The House voted 294-129 in favor of a bill Tuesday that would provide mortgage-related regulatory relief. The Community Institution Mortgage Relief Act of 2017 (H.R. 3971) was introduced in October by Rep. Claudia Tenney (R-N.Y.).
CUNA filed an amicus brief Tuesday supporting the president’s authority to appoint an interim CFPB director under the Vacancies Reform Act. CUNA and its members have a strong interest in ensuring that the CFPB operates under proper direction.
The House passed the CUNA-backed bill Monday that would prevent regulators from requesting termination of certain accounts without a material reason. The Financial Institution Consumer Protection Act is consistent with CUNA’s bipartisan, pro-consumer Campaign for Common-Sense Regulation.
CUNA is engaged with activities on Capitol Hill, including the Senate’s tax reform consideration and several hearings. The Senate Finance Committee passed the tax reform bill, which leaves the credit union tax status untouched, earlier this month.
CUNA outlined a number of concerns with the CFPB proposed policy guidance on disclosure of loan-level HMDA data. The proposed policy guidance applies to HMDA data to be reported starting in January 2018.
The Senate’s bipartisan regulatory relief bill is a welcome piece of legislation that helps credit unions and other Main Street institutions, Montana’s Credit Unions President/CEO Tracie Kenyon wrote in an op-ed published in several Montana newspapers.
CUNA wrote to Mick Mulvaney, who was named CFPB director, to outline ways the bureau could provide credit unions with regulatory relief, including not proposing any new regulatory requirements and allowing NCUA to supervise credit unions.
Regulation Z identifies additional compliance requirements associated with loan transactions that are considered higher-priced. A recent CUNA CompBlog entry breaks down these requirements and identifies the updated higher-priced mortgage loan appraisal exemption threshold for 2018.
CUNA is closely monitoring the leadership situation at the CFPB, and will continue its push for regulatory relief for credit unions during the transition process. CUNA has strongly pushed for a bipartisan, five-person commission to lead the bureau.
Numerous comments by credit unions and state leagues, other trade associations, consumer groups, and other third parties support CUNA’s petition calling for reforms to the TCPA, and CUNA highlighted these in its response comments to the petition.
The World Council of Credit Unions opposes making demutualizations--making member-owned entities into shareholder-owned entities-- the international standard for resolving weak financial cooperatives, it wrote last week to the International Association of Deposit Insurers.
A large gathering of league presidents, league service corporation and association executives, league chairs, government and political affairs professionals, CUNA executive committee members and system partners attended AACUL's annual meeting and winter conference.
CUNA’s Washington, D.C. and Madison, Wis. offices will be closed this Thursday and Friday due to the Thanksgiving holiday. There will be no CUNA News Daily e-mail those days. The Daily e-mail will resume Monday, Nov. 27.