changes that could limit future coverage and discounts for high-risk properties, modify premiums and surcharges paid by policyholders, and expand opportunities for private insurers to sell policies.

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Cordray to Step Down, CUNA/Leagues Look Forward to ‘New Era’ at CFPB

WASHINGTON -- CFPB Director Richard Cordray announced Wednesday that he plans to step down by the end of the month after serving since 2013. CUNA President/CEO Jim Nussle said CUNA looks forward to a new era at the bureau, one that takes credit unions’ structure and purpose into account during rule-makings.

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Sen’s Announce Agreement on Financial Regulatory Reform, Call-to-Action Issued

WASHINGTON -- CUNA issued a call-to-action for its membership to contact their U.S. senators in support of the Senate Banking Committee's bipartisan financial reform bill, legislation that benefits America’s credit unions. 

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Today’s NCUA Agenda Includes 2018-19 Budget, OTR Methodology

ALEXANDRIA, Va. – NCUA’s 2018-19 budget and the overhead transfer rate (OTR) methodology are highlights of today’s NCUA board meeting, according to the agenda released last week. The meeting is scheduled to begin at 10 a.m., and a live video stream will be available.

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CUNA Engaged With Tax Reform Bills, Reg Relief Markup​

CUNA will be engaged with tax reform legislation in both chambers of Congress this week, as well as a House Financial Services committee markup of several CUNA-supported regulatory relief bills. The House is also expected to consider the 21st Century Flood Reform Act (H.R. 2874).

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Credit union reg relief included in Senate package

A bipartisan group of Senate Banking Committee members have released a bill that could offer credit union regulatory relief.

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CUNA unveils analysis of Senate tax reform bill

CUNA unveiled its analysis Monday of the Tax Cuts and Jobs Act (TCJA), released Nov. 9th, by the Senate Finance Committee. The tax reform bill cuts taxes by approximately $1.5 trillion over 10 years, and makes significant changes to America’s tax laws.

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Financial Services Committee to Markup Three Regulatory Relief Bills

WASHINGTON -- The House Financial Services Committee will markup three CUNA-supported regulatory relief bills starting Tuesday as part of a larger markup that includes 20 other bills. The markup is scheduled to begin at 10 a.m. and will be streamed live on the committee’s website.

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House Tax Bill Passes Committee, Senate Version Unveiled

WASHINGTON -- The House Ways and Means Committee approved the Tax Cuts and Jobs Act (H.R. 1) Thursday afternoon, concluding its four-day markup of the tax reform legislation. The bill retains the credit union tax exemption.

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Leadership for New Legislature Takes Shape as Senate Dem’s Select Team, Republicans Re-elect Kean and Incumbent Speaker Prieto Endorses Coughlin

TRENTON, N.J. – Leadership for the upcoming 218th Legislature began taking shape Thursday when the Senate Democrats selected their leadership, the Senate GOP caucus re-elected its leader and the incumbent Assembly speaker bowed out and endorsed his challenger.

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Ambassador Phil Murphy Elected 56th Governor of New Jersey, Legislature Picks Leaders

TRENTON, N.J. – Tuesday voters elected Democrat Phil Murphy New Jersey's 56th governor. They also decided who will represent them in the state Legislature with the state’s 40 Senate and 80 Assembly seats on ballots across the state, as well as candidates for various county and local offices.

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Senators Say National Data Security Standard Needed

WASHINGTON -- During another congressional hearing on consumer data security in the wake of the Equifax data breach, members of the Senate Commerce, Science, and Transportation Committee yesterday indicated their support of a national data security standard, something CUNA and the state leagues have been advocating for some time.

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Senate Judiciary Committee Looks at Frivolous ADA Lawsuits

WASHINGTON -- The Senate Judiciary Committee held a hearing Wednesday on "The Impact of Lawsuit Abuse on American Small Businesses and Job Creators” during which lawsuits filed under the Americans with Disability Act (ADA) was mentioned.

