Legislative & Political News

Rodney Hood Nominated for NCUA Board

President Donald Trump nominated Rodney Hood to serve on the NCUA board in the seat currently held by board member Rick Metsger.

in Legislative & Political News
CUNA Engaged with Senate FSGG Markups This Week

CUNA will be engaged as Senate appropriators markup financial services and general government (FSGG) appropriations legislation for fiscal year 2019 this week, paying close attention to allocations for several important credit union funds, including the Treasury’s Community Development Financial Institutions Fund and NCUA’s Community Development Revolving Loan Fund.

in Legislative & Political News
CU-support Candidates Win in Nevada Primaries

Credit union-backed candidates saw success around the country in Tuesday’s primaries across five states, including in two notable races in Nevada. CUNA, the Nevada Credit Union League and the Credit Union Legislative Action Council (CULAC), CUNA's political action committee, backed the candidates.

in Legislative & Political News
CUNA Comment Letter Calls for Definitions, Consent Revocation Methods in TCPA

Defining key statutory terms and identifying methods to revoke consent in the Telephone Consumer Protection Act (TCPA) will help reduce confusion for credit unions trying to remain in compliance, CUNA wrote to the Federal Communications Commission (FCC) Wednesday.

in Legislative & Political News
Credit Union Advisory Council Adopts ELT Resolution

During its regular quarterly meeting Wednesday, the New Jersey Credit Union Advisory Council (CUAC) adopted a resolution on Electronic Lien and Titling (ELT). 23 states, including Pennsylvania and New York, have ELT systems in place. The New Jersey Credit Union League (NJCUL) first met with the state’s Motor Vehicles Commission (MVC) in 2012 to encourage development and implementation of ELT in New Jersey.

in Legislative & Political News
Assemblyman Gusciora Elected Mayor of Trenton

Voters in New Jersey's capital city elected Assemblyman Reed Gusciora (D-15) mayor in Tuesday’s runoff election. He defeated Democratic businessman Paul Perez. Gusciora and Perez were the top two finishers in last month's non-partisan municipal election.

in Legislative & Political News
Fed Raises Interest Rates

On Wednesday, the Fed announced it is raising interest rates .25 points. The bank says this is to prevent a tight labor market from driving inflation to unsustainable levels.

in Legislative & Political News
CU-backed Bill Would Bring ‘Long Overdue’ BSA Updates

CUNA wrote in support of a bill it called a “long overdue” modernization of the Bank Secrecy Act (BSA) Wednesday. The Counter Terrorism and Illicit Finance Act (H.R. 6068) is scheduled to be marked up by the House Financial Services Committee Thursday.

in Legislative & Political News
FSGG Bill with CU-backed Regulatory Relief Passes House Appropriations Committee

The House Appropriations Committee passed its Financial Services and General Government (FSGG) Appropriations Act for Fiscal Year 2019 late Wednesday night. The legislation includes a number of CUNA-supported regulatory relief provisions. CUNA wrote in support of the bill Wednesday prior to the committee’s markup.

in Legislative & Political News
CUNA Backs Three Bills to Allow CUs to Serve Legal Cannabis Businesses

CUNA wrote in support of three bills Tuesday that would clarify the ability of financial institutions to serve cannabis-based businesses in states where it is legal. While CUNA does not have a position on legalizing or decriminalizing marijuana, it supports the ability of credit unions to serve member businesses when legal.

in Legislative & Political News
CUNA-Backed BSA/AML Bill Set for Thursday Committee MarkUp

The House Financial Services Committee is scheduled to markup CUNA-backed draft legislation Thursday that would make several updates to Bank Secrecy Act/Anti-Money Laundering (BSA/AML) requirements. CUNA supports efforts to track money laundering and terrorist financing, but has also pushed for a balance of safety and costs.

in Legislative & Political News
Assemblyman Gusciora on Today’s Trenton Mayoral Runoff Ballot

Voters in Trenton will decide between Assemblyman Reed Gusciora (R-15) and former Pentagon security expert Paul Perez in today’s mayoral runoff election. Gusciora received 1,833 votes or 20.76 percent to Perez’s 2,536 votes or 28.73 percent in the May 8, non-partisan election.

