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.
Proposed rules on the supervisory review committee, appeals procedures and voluntary mergers are on NCUA’s agenda for Thursday's meeting. The agenda will also feature a quarterly update on the Temporary Corporate Credit Union Stabilization Fund.
President Donald Trump’s proposed fiscal year 2018 budget, released Tuesday, zeroes out 2 crucial credit union funds, the CDFI Fund and NCUA’s Community Development Revolving Loan Fund, and also includes a restructuring of the CFPB.
CUNA supports proposed changes to the CFPB's HMDA rule), but expressed concerns about the impact of the rule itself. CUNA is particularly concerned with the lack of information about what collected data will be made public.
The DOL will not enforce claims against fiduciaries working diligently and in good faith during phased implementation of the fiduciary rule, according to guidance. This phased implementation will start on the June 9 effective date and end Jan. 1, 2018.
CUNA President/CEO Jim Nussle appeared on CNBC’s Squawk Box this morning to discuss President Donald Trump’s proposed budget, which was released Tuesday. Nussle served as director of the Office of Management and Budget from 2007 to 2009.
CUNA is engaged with several activities on Capitol Hill this week, the last week Congress is in session before recess. CUNA Chief Advocacy Office Ryan Donovan urges credit unions to keep up the advocacy momentum over the recess
Credit unions interested in participating in CUNA’s updated regulatory burden have until Thursday to register for an introductory webinar. The study will bring CUNA, leagues and credit unions updated data to bring to policymakers.
CUNA’s compliance staff was recently asked about a garnishment order for a member’s that receives federal benefits. The credit union determined the member did not have enough and the member asked the order be paid in full using those funds.
The Consumer Financial Protection Bureau’s remittance transfer exception is too low and unintentionally harming consumers by forcing providers out of the market, CUNA wrote to the CFPB. CUNA also called for CFPB to raise the safe harbor threshold.
More time for compliance with DOL's fiduciary rule, and other changes to minimize impact, could benefit credit union members, CUNA wrote to a House subcommittee Thursday in a letter to leaders of a House subcommittee.