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House Passes CUNA-backed NRSRO Reg Relief Bill

WASHINGTON -- The House voted in favor Tuesday of the CUNA-backed Risk-Based Credit Examinations Act of 2017 (H.R. 3911). The bill was introduced by Rep. Ann Wagner (R-Mo.) and Bill Foster (D-Ill.)

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CUNA Urges Senate Judiciary Committee to Push for ADA Clarity

WASHINGTON – CUNA brought its concerns about frivolous lawsuits brought under the Americans with Disabilities Act (ADA) to Senate Judiciary Committee leadership Tuesday. A letter was sent for the record of the committee’s hearing on lawsuit abuse and its effect on small businesses.

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Congressman LoBiondo Won’t Seek Re-election Next Year

MAYS LANDING, N.J. -- Credit union supporter and 12-term incumbent Congressman Frank LoBiondo (R-2) announced Tuesday that he won’t run for re-election next year.  He cites the dysfunctionality of Washington as his reason for retiring. The news sent shockwaves across South Jersey, and The Cook Political Report moved the race from "Solid Republican" to "Toss Up."

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Senate President Sweeney Weathers Unprecedented Challenge, Wins by Largest Margin of Career

WEST DEPTFORD, N.J. -- Despite facing an unprecedented challenge from the N.J. Education Association (NJEA), Senate President Steve Sweeney garnered 59% of the vote Tuesday to win re-election with the largest victory margin of his career. NJEA’s record spending of $10 million not only didn’t defeat Sweeney, it failed to lift its candidate above Sweeney’s 2013 opponent.

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Ambassador Phil Murphy Elected 56th Governor of New Jersey

TRENTON, N.J. – Yesterday, voters elected Democrat Phil Murphy as New Jersey's 56th governor. They also decided who will represent them in the state Legislature with the state’s 40 Senate and 80 Assembly seats on ballots across the state, as well as candidates for various county and local offices.

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Nearly 150 Comments Uploaded on CUNA’s TCPA Petition

WASHINGTON -- Nearly 150 comments were uploaded to the FCC's Web site on CUNA’s Telephone Consumer Protection Act (TCPA) petition during the 30-day comment period, which closed Monday. CUNA filed its petition with the Federal Communications Commission last month, outlining ways the agency could provide relief to credit unions confused about compliance with the TCPA.

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Concerns with Report on Overdraft Practices Outlined in Letter to CFPB

WASHINGTON -- The Consumer Financial Protection Bureau (CFPB) should not base decisions on overdraft protection rule-making on the current 2011-2012 data it uses, nor should it conflate credit union overdraft products with those of big banks, CUNA told the bureau in a letter last week. CUNA sent the letter in response to the CFPB’s release of prototypes of an overdraft disclosure form and report on overdraft practices.

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CUNA Engaged with Tax Markup, Flood Insurance Bills this Week

WASHINGTON -- CUNA will be engaged in this week’s four-day markup of tax reform legislation, House consideration of a flood insurance bill and several hearings this week. The House introduced its tax reform bill last week, leaving the credit union tax status untouched.

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Analysis of House Tax Reform Bill Available

WASHINGTON -- CUNA unveiled its analysis Monday of the Tax Cuts and Jobs Act (H.R. 1), released Nov. 2nd by the House Ways and Means Committee. The 439-page tax reform bill cuts taxes by approximately $1.5 trillion over 10 years, and makes significant changes to America’s tax laws.

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Today is Election Day, Polls Open until 8 p.m.

TRENTON, N.J. -- Voters will decide today whether Democrat Phil Murphy or Republican Kim Guadagno will become New Jersey's 56th governor. They will also decide who will represent them in the state Legislature with candidates for the state Senate and Assembly on ballots across the state, as well candidates for various county and local offices. There are also two questions on the ballot, a $125 million bond for library funding and a constitutional amendment to ensure monies paid by polluting companies be used solely for environmental remediation.

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Nussle Named a Top Lobbyist by The Hill, Again

WASHINGTON -- In its annual list of Washington's top lobbyistsThe Hill newspaper has once again named CUNA President/CEO Jim Nussle to its recognition. 

