A federal appeals court voided the Department of Labor’s fiduciary rule Thursday, saying it was an arbitrary exercise of administrative power. CUNA believes would have created additional compliance burdens for credit unions.
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.