in Legislative & Political News
CUs Back Amodei, Others in Tuesday’s Primaries

Credit unions around the country are once again active in primary elections, which will take place Tuesday in Maine, Nevada, North Dakota, South Carolina and Virginia. The main race CUNA is tracking is the primary election of Rep. Mark Amodei (R-NV), who has the support of the Nevada Credit Union League and CUNA.

in Legislative & Political News
CUNA Engaged with FSGG Mark-up, Other Appropriations Bills this Week

CUNA will be closely engaged with the House Financial Services and General Government (FSGG) appropriations bill for fiscal year 2019, which is scheduled for a full committee mark-up Wednesday, as well as other hearings and meetings on Capitol Hill this week. The mark-up is scheduled to begin at noon.

in Legislative & Political News
Marlene Caride Confirmed as DOBI Commissioner

Former Assemblywoman Marlene Caride was confirmed by the state Senate as commissioner of the Department of Banking and Insurance (DOBI). She had been serving as acting commissioner since January when she was nominated by Gov. Phil Murphy to head DOBI.

in Legislative & Political News
CUNA/League Monitoring RBC-delay, ADA Developments

The House and Senate remain in session this week and continue their work on various appropriations bills. CUNA and the League continue to track progress on bills that include credit union-sought language related to delaying the NCUA's risk-based capital (RBC) rule, and obtaining clarity on Web site accessibility requirements under the Americans with Disabilities Act (ADA).

in Legislative & Political News
CFPB Drops PHH Corp. Constitutionality Case

The CFPB filed an order Thursday dismissing its case with PHH Corporation. The lawsuit came from a 2015 fine levied by the bureau on PHH Corp. over a Real Estate Settlement Procedures Act (RESPA) issue. The case also raised questions as to the bureau's constitutionality.

in Legislative & Political News
CUNA Outlines Reassigned Number Database Features to Aid CUs

CUNA supports the creation of a robust, comprehensive reassigned numbers database, it wrote to the Federal Communications Commission Thursday. CUNA has raised the issue of reassigned numbers, as part of other concerns with the Telephone Consumer Protection Act (TCPA) with the FCC, efforts that resulted in the FCC issuing a public notice requesting comments.

in Legislative & Political News
CUNA Dispels Banker CU Myths in Capitol Hill Messages

CUNA reached out to Capitol Hill Thursday with a graphic containing credit union facts to dispute inaccurate banker attacks, the first in a series CUNA will be sending in the coming days.

in Legislative & Political News
CUNA Opposes House Bill to Rescind $141M from CDFI Fund

CUNA wrote House leadership in opposition to a bill that would make rescissions from a part of the Treasury’s Community Development Financial Institutions (CDFI) Fund. The bill, which passed the House Thursday night by a 210-206 vote, would rescind $141 million from the CDFI Fund’s Capital Magnet Fund, which awards grants available to CDFIs.

in Legislative & Political News
League Calls on U.S. House Delegation to Support “Budd-Correa” ADA Letter

HIGHTSTOWN, N.J. – The New Jersey Credit Union League has reached out the state’s U.S. House delegation members asking them to add their name to the “Budd-Correa” letter to Attorney General Sessions regarding Americans with Disabilities Act (ADA) Web site accessibility guidelines.

in Legislative & Political News
CU-backed Candidates See Wins in Alabama, California, Mississippi, New Jersey

Credit union-supported candidates found success during Tuesday’s primaries across eight states, including several in notable and competitive races. Candidates are supported by state leagues, CUNA and the Credit Union Legislative Action Council (CULAC), the CUNA/League System’s political action committee (PAC).

in Legislative & Political News
CFPB CU Advisory Council Shake-up Shows Need for Commission, CUNA Says

CUNA Chief Advocacy Officer Ryan Donovan said a multimember commission leading the CFPB would provide more consistency for the entities affected by Bureau activities Wednesday, in response to the Bureau announcing it would restructure its outreach activities. Reports Wednesday indicate the Bureau has dismissed all members of the Consumer Advisory Board (CAB), though the Bureau noted it would continue to fulfill CAB statutory obligations.

