CUNA President/CEO Jim Nussle wrote to Tresaury Secretary Steven Mnuchin Thursday, providing additional information about how regulations can be more manageable for credit unions. The letter was a follow-up to the roundtable Treasury conducted on financial regulations.
The House Financial Services Committee will conduct a second day of hearings on Rep. Jeb Hensarling’s (R-Texas) Financial CHOICE Act, after a hearing was conducted Wednesday. Friday’s hearing is scheduled to begin at 9:15 a.m. (ET).
CUNA will join forces with the National Credit Union Foundation Friday for Financial Literacy Day on Capitol Hill, an event sponsored by the Foundation. Representatives for CUNA and the Foundation will be on hand.
Overregulation of small or less complex financial institutions is hurting consumers, costing them time and money and limiting their choice, CUNA wrote to a House subcommittee, also suggesting reforms from CUNA’s Campaign for Common-Sense Regulation.
Javelin Strategy & Research and the Electronic Payments Coalition released a report Thursday that reveals small merchants are more concerned with value, and less concerned about price, when it comes to the fees for debit card transactions.
CFPB Director Richard Cordray claimed Wednesday that credit unions are a “daily concern” for the bureau, a statement questioned by CUNA President/CEO Jim Nussle. Several other House committee members questioned the bureau’s chilling effect on services to consumers.
CUNA has deep concerns that the CFPB rarely gives consideration to regulatory burdens as a result of once-size-fits-all regulations, it wrote to the House Financial Services Committee, addressing rules the CFPB claims to already have provided necessary relief from.
CUNA reiterated its support of legislation that would help encourage more reporting of suspected elder financial abuse by those most likely to notice it in a letter to the Senate Banking subcommittee on economic policy Wednesday.
CUNA wrote to Sens. Ron Wyden (D-Ore.) and Lisa Murkowski (R-Alaska) Tuesday, thanking them for introducing a bill that would exempt credit union loans to purchase 1 to 4-unit non-owner occupied residential dwellings from the member business lending cap.
CUNA President/CEO Jim Nussle, along with 20 credit union representatives, met with Treasury Department officials Tuesday to discuss credit union issues in the current regulatory environment, as part of continuing efforts for the Campaign for Common-Sense Regulation.
Members stopping by the Dupaco Community CU’s Sycamore branch Friday might have recognized a familiar face as their teller: Rep. Rod Blum (R-Iowa). Blum was visiting the credit union to learn how credit unions fulfill their mission.
CUNA will submit letters for the record for at least 3 hearings on Capitol Hill this week, including one that will feature testimony from CFPB Director Richard Cordray before the House Financial Services Committee.
A 6-month delay of the CFPB’s prepaid accounts rule will not give card issuers and vendors adequate time to prepare, CUNA said, suggesting a 1-year delay the CFPB could use to examine ways to minimize potential unintended consequences.
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.
As Congress works this week to fund the government past April 28, CUNA will be engaged in the process as it seeks to see 2 particular issues addressed: funding for CDFIs and the CFPB's exemption authority.