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President Announces Jerome Powell as Nominee to Head Federal Reserve

WASHINGTON – Before leaving on his 12-day, five-nation trip to the Far East, President Trump announced Thursday that he will nominate Federal Reserve Governor Jerome Powell to be chairman of the central bank.

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Push for National Data Security Standard Continues

WASHINGTON -- CUNA joined other financial trade associations last week to urge Congress to move forward on legislation that would put a strong national data security standard in place. The letter was sent to House Financial Services subcommittee on financial institutions and consumer credit for the record of its hearing entitled “Data Security: Vulnerabilities and Opportunities for Improvement.”

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Deadline Today for Comments on CUNA's TCPA Petition

WASHINGTON -- CUNA is urging credit union stakeholders to submit comments to the Federal Communications Commission supporting its Telephone Consumer Protection Act (TCPA) petition. CUNA filed its petition last month, and the FCC opened it for comment a week later, with comments due today.

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Tax Bill Unveiled, CU Exemption Untouched

WASHINGTON – U.S. House Republican leaders Thursday introduced their long-awaited tax reform bill. The bill leaves the credit union tax exemption intact.

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Federal Overtime Rule Issue Takes an Ironic Turn

WASHINGTON -- Since Donald Trump became president, the Department of Labor (DOL) has been expected to oppose the Obama administration rule that doubles the minimum salary someone must earn to be exempt from overtime. It was a surprise Monday when the DOL filed a notice to the U.S. 5th Circuit Court of Appeals to appeal the ruling that threw out the regulation this summer.

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CUNA Prepared for House Ways and Means Tax Reform Bill

WASHINGTON -- CUNA is prepared to closely analyze today’s release of tax reform legislation by the House Ways and Means Committee. CUNA President/CEO Jim Nussle, who has served as chair of the House Budget Committee and director of the Office of Management and Budget, said CUNA staff will examine the legislation once released by the committee.

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President Signs Arbitration Rule Repeal, a Victory for the Campaign for Common-Sense Regulation

WASHINGTON -- President Donald Trump signed the joint resolution nullifying the Consumer Financial Protection Bureau’s (CFPB) arbitration rule (H.J. Res. 111) Wednesday. CUNA and the leagues supported the repeal and engaged in active advocacy during the process as the House and Senate voted to overturn the rule via the Congressional Review Act.

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October was National Cybersecurity Month, NJ Released Annual Statistics on Cyber Breaches for the First Time

TRENTON, N.J. -- October was National Cybersecurity Month and Attorney General Christopher Porrino and the New Jersey State Police announced Monday that 676 data breaches were reported to the State Police in 2016 affecting more than 116,000 New Jersey account holders. The announcement is the first release of annual statistics on data breaches in the state and included advice and resources for residents to protect their sensitive personal information. The Attorney General’s Office also highlighted legal actions taken this year by the Division of Law and Division of Consumer Affairs to address data breaches.

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CUNA Leaders Meet with DOJ on ADA Guidance

WASHINGTON -- CUNA leadership met with senior officials at the Department of Justice (DOJ) Tuesday to continue CUNA’s push to see guidance on how the Americans with Disabilities Act (ADA) applies to Web sites. CUNA President/CEO Jim Nussle, Chief Advocacy Officer Ryan Donovan, Chief Compliance Officer Jared Ihrig and Senior Director of Advocacy and Counsel Leah Dempsey, as well as CUNA Mutual Group Senior Consultant for Corporate and Legislative Affairs Joe Luedke, attended the meeting.

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Rep. Bonnie Watson Coleman among Lawmakers Signing Call for ADA Web site Guidance, Rep. Tom MacArthur adds Co-sponsorship to Bill

WASHINGTON -- Sixty-one bipartisan members of Congress have written to the Department of Justice requesting guidance on how the Americans with Disabilities Act (ADA) pertains to Web sites. CUNA and the state leagues urged Reps. Eric Swalwell (D-CA) and Ron DeSantis (R-FL) to support credit union efforts to address ambiguities in Web site accessibility requirements that are spurring frivolous class action litigation.