in Legislative & Political News
CUNA Calls on CUs to Share Regulatory Burden Stories with CFPB

CUNA launched a grassroots effort this week to urge credit union stakeholders to share with the CFPB stories of the impacts of regulatory burden. CUNA has set up a Web page with resources and other information for commenters, who should submit feedback by June 19.

in Legislative & Political News
CUs Need Regulatory Relief from CFPB, CUNA Writes House Sub-committee

The Consumer Financial Protection Bureau (CFPB) should look closely at the impact its rule would have on credit unions and ways to reduce regulatory burdens, CUNA wrote to a House sub-committee Wednesday. CUNA’s letter was sent for the record of a House Financial Services sub-committee on financial institutions and consumer credit’s hearing titled “Improving Transparency and Accountability at the Bureau of Consumer Financial Protection."

in Legislative & Political News
SBA 7(a) Loan Measure Passes Senate, Heads to the President

The Senate Tuesday night passed the credit union-backed Small Business 7(a) Lending Oversight Reform Act (H.R. 4743), which increases the Small Business Administration's (SBA) oversight authority over the program. 

in Legislative & Political News
NJ Primary Election Results

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

in Legislative & Political News
CUNA White Paper Urges Changes to CFPB Complaint System

CUNA urged the Consumer Financial Protection Bureau (CFPB) to revisit its complaint intake system’s processes Monday in response to a Bureau request for information on its public reporting practices of consumer complaint information. Last week, CUNA submitted a white paper to the CFPB, which covers this topic, among others.

in Legislative & Political News
CUNA Engaged with CFPB Hearing, Appropriations Bill this Week

Both chambers of Congress are back in Washington, D.C., and CUNA is engaged with a number of activities this week. CUNA will be heavily engaged with a Wednesday House sub-committee hearing on the Consumer Financial Protection Bureau (CFPB).

in Legislative & Political News
CUNA’s Washington Office Moves to 99 M St

CUNA opened for business Monday in its new office space in Washington, relocating from Pennsylvania Avenue to 99 M St SE. CUNA is the only national credit union trade association located in the nation’s capital.

in Legislative & Political News
NJ to Become 2nd State with Individual Health Insurance Mandate

Gov. Phil Murphy signed into law legislation (A3380) that will make New Jersey the second state in the nation with an individual health insurance mandate, requiring all residents to have health insurance or pay a penalty.

in Legislative & Political News
Effective Dates for S. 2155 Regulatory Relief to Be Determined

CUNA, the state leagues and credit unions saw a historic victory with the signing of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) last month, but the question remains: when and how will the regulatory relief provisions in the bill become effective?

in Legislative & Political News
Governor Signs UEZ Extension

Gov. Phil Murphy has signed legislation (S846) to reinstate and extend the state’s urban enterprise zones (UEZ). Under the new law (P.L.2018, c.19), the former UEZs in Bridgeton, Camden, Newark, Plainfield, and Trenton will be reinstated, and the remaining UEZs scheduled to expire prior to December 31, 2023 are extended through the end of 2023. The law also requires the Department of Community Affairs (DCA) to conduct a comprehensive analysis of the program and to issue a report on its findings to the Legislature. 

in Legislative & Political News
CFPB Data Collection Moratorium Ended

CFPB Acting Director Mick Mulvaney announced that the bureau would resume collecting personally identifiable information after a six-month moratorium.

in Legislative & Political News
CUNA Files Amended Complaint in Equifax Breach Lawsuit

CUNA, league, and credit union plaintiffs filed an amended complaint Wednesday in their lawsuit against Equifax. CUNA filed suit against Equifax in the wake of a data breach that exposed personal information on 145.5 million consumers and payment card data of more than 200,000 consumers.

in Legislative & Political News
CUNA, World Council Discuss EU Data Protection Regulation

CUNA hosted a webinar Wednesday on the European Union’s (EU) General Data Protection Regulation (GDPR), which became effective May 25. Lance Noggle, CUNA senior director of advocacy for payments and cybersecurity, presented, along with Andy Price, World Council's regulatory counsel and Hal Scoggins of Farleigh, Wada and Witt, presented.

