CUNA recognizes NCUA has made improvements to its budget process reflected in this year’s proposed budget, CUNA Vice President of Research and Policy Analysis Mike Schenk told the agency during its budget briefing Wednesday.
CUNA Vice President of Research and Policy Analysis Mike Schenk and Cooperative Credit Union Association President/CEO Paul Gentile, who chairs CUNA’s examination and supervision subcommittee, will be among the presenters at Wednesday’s NCUA budget briefing.
CUNA participated in the Treasury Department’s “Cut the Red Tape” summit Monday to discuss ways the agency might facilitate regulatory relief for financial institutions and other entities. The summit included remarks by Treasury Secretary Steven Mnuchin.
CUNA is heavily engaged with 3 separate hearings this week regarding the Equifax data breach, as well as several other hearings in both chambers of Congress. CUNA continues to monitor potential effects of the breach.
CUNA forwarded a letter Thursday to the NCUA commenting on the agency’s proposed emergency merger rule, and objects to any proposed changes that would result in rigid guidelines forcing credit union mergers.
CUNA member credit unions can now access an interactive spreadsheet designed to help them determine which credit card fees are “reasonable and bona fide” under the Military Lending Act. Related regulations are effective Tuesday.
CUNA filed a petition Friday with the Federal Communications Commission regarding the Telephone Consumer Protection Act, outlining how it can provide credit unions with regulatory relief from the onerous requirements for communicating with member-owners. In the petition, CUNA proposes two routes for providing credit unions with greater ability to communicate with consumers about information they want and need on their cell phone.
CUNA President/CEO Jim Nussle called NCUA’s decision to close the Temporary Corporate Credit Union Stabilization Fund and begin issuing refunds in 2018 a victory for credit unions. Board Chairman J. Mark McWatters and board member Rick Metsger both voted Thursday to close the fund and set the normal operating level at 1.39%.
CUNA wrote in support of legislation Monday that is a step forward in addressing the threat of litigation under the Americans With Disabilities Act, urging legislators to consider how credit unions are being impacted by frivolous litigation.
The House Financial Services Committee passed 8 CUNA-supported regulatory relief bills Thursday. CUNA wrote in support of the bills prior to the markup, particularly one that would raise the CFPB's supervisory threshold to $50 billion.