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House Financial Services Committee Chair to Retire, Rep. Hensarling Won’t Seek Re-election in 2018

WASHINGTON -- House Financial Services Committee Chairman Jeb Hensarling (R-TX) announced yesterday that he will not seek re-election next year. Hensarling has been a strong supporter of credit unions. He authored the Financial CHOICE Act (H.R.10), which includes numerous credit union-supported regulatory relief measures.

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CUNA Engaged with Tax Reform Bill, Various Hearings this Week

WASHINGTON – CUNA will be paying close attention to the unveiling of a tax reform proposal, and will be engaged in a number of hearings on Capitol Hill this week. The House Ways and Means Committee is expected to release its tax reform legislation Wednesday, with a markup to follow next week and full House consideration the following week.

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CUNA Weighs-in on NCUA Budget Strengths, Suggests Additional Changes

WASHINGTON -- CUNA followed up last week’s NCUA budget briefing by submitting a letter to the agency as part of its commentary on the agency’s proposed 2018-19 budget. The NCUA is expected to take comments into consideration and vote on a final budget at its November meeting.

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House Passes Budget, Disaster Relief Funding Legislation with CU-Backed Items

WASHINGTON – Credit unions saw several victories this week with the House passing a Congressional Budget Resolution and emergency disaster funding legislation that contains several CUNA/League-supported items. The House voted in favor of the Senate-passed budget resolution and approved the Additional Supplemental Appropriations for Disaster Relief Requirements Act of 2017 (H.R. 2266).

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Congressman Norcross was Guest of Honor at NJ CU Advocate Appreciation Reception

ATLANTIC CITY, N.J. – Congressman Donald Norcross (D-1) was the guest of honor Sunday afternoon at a private, invitation-only gathering during the NJCUL’s 83rd Annual Meeting and Convention in Atlantic City, the first-ever N.J. Credit Union Advocate Appreciation Reception.

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CUNA, Other Trades Back Bill to Allow TRID Clarity for Consumers

WASHINGTON – CUNA joined with other organizations this week to write House members urging support of a bipartisan bill, the TRID Improvement Act of 2017 (H.R. 3978), to provide regulatory relief via the Consumer Financial Protection Bureau’s (CFPB) Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosure (TRID) rule.

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CUNA Asks for TCPA Consideration Prior to FCC Hearing

WASHINGTON – CUNA asked a House and Energy subcommittee to consider the issues it has raised regarding the Telephone Consumer Protection Act (TCPA) in advance of the subcommittee’s oversight hearing of the Federal Communications Commission (FCC).

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CUNA Reiterates Housing Finance Reform Principles

WASHINGTON -- As a House Financial Services subcommittee is conducts a hearing on housing reform today, CUNA reiterated its support ensuring credit union access to a functioning, well-regulated secondary mortgage market. CUNA submitted a letter to a previous Senate hearing on housing finance reform.

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Senate Votes to Repeal Arbitration Rule, Victory for CUs

WASHINGTON -- In a victory for CUNA, the league system and credit unions, the Senate voted last night in favor of a resolution to repeal the Consumer Financial Protection Bureau’s (CFPB) arbitration rule under the Congressional Review Act. With the House approving the resolution of disapproval in July, H.J. Res. 111 will now go to President Donald Trump for his signature, expected in the coming days.

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Push Continues for ADA Compliance Answers, Rep’s Watson Coleman and MacArthur Lend Support

WASHINGTON -- CUNA wrote in support of legislation Monday that CUNA President/CEO Jim Nussle called an important step forward in addressing the threat of litigation under the Americans with Disabilities Act (ADA). The ADA Education and Reform Act of 2017 (H.R. 620) was introduced in January by a bipartisan group of six House members and was reported favorably by the House Judiciary Committee in September.

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CFPB Releases Non-binding Principles for Consumer-led Data Sharing

WASHINGTON -- The CFPB yesterday released principles intended to help protect consumers when they allow third-party companies to access their financial data in exchange for certain products and services. The principles are not binding and do not create new data sharing regulatory requirements.