in Legislative & Political News
Funding Available for Low-income CUs

The NCUA has issued a Notice of Funding Opportunity for low-income designated credit unions (LICUs) through the agency's Community Development Revolving Loan Fund (CDRLF) program. CUNA and the state leagues have urged Congress to fully fund the program to ensure credit unions can continue to provide financial stability for low-income members and their families.

in Legislative & Political News
CFPB to Look at Consumer Complaint Database, Fintech

Speaking at a Women in Housing & Finance luncheon on Tuesday, Consumer Financial Protection Bureau's (CFPB) Acting Director Mick Mulvaney said that the Bureau will maintain its consumer complaints database, but that changes will likely be made to make the database consistent with the law. He noted that, statutorily, the Bureau is not required to make the consumer complaint database public.

in Legislative & Political News
CUNA White Paper Offers CFPB Regulatory Relief Recommendations

CUNA presented the Consumer Financial Protection Bureau (CFPB) with a comprehensive white paper, “CUNA's Common-Sense Reforms to Bureau of Consumer Financial Protection Rules and Procedures,” Tuesday, as part of CUNA’s continued advocacy efforts in the wake of S. 2155 being signed into law. The white paper provides comments and recommendations to the Bureau on its series of requests for information seeking feedback on how it performs its functions.

in Legislative & Political News
IRS Issues Warning on SALT Deduction Workaround

The U.S. Internal Revenue Service is warning (IR-2018-122) states like New Jersey that it will not allow them to use charitable deductions to get around the cap on state and local tax (SALT) deductions.

in Legislative & Political News
Public Policy Groups Weigh-in on Tax Status, Support CU Exemption

More than a dozen public policy organizations, including the Competitive Enterprise Institute, Americans for Tax Reform, FreedomWorks and the Center for American Prosperity, are calling on Congress to abandon any discussion of scrapping the credit union tax exemption.

in Legislative & Political News
CUNA Sees Government Role in Cybersecurity for Other Industries

CUNA continues to see an important role for the federal government in cybersecurity requirements for entities other than financial institutions, which are subject to strict data security requirements, but often become financially responsible for other industries’ lack of effort, it wrote to the Senate Banking Committee last week. CUNA highlighted credit unions’ role in protecting member and consumer information in a letter for the committee’s hearing cyber risks to the financial services industry.

in Legislative & Political News
CUNA Requests CECL Effective Date Clarity for CUs

CUNA requested clarification on the effective date of the Financial Accounting Standards Board’s (FASB) current expected credit losses (CECL) standard in a letter sent Tuesday. CUNA supported the recommendation of the American Institute of Certified Public Accountants (AICPA), who submitted a paper to FASB staff regarding the effective date of CECL for non-public business entities (PBEs), which include state and federal chartered credit unions.

in Legislative & Political News
CUNA Outlines Housing Reform Principles to Senate Banking Committee

CUNA supports an efficient, effective and fair secondary mortgage market with equal access to lenders of all sizes, it wrote to Senate Banking Committee leadership Tuesday. CUNA’s letter was sent for the record of the committee’s hearing on the status of the housing finance system.

in Legislative & Political News
Major Credit Union Victory Complete as President Signs S. 2155

President Donald Trump signed the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) into law today, enacting a major piece of CUNA-supported bipartisan regulatory relief legislation. CUNA strongly supported the bill from the earliest negotiations in the Senate, and remained engaged with leagues and credit unions through House passage of the bill May 22.

in Legislative & Political News
CUNA Backs RBC Delay Provision for HFSC Markup

CUNA wrote in support Tuesday of a bill provision that would delay the effective date of NCUA’s risk-based capital rule by two years. CUNA sent its letter for the House Financial Services Committee markup of several bills, including the Foreign Investment Risk Review Modernization Act of 2018 (H.R. 5841), which contains the risk-based capital provision.

in Legislative & Political News
Large CU Exam Authority to Should be Moved to NCUA, CUNA Writes CFPB

The Consumer Financial Protection Bureau (CFPB) should transfer examination and enforcement authority of the largest credit unions to NCUA, CUNA wrote to the bureau Monday. The letter was sent in response to a bureau request for information on its supervision program.

