WASHINGTON (12/15/15)--As the first session of the 114th Congress enters its final week, CUNA Chief Advocacy Officer Ryan Donovan highlighted some of his trade association’s successes over the last year, while adding that much work remains to be done going forward.
The U.S. Congress is expected to vote on a long-term government funding bill this week, and while CUNA is hopeful that regulatory relief provisions will be included, it looks increasingly pessimistic.
“We continue to hope that it will include some of the remaining regulatory relief priorities, but we are in the final hours before we expect leaders to file the bill and our confidence is lower than it was just a week ago,” Donovan said. “While there appears to be broad support for provisions that are intended to help credit unions and small banks, such support does not exist for legislation intended to improve Dodd-Frank or impact larger financial institutions. There also seems to be a reluctance to separate the credit union and small bank provisions from the other financial services provisions.”
In addition to the votes on the government omnibus bill this week, CUNA will also be monitoring a House Financial Services subcommittee on oversight and investigations hearing that will examine the Consumer Financial Protection Bureau’s (CFPB) data collection procedures.
Advocacy from CUNA, the state leagues and the credit union movement has led to a number of victories this year, on both the legislative and regulatory front.
In Congress, three regulatory relief provisions were signed into law--modernizing privacy notice requirements, giving privately insured credit unions access to the Federal Home Loan Bank and establishing a system to reduce regulatory burden for credit unions serving rural areas.
CUNA also helped:
CUNA’s efforts also helped prevent a number of items that would have made things more difficult for credit unions. NCUA authority over third-party vendors, new tax reporting requirements from Congress and any changes to credit unions’ tax status were prevented.
On the regulatory front, CUNA saw victories that include:
Looking ahead to next year, Donovan said CUNA will be working to: