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.
A bill with multiple pro-credit union provisions to help improve operations and alleviate compliance burdens passed the Georgia State Senate Thursday, and will now head to Gov. Nathan Deal for consideration. The bill is a legislative priority for the GCUA.
The DOL should delay its fiduciary rule by at least 180 days, CUNA wrote Thursday, also calling for additional efforts and research to ensure that credit union members are not harmed by broad regulations.
The Federal Open Market Committee decided Wednesday to raise the federal funds interest rate range to 0.75% to 1%. CUNA Senior Economist Perc Pineda says the action was expected, and CUNA anticipates similar actions later this year.
The NCUA filed a response to the lawsuit against its final field-of-membership rule brought by the American Bankers Association. CUNA is tracking the lawsuit, and plans to support the NCUA in its defense of the rule.
The CFPB published its proposed delay of its prepaid accounts rulemaking Wednesday in the Federal Register shifting the implementation date to April 1 a request CUNA made when commenting on the proposed prepaid rule.
The Senate and House are both in session this week, and while most of their schedules will consist of non-financial services legislation in the House and nominations in the Senate, CUNA will be closely monitoring several hearings.
CUNA’s compliance staff continued its closer look into the NCUA’s guidance on its member business lending rule with a CompBlog entry last week on collateral and security requirements for commercial loans.
CUNA urged the FCC to reject a petition seeking adoption of a rule that would change the definition of “prior express consent” regarding the TCPA, because it fails to prove the FCC has exceeded its authority.
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.