in Legislative & Political News
CUs Earn Historic Victory as House Passes Regulatory Relief Bill (S. 2155)

The House voted Tuesday to pass the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), a bipartisan regulatory relief bill that will provide much-needed regulatory relief for credit unions. Having passed the Senate in March, the bill now goes to President Donald Trump for his signature, which is expected in the coming days.

in Legislative & Political News
President Signs Resolution Voiding CFPB Auto Lending Bulletin

WASHINGTON – President Donald Trump Monday signed a CUNA-backed resolution of disapproval for the Consumer Financial Protection Bureau’s indirect auto lending bulletin. The bulletin, which CUNA is concerned with since did not go through the formal rulemaking process, was voided under the Congressional Review Act.

in Legislative & Political News
On Behalf of CU System, CUNA Engaged with House S. 2155 Consideration, Markups this Week

This week will be a busy one on Capitol Hill, as both chambers are in session for a number of votes, mark-ups, and hearings. CUNA is most notably engaged with House consideration of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), which is expected to see a House vote as early as Tuesday.

in Legislative & Political News
DOBI Re-Issues Disaster-Related Bulletins

TRENTON, N.J. – The Department of Banking & Insurance (DOBI) has re-issued two disaster-related bulletins.

in Legislative & Political News
CUNA-Requested ADA Language Added to House Appropriations Bill

CUNA-requested language requesting the Department of Justice clarify Web site accessibility standards for the Americans with Disabilities Act (ADA) was successfully added to a House appropriations bill Friday. Credit unions around the country are facing numerous legal challenges due to uncertainty with how the ADA applies to Web sites, and CUNA has made finding a solution a top advocacy priority.

in Legislative & Political News
Nussle Calls for Final S. 2155 Push, House Vote Likely this Week

The House intends to vote on the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) as early as Tuesday. The House Rules Committee will meet on the bill Monday at 5 p.m., which clears the way for likely consideration this week.

in Legislative & Political News
House Rules Committee to Meet on S. 2155, Setting Up Vote

The House Rules Committee announced it will meet on the Economic Growth, Regulatory Relief and Consumer Protect Act (S. 2155) Monday at 5 p.m. (ET), paving the way for the House to vote on the bill next week. CUNA and leagues strongly support the bill, which contains several regulatory relief provisions for credit unions. The CUNA/league system is urging stakeholders to contact their members of Congress to support the bill.

in Legislative & Political News
RBC Rule Delay Included in House Foreign Investment Bill

Language to delay the NCUA's risk-based capital (RBC) rule by two years is included in the Foreign Investment Risk Review Modernization Act of 2018 (H.R. 5841) introduced in the U.S. House yesterday. House Financial Services Committee Chairman Jeb Hensarling (R-TX) was instrumental in getting the language added to the foreign investment bill.

in Legislative & Political News
NCUA’s Streamlined CDFI Process Available for CUs June 4-22, September 10-28

Credit unions interesting in coordinating with NCUA in the agency’s streamlined Community Development Financial Institution (CDFI) certification applications process will be able to do so from June 4-22 and September 10-28 this year. The agency discussed the process, and what credit unions can do with CDFI certification, during a webinar Wednesday.

in Legislative & Political News
Fed Nominees Voice Support for Tailoring Regulations

Testifying before the Senate Banking Committee Tuesday, Federal Reserve Board of Governor nominees Richard Clarida and Michelle Bowman offered their support of reducing the regulatory burden facing community-based financial institutions by better tailoring regulations. 

in Legislative & Political News
FCC Seeks Input on TCPA Issues Highlighted by CUNA

The Federal Communications Commission (FCC) issued a public notice requesting comments on several issues CUNA has raised regarding the Telephone Consumer Protection Act (TCPA). CUNA has asked the FCC to take action to clarify several aspects of the TCPA after several parts were overturned by the D.C. Court of Appeals in March.

in Legislative & Political News
FinCEN Should Continue Work to Ease CDD Issues, CUNA Writes

