CUNA will be engaged with several Congressional hearings this week. The House is expected to consider the FAA Reauthorization Act of 2018, and the Senate may consider the nomination of Mike Pompeo to be Secretary of State.
Thursday, April 19 marked the effective date of amendments to the CFPB's mortgage servicing rules. Confirmed successors in interest are now entitled to the same protections available to borrowers under both Reg Z and Reg X.
The CFPB's latest request for information seeks feedback to assist the bureau in considering whether it should amend any rules it has issued since its creation or issue rules under new rulemaking authority.
The House voted Thursday 283-133 in favor of the CUNA-backed Financial Institutions Examination Fairness and Reform Act (H.R. 4545), which would provide for an independent appeals process at the Federal Financial Institutions Examination Council.
The Senate passed the CUNA-backed, bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) Wednesday, in a strong step forward for much-needed regulatory relief for credit unions and other community financial institutions.
Credit unions are harmed by poorly tailored rules, CUNA President/CEO Jim Nussle wrote to House Committee on Government and Reform leadership Wednesday, for the the record of its hearing on the regulatory process.
The House passed a CUNA-backed bill that would require regulators to tailor their rulemakings to the risk level of the institutions affected. The TAILOR Act is consistent with CUNA’s Campaign for Common-Sense Regulation.
Reps. Dennis Ross, Kyrsten Sinema, Ann Wagner and David Scott introduced a bill this week to create a bipartisan, five-member commission to lead the CFPB, consistent with one of CUNA's primary regulatory relief goals.
The World Council of Credit Unions this week wrote a comment letter to the Basel Committee on Banking Supervision regarding the regulatory capital treatment of investments in government-guaranteed debt.