A federal appeals court voided the Department of Labor’s fiduciary rule Thursday, saying it was an arbitrary exercise of administrative power. CUNA believes would have created additional compliance burdens for credit unions.
CUNA continues its engagement in support of the Senate’s bipartisan regulatory relief bill, S. 2155, and two CUNA-backed regulatory relief bills are expected to see House floor consideration this week.
The Senate’s bipartisan regulatory relief bill is a chance to walk back many of the one-size-fits-all regulations coming in the wake of Dodd-Frank, CUNA President/CEO Jim Nussle said on CNBC’s Squawk Box Monday morning.
The CFPB issued a Request for Information this week about the bureau’s rulemaking processes. CUNA has consistently called for the CFPB to tailor its rules to remove service barriers between credit unions and their members.
The Senate voted Wednesday evening to proceed to begin formal debate on the bipartisan, CUNA-supported Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), and CUNA urges credit unions to continue the advocacy momentum.
CUNA President/CEO Jim Nussle joined nearly 1,000 credit union advocates in his home state of Iowa Wednesday to push back against a state bill that would increase taxes on the state’s credit unions, while lowering them for banks.
CUNA wrote to a House Financial Services subcommittee Wednesday to reiterate the need for data breach legislation containing several important principles, principles outlined to the subcommittee by a CUNA witness last month.
CUNA President/CEO Jim Nussle highlighted how the current regulatory environment favors the largest banks in a letter to House Small Business Committee leadership Wednesday for the record of its hearing on regulatory burden.