The Treasury’s Financial Crimes Enforcement Network (FinCEN) should continue to work with the financial services industry as any issues with implementation of its customer due diligence (CDD) rule arise, CUNA wrote Tuesday. CUNA sent a letter for the record of a House sub-committee hearing on the rule, which became effective last week. 

in Legislative & Political News
Regulatory Reform (S. 2155) Vote Expected Next Week, CUNA/Leagues Renew Call-to-Action

The House intends to vote on the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) next week, as early as Tuesday, according to numerous reports. Leagues across the nation have joined CUNA President/CEO Jim Nussle in urging credit unions to make a final push to encourage members of the House to support the bill.

in Legislative & Political News
CUNA Recommends CFPB Delegate Large CU Authority to NCUA

The Consumer Financial Protection Bureau (CFPB) should delegate to the NCUA primary examination and enforcement of consumer protection laws for credit unions with more than $10 billion in assets, CUNA wrote to the Bureau Monday. CUNA’s letter was sent in response to a Bureau request for information (RFI) on enforcement processes.

in Legislative & Political News
CUNA Engaged with S. 2155 Developments, CDD Rule Hearing

CUNA will be engaged in several hearings on Capitol Hill this week, and is continuing its advocacy for the Economic Growth, Regulatory Relief and Consumer Protect Act (S. 2155) as the House moves closer to consideration of the bill. Speaker of the House Paul Ryan (R-Wis.) said last week the House would consider S. 2155, and CUNA President/CEO Jim Nussle is urging credit unions to contact their representatives as the House looks to consider the bill.

in Legislative & Political News
CUNA Sees Win as CFPB Rule Agenda Doesn’t Include Overdraft

Notably absent from the Consumer Financial Protection Bureau’s (CFPB) spring rule-making agenda is a potential rule-making on overdraft services for checking accounts. CUNA has long been concerned about potential rule-making in this area and believes the Bureau has yet to conduct a comprehensive study into overdraft products and the benefits consumers see from them.

in Legislative & Political News
CUNA Writes Appropriators in Opposition to CMF Cuts

CUNA wrote House and Senate appropriations leaders in opposition to any rescissions from the Capital Magnet Fund (CMF), in response to proposed cuts from the administration. The fund provides grants to Community Development Financial Institution (CDFI) credit unions to finance affordable housing.

in Legislative & Political News
Paid Family Leave Approved by Senate Labor Committee, Salary History Measure Held in Assembly Labor Committee

Legislation to expand the state’s existing paid family leave law passed the Senate Labor Committee by a 3-1 vote Tuesday, and has been referred to the Senate Budget and Appropriations Committee. The salary history bill was held in the Assembly Labor Committee for further consideration. The Senate’s salary history bill (S559) passed the upper chamber (28-10) on March 26.

in Legislative & Political News
CUNA Supports NCUA’s Suspension/Debarment Proposal

CUNA supports NCUA taking administrative action to address due process in the agency’s procurement processes, it wrote to the agency Wednesday. CUNA’s comment letter was sent in response to NCUA’s proposed suspension and debarment procedures.

in Legislative & Political News
Senate will Vote on Additional Regulatory Relief Bills According to House Financial Services Chair

The Senate has agreed to vote on several House bills that offer regulatory relief for financial institutions, Rep. Jeb Hensarling (R-TX) said this week, according to Bloomberg. The chair of the House Financial Services Committee earlier said the House would move forward on the credit union-supported S. 2155, and was open to pathways that involve passage of additional regulatory relief legislation.

in Legislative & Political News
CUNA Meets with “Blue Dogs” on Senate Regulatory Relief Bill (S. 2155), Nationwide Call-to-Action Continues

CUNA President/CEO Jim Nussle and Chief Advocacy Officer Ryan Donovan met with the Blue Dog Coalition Wednesday morning, a coalition of conservative-leaning Democrat members of Congress. Nussle and Donovan discussed the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), the bipartisan, regulatory relief bill that Speaker of the House Paul Ryan (R-WI) indicated Tuesday that will come to the House floor for a vote.

in Legislative & Political News
Cordray Wins Democratic Gubernatorial Primary

Former Consumer Financial Protection Bureau (CFPB) head Richard Cordray (D) won the Democratic nomination to succeed Ohio Gov. John Kasich (R).

