WASHINGTON (12/29/15)--Strong advocacy efforts from CUNA, the state leagues and the credit union movement have led to a number of victories this year, on both the legislative and regulatory fronts.
In Congress, credit unions saw regulatory relief provisions in the federal government and highway funding bills. The government funding bill includes a study of requirements involving mortgage servicing assets and cybersecurity information sharing among the government and private industry.
The highway funding package contains three regulatory relief provisions--provisions that modernize privacy notice requirements, give privately insured credit unions access to the Federal Home Loan Bank and establish a system to reduce regulatory burden for credit unions serving rural areas.
CUNA also helped:
CUNA’s efforts also helped prevent a number of items that would have intensified regulatory burden on credit unions. NCUA authority over third-party vendors, new tax reporting requirements from Congress and any changes to credit unions’ tax status were prevented.
On the regulatory front, CUNA saw victories that included:
Looking ahead to next year, CUNA Chief Advocacy Officer Ryan Donovan said CUNA will work to: