CUNA seeks to update its groundbreaking study that found in 2014 regulatory burden cost credit unions $7.2 billion. The study will be conducted in the fall and result in data that is current as of 2017.
The World Council of Credit Unions filed a comment letter with the Financial Action Task Force last week, focusing on correspondent banking, information sharing and customer due diligence requirements for the underbanked.
Grants and other awards from the Treasury Department are essential for Community Development Financial Institution credit unions to serve their communities. Those credit unions are using CUNA’s Member Activation Program to tell their CDFI stories.
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.
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.
Seventy-one members of Congress wrote to House appropriations leaders this week requesting the CDFI Fund receive its full $250 million in fiscal year 2017. CUNA sent its own letters to House and Senate appropriators this week, calling for full funding.
CUNA urged a House subcommittee Tuesday to consider the impact of regulatory burden when examining the availability of credit for consumers and small businesses, and highlighted how certain loan types have failed to recover to pre-financial crisis levels.
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.
The House Financial Services Committee will conduct a hearing on Rep. Jeb Hensarling’s (R-Texas) Financial CHOICE Act next week. CUNA President/CEO Jim Nussle said CUNA appreciated the effort to bring regulatory relief to credit unions and other institutions.