in Legislative & Political News
CUNA Opposes $151M Rescission from Capital Magnet Fund

The Trump administration sent a multibillion-dollar package of proposed spending cuts to Congress Tuesday that includes a $151 million cut to the Capital Magnet Fund, part of the Treasury’s Community Development Institutions (CDFI) Fund. CDFI credit unions use grants from the Capital Magnet Fund to finance affordable housing solutions and community revitalization efforts that benefit low-income people and communities.

in Legislative & Political News
CU-backed Bill to Strengthen SBA 7(a) Program Passes House

The House passed a credit union-supported bill Tuesday that would enhance accessibility of capital available under the Small Business Administration’s 7(a) loan program. The Small Business 7(a) Lending Oversight Reform Act of 2018 (H.R. 4743) passed by a voice vote.

in Legislative & Political News
House to Take-up Joint Resolution to Repeal CFPB Auto Lending Bulletin

CUNA will be closely engaged with House consideration of a joint resolution of disapproval, as well as other hearings in Congress, this week. The House joint resolution would use the Congressional Review Act to void the Bureau of Consumer Financial Protection’s (CFPB) indirect auto lending bulletin from 2013, which CUNA believes creates guidance without using the notice and comment period.

in Legislative & Political News
CUNA, Leagues Continue Push for House Vote on S. 2155

CUNA and the state leagues have renewed their nationwide call-to-action in support of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) as Congress returned from its recess.

in Legislative & Political News
Improvements to CFPB’s Adjudications Processes Recommended

The Consumer Financial Protection Bureau's (CFPB) Rules of Practice for Adjudication Proceedings have room for improvement, CUNA wrote to the Bureau Friday. CUNA’s comments were sent in response to the latest deadline for feedback in the Bureau’s series of requests for information on its functions.

in Legislative & Political News
Postal Bank Bill Introduced in U.S. Senate

Legislation (S. 2755) to create a “postal bank”, which would provide retail banking services in the U.S. Postal Service’s 30,000 locations, has been introduced by U.S. Sen. Kirsten Gillibrand (D-NY).

in Legislative & Political News
CUNA Petition Calls for FCC Ruling to Define ‘Autodialer’

CUNA joined several other organizations Thursday to file a petition, requesting the Federal Communications Commission (FCC) to take action to clarify the definition of an automatic telephone dialing system (ATDS) for purposes of the Telephone Consumer Protection Act (TCPA). CUNA is heavily engaged with the FCC and Congress to find a solution to ways the TCPA is impacting credit unions’ ability to contact members.

in Legislative & Political News
Saks, Lord & Taylor Data Breach Lasted Nine Months

The data breach that revealed five million credit and debit card numbers used at Saks and Lord & Taylor department stores occurred over nine months before it was detected and shut down at the end of March.

in Legislative & Political News
Paid Sick Leave Mandate Signed into Law

Gov. Phil Murphy signed legislation (A1827) Wednesday requiring employers to provide paid sick leave to their New Jersey employees.

in Legislative & Political News
CUNA, Leagues Renew Call-to-Action to Increase S. 2155 House Momentum

CUNA and the state leagues have renewed the nationwide call-to-action to urge credit union professionals, volunteers and members to support the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) as members of Congress have signaled they may take up the bill soon. CUNA President/CEO Jim Nussle pointed stakeholders toward CUNA’s Campaign for Common-Sense Regulation Web site to contact members of Congress to support the bill.

in Legislative & Political News
Due This Month: Comments on CFPB RFIs, NCUA Bylaws ANPR

Comments on several of the Consumer Financial Protection Bureau (CFPB) proposals, as well as suggested changes to NCUA bylaws, are due in May. The first CFPB RFI deadline, on civil investigative demands, was last week, and the remainder of the series of RFIs will be due over the coming weeks.

in Legislative & Political News
CUNA Weighs-in on Card Agreement Submissions, Improving Disclosures

The Bureau of Consumer Financial Protection (CFPB) should send quarterly reminders about submitting credit card agreements, CUNA wrote to the Bureau Monday. CUNA’s letter was sent in response to a Bureau request to the Office of Management and Budget to continue collecting certain documents from credit card issuers.