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GUDPA Rules, Proposed Re-adoption with Amendments Issued

TRENTON, N.J. – The N.J. Department of Banking & Insurance (DOBI) has issued a Notice of Proposed Rulemaking (PRN 2017-250) to re-adopt with amendments N.J.A.C. 3:34, the rules governing municipal deposits and municipal depositories under the Governmental Unit Depository Protection Act, or GUDPA.

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CUNA Advocating for ADA Compliance Answers

WASHINGTON -- CUNA President/CEO Jim Nussle reached out to CUNA members Tuesday morning to encourage credit unions to protect themselves from predatory litigation stemming from the Americans with Disabilities Act (ADA) and recommend resources to help. A number of credit unions have been subject to ADA-related lawsuits in recent months, and CUNA is working on a solution with Congress and federal agencies.

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CUNA asks Senate Banking Committee to Consider Consumer Data Vulnerabilities

WASHINGTON -- CUNA encouraged Congress to consider ways consumers’ personal data could be put at risk in a letter to Senate Banking Committee leadership Tuesday. CUNA President/CEO Jim Nussle submitted the letter for the record of the committee’s hearing on consumer data security and credit bureaus.

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Taxi Medallion Twofer Could Provide Relief

NEW YORK -- Crain’s New York Business reported yesterday that the New York City Council Transportation Committee chairman, a former livery driver himself, has a plan to save the yellow cab industry.

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CUNA, Leagues Back Bill that Addresses ADA Litigation Threats

WASHINGTON -- CUNA wrote in support of legislation Monday that CUNA President/CEO Jim Nussle called an important step forward in addressing the threat of litigation under the Americans with Disabilities Act (ADA). The ADA Education and Reform Act of 2017 (H.R. 620) was introduced in January by a bipartisan group of six House members and Rep. Tom MacArthur (R-3) from New Jersey added his co-sponsorship. The bill was reported favorably by the House Judiciary Committee in September.

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Credit Bureau Data Security Continues to Draw Lawmaker Attention

WASHINGTON -- Senate Banking Committee Chairman Mike Crapo (R-ID) sent a letter Thursday to three federal agencies requesting information on their ability to oversee credit bureaus and ensure consumer data is protected. Crapo expressed concern about a "regulatory gap" for data security standards.

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CFPB's TRID Guide Updated, Version 5.0 Now Covers Construction Loans, Tolerance Provisions

The CFPB updated its TILA/RESPA integrated disclosure rule's (TRID) Small-entity Compliance Guide with new guidance on construction loans and tolerance provisions for the total of payments, which credit unions may find useful as they work to comply with the revised rule-making.

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Senate Banking Committee Schedules Hearing on Credit Bureau Data Security

WASHINGTON -- The Senate Banking Committee will hold a hearing Tuesday on credit bureau consumer data security in further follow-up to the Equifax data breach which is believed to have affected more than 145 million Americans.

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HFSC Passes Eight CUNA-Backed Regulatory Relief Bills

The House Financial Services Committee (HFSC) passed eight CUNA-supported regulatory relief bills in a markup Thursday. CUNA wrote to committee leadership supporting the bills leading up to the markup.

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TCPA Concerns Shared with Energy, Commerce Subcommittee, Webinar Hosted, Web site Launched

WASHINGTON -- CUNA wrote to a House Energy and Commerce subcommittee Wednesday to request consideration of issues CUNA has raised with the Telephone Consumer Protection Act as the subcommittee conducts a mark-up. CUNA filed a petition seeking TCPA relief last month, and it was issued for comment by the Federal Communications Commission (FCC) last week.

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CUNA, Leagues Push for ADA Web site Guidance from DOJ

WASHINGTON -- CUNA and league partners are working with Congress to remedy an issue surrounding compliance with the Americans with Disabilities Act that is leading to lawsuits against credit unions. Credit unions are seeking guidance on what is required for Web sites and online banking software under the ADA.

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Support of Regulatory Relief Bills Outlined Before Mark-up

CUNA wrote House Financial Services Committee leadership Wednesday to support eight regulatory relief bills the committee is marking up. The mark-up began Wednesday and is expected to continue until at least today.

