Members of the House Financial Services Committee expressed many questions about the one-size-fits-all regulatory climate under the Dodd-Frank Act, as well as the effect on consumers and community financial institutions Wednesday during a hearing on the Financial CHOICE Act.
Treasury Secretary Steven Mnuchin released a broad outline of tax reform Tuesday, and while details sparse, CUNA has engaged and will continue to engage with policymakers and staff, and is working to defend the credit union tax status.
CUNA President/CEO Jim Nussle joined with National Credit Union Foundation Executive Director Gigi Hyland Wednesday to ask CFPB to work with credit unions to empower consumers with financial knowledge, in recognition of Financial Literacy Month.
CUNA urged the Federal Reserve this week to serve additional operational roles in the delivery of real-time payments. While the letter praises the Fed for its role facilitating dialogue, it urged the agency to go one step further.
The House Financial Services Committee will conduct a hearing on Rep. Jeb Hensarling’s (R-Texas) Financial CHOICE Act next week. CUNA President/CEO Jim Nussle said CUNA appreciated the effort to bring regulatory relief to credit unions and other institutions.
State credit union advocacy led to the governors of New Hampshire and New Mexico signing credit union-friendly bills into law in recent weeks, while other pro-credit union bills in Delaware, Washington, Montana and Tennessee await signatures.
CUNA seeks to update its groundbreaking study that found in 2014 regulatory burden cost credit unions $7.2 billion. The study will be conducted in the fall and result in data that is current as of 2017.
The World Council of Credit Unions filed a comment letter with the Financial Action Task Force last week, focusing on correspondent banking, information sharing and customer due diligence requirements for the underbanked.
CUNA’s compliance staff went back to basics in a recent CompBlog post highlighting what credit unions should do when they receive a garnishment notice. The entry covers 5 steps credit unions should follow.
Credit unions could play a bigger role in the economy under a tailored regulatory structure, CUNA and all 38 credit union leagues wrote to Senate Banking Committee leadership Friday leagues listing 4 proposals that could create economic growth.
Speaker of the House Paul Ryan (R-Wis.) visited Landmark CU, New Berlin, Wis., this month, meeting with the leadership team and taking a tour. Credit union visits are an essential part of CUNA’s Campaign for Common-Sense Regulation.
The CFPB issued a proposal designed to facilitate compliance with the 2015 updates to the HMDA rule. Initial CUNA analysis suggests the changes will be favorable for credit unions, and CUNA will continue to examine the proposal.
Grants and other awards from the Treasury Department are essential for Community Development Financial Institution credit unions to serve their communities. Those credit unions are using CUNA’s Member Activation Program to tell their CDFI stories.
The second phase of Same Day ACH rollout has a Sept. 15 effective date, and a list of recommended action items to be performed has been released. All financial institutions must be prepared to receive by Sept. 15.
CUNA President/CEO Jim Nussle called for action as CUNA’s bipartisan, pro-consumer Campaign for Common-Sense Regulation has successfully pushed financial reform to the “head of a crowded field of issues" with the release of Rep. Jeb Hensarling's financial bill.