The current regulatory regime makes BSA/AML compliance daunting for community financial institutions like credit unions, Faith Anderson of American Airlines FCU told a House Financial Services subcommittee on behalf of CUNA Wednesday.
CUNA President/CEO Jim Nussle said CUNA would push to remove language placing NCUA under the appropriations process from the House FSGG appropriations bill, and called for engagement to restore the CDFI Fund and CDRLF, which saw cuts.
CUNA and 2 other organizations jointly filed an amicus brief Wednesday in defense of NCUA's revised field-of-membership rule. The brief supports NCUA's cross-motion for summary judgement against the suit brought by the American Bankers Association.
CFPB seeks comments on proposed changes to its prepaid rule, which is scheduled to take effect April 1, 2018. The rule subjects prepaid accounts that access certain overdraft services or credit features to Regulation Z requirements by defining them as “credit cards.”
CUNA wrote in support of a Senate bill that would provide regulatory relief from HMDA reporting requirements Wednesday, a bill that would raise the threshold for reporting requirements to 500 closed-end and 500-open end mortgages.
The Fed announced Wednesday it will raise the Federal Funds interest rate target. CUNA Vice President of Research and Policy Analysis Mike Schenk says credit unions can expect an economic environment supportive of member engagement and favorable operating results.
The FHA should lower mortgage insurance premiums if the Mutual Mortgage Insurance fund shows continued strength, CUNA wrote to HUD in response to a request for information on executive orders relating to housing regulations.
Consumers suffer when credit unions are forced to curtail communications with member-owners, as they cannot receive the information they need, CUNA wrote for a House subcommittee hearing on lawsuit abuse and the Telephone Consumer Protection Act.
The Treasury’s report on financial reform reflects a number of areas highlighted by CUNA and credit unions during meetings and follow-up letters. The report, released Monday, is the first of 4 expected released from the Treasury.
The Department of the Treasury released a report Monday outlining more than 100 changes to financial regulations. CUNA is analyzing the report. The majority of the changes would be made at the regulatory level, not through legislation.
CUNA supports the VA review of its regulation involving VA-Guaranteed Home Loans, but urges the VA to ensure it has conducted adequate outreach prior to making any changes in this area. CUNA responded to an ANPR on possible revisions.
Both chambers of Congress are in Washington, D.C. this week, which means CUNA is engaged with hearings and meetings throughout the week. Scheduled hearings include a look at the TCPA, flood insurance and more.