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HFSC to Mark-Up Eight CUNA-Backed Reg Relief Bills

The House Financial Services Committee will mark-up eight CUNA-supported regulatory relief bills this week, part of a mark-up of 23 total pieces of legislation Wednesday. CUNA will continue its engagement through the mark-up to work toward advancing the bills through the legislative process.

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CUNA's TCPA Webinar to Address Petition Process, CU Impact

CUNA members are invited to attend a free webinar to discuss the regulatory relief goals of CUNA’s petition that was recently filed with the Federal Communications Commission (FCC) regarding the Telephone Consumer Protection Act (TCPA), which the FCC has opened for comment.

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Regulatory Relief Mark-Up Wednesday; Future of Housing Finance Hearing Thursday

WASHINGTON -- The House Financial Services Committee mark-up session tomorrow will include several credit union-backed bills, including ones related to Home Mortgage Disclosure Act improvements (H.R. 2954) and robocall scams targeting seniors (H.R. 3758).  Rep. Josh Gottheimer (D-5) is a co-sponsor of H.R. 3758, the Senior Safe Act of 2017.

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FCC Opens CUNA’s TCPA Petition for Public Comment

WASHINGTON -- The Federal Communications Commission (FCC) granted CUNA’s request and put out its Telephone Consumer Protection Act (TCPA) petition for public comment.

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First Gubernatorial Debate Tonight, League Sends Questionnaire on Key CU Issues

NEWARK, N.J. -- With exactly four weeks to election day when voters decide who will succeed Chris Christie as governor, Republican Kim Guadagno and Democratic Phil Murphy and will face off tonight in their first televised debate.

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Whole Foods Breach incudes Clark, Metuchen & Union Locations

AUSTIN, TX -- Taprooms and restaurants at three Whole Foods locations in New Jersey were affected by a credit and debit card breach, the company confirmed last week.

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NJ Minimum Wage Increases to $8.60 in 2018

TRENTON, N.J. -- On Friday, Sept. 29, the NJ Department of Labor and Workforce Development announced that New Jersey’s minimum wage will increase 16 cents from $8.44 per hour to $8.60 per hour on January 1, 2018.

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State Senate Vacancies Filled as Two Take Oath of Office

TRENTON, N.J. -- The state Senate swore in two new members yesterday, Democrat Colin Bell and Republican Kristin Corrado.

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CUNA to Host Free Webinar on TCPA Petition Oct. 11

WASHINGTON -- CUNA members are invited to attend a free webinar to discuss the petition CUNA filed last week regarding the Telephone Consumer Protection Act (TCPA). Registration is open for the member-only webinar scheduled for 3 p.m., Wednesday, Oct. 11.

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CUNA Continues Equifax Engagement w/ Congressional Letters

WASHINGTON -- CUNA continued its push for Congress to ensure consumers affected by the Equifax data breach are notified and protected with letters sent to three committees Wednesday and Thursday. The letters were sent to leaders of the Senate Banking Committee,  Senate Judiciary Committee and House Financial Services Committee, each of which conducted a hearing on the breach this week.

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Ex-Equifax CEO Testifies before Four Congressional Committees, Attributes Breach to Human Error

WASHINGTON – Former-Equifax CEO Richard Smith testified before four congressional committees this week. While defending the timeline and the actions he and other employees took after the breach was discovered, he said more can be done protect consumers' financial information and acknowledged Equifax's failure to apply a patch to a known security issue prior to the breach. Smith retired from the company last week following a meeting of its board of directors. Two senior security executives retired earlier in September.

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CUNA Files Equifax Lawsuit

WASHINGTON – CUNA filed its lawsuit Wednesday against Equifax, a suit brought in the wake of a data breach resulting in hackers accessing information on 145.5 million consumers and payment card data of more than 200,000 consumers. Several credit unions will join the lawsuit as well.

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Robocall Scams Discussed at Senate Hearing

WASHINGTON -- The Senate Special Committee on Aging yesterday hosted a hearing to get an update on how various entities are combatting robocalls and why so many Americans are still targeted by scams.

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