in Legislative & Political News
CUNA Provides Update on FOM Ruling’s Impact on CU Operations

CUNA President/CEO Jim Nussle provided CUNA members with an update on the lawsuit against NCUA’s field of membership (FOM) rule. On March 29, the U.S. District Court for the District of Columbia upheld two challenged portions of the rule and struck down two provisions in a lawsuit filed by the American Bankers Association.

in Legislative & Political News
MVC Chief Assures Assembly Budget Committee ELT is on Schedule

While testifying at an Assembly Budget Committee hearing Monday, NJ Motor Vehicle Commission (MVC) Chief Administrator Sue Fulton publicly committed to getting Electronic Lien and Titling (ELT) done. In response to a question from Asm. Raj Mukherji (D-33), she told the committee: "The study is complete for ELT and at this point, the statute requires us to be online within 12 months and we are on track to do just that."

in Legislative & Political News
Freeholder Linda Carter Announces Candidacy for District 22 Vacancy

Union County Freeholder Linda Carter announced her candidacy Thursday for member of the General Assembly in the 22nd Legislative District to fill the vacancy caused as a result of the passing of Asm. Jerry Green.

in Legislative & Political News
Bergen Dem’s Select District 38 Replacements

The Bergen County Democratic Committee's replacements for Asm’s Tim Eustace (D-38) and Joe Lagana (D-38) will be Fair Lawn Mayor Lisa Swain and former Council President Chris Tully of Bergenfield.

in Legislative & Political News
CUNA Increases Push for S. 2155 House Consideration, Passage

As momentum for House consideration of the Economic Growth, Regulatory Relief and Consumer Protection (S.2155) act picks up, CUNA is urging members to use its Member Activation Program (MAP) to activate their members in support of the bill. Credit unions that join MAP can activate their members to contact their members of Congress to support the bill, as many credit unions did during Senate consideration of the bill.

in Legislative & Political News
CUNA Asks Sub-committee to Call on FCC for Autodialer Clarity

CUNA joined several organizations to call on a U.S. House Energy and Commerce sub-committee to encourage the Federal Communications Commission (FCC) to clarify the definition of an autodialer, among other actions. CUNA sent the letter for the sub-committee on digital commerce and consumer protection’s Friday hearing on combating robocalls.

in Legislative & Political News
CUNA Encouraged as S. 2155 Appears to Gain Momentum in House, Call-to-Action Continues

CUNA President/CEO Jim Nussle thanked U.S. House Financial Services Chairman Jeb Hensarling (R-TX) for his Thursday remarks that he would be willing to support the U.S. Senate-passed Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). Hensarling said Thursday at the U.S. Chamber of Commerce that he’s open to pathways that involve passing S. 2155 and tackling additional regulatory relief in separate legislation.

in Legislative & Political News
Any Change to CU Tax Status Would Harm Consumers, CUNA Writes Senate Finance Committee

CUNA President/CEO Jim Nussle corrected several falsehoods about credit unions’ tax status and reiterated that any change would be a direct tax increase on 110 million Americans Wednesday in a letter to the Senate Finance Committee. Nussle responded to a letter sent by the National Taxpayer’s Union to the Senate Finance Committee requesting an evaluation of the credit union tax status.

in Legislative & Political News
CUNA Joins ICBA to Call for House Passage of S. 2155

CUNA joined the Independent Community Bankers of America (ICBA) Wednesday in writing to House leadership to urge consideration and passage of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). CUNA and the state leagues strongly support the bipartisan bill, which contains many relief provisions for credit unions. The bill passed the Senate in March.

in Legislative & Political News
CUNA Responds to Hatch Question Regarding IRS Form 990s for FCUs

CUNA wrote to Senate Finance Committee Chairman Orrin Hatch (R-Utah) Tuesday in response to Hatch’s letter sent to the Internal Revenue Service (IRS) asking it to consider whether the “largest federal credit unions” should be required to file annual IRS Form 990s. Federal credit unions are not required by the IRS to file Form 990s.

in Legislative & Political News