WASHINGTON (2/24/15)--As key credit unions issues are addressed in both chambers of Congress this week, CUNA will be engaged in the conversations and looking at how they might affect credit unions. In CUNA's "The Weekly Legislative Update," Chief Advocacy Officer Ryan Donovan breaks down those hearings, as well as new resources available for the nearly 5,000 credit union leaders who will be attending CUNA's Governmental Affairs Conference (GAC).
CUNA will submit a letter for the record for a hearing conducted Thursday by the House Energy and Commerce subcommittee on commerce, manufacturing and trade, concerning patent demand letters. CUNA is encouraged by a bill that would combat abusive patent lawsuits, and is continuing to pressure Congress to do more to combat "unfair and deceptive" patent demand letters.
Along with a coalition of other financial services trade associations, it has outlined principles to Congress to address these growing problems. (See a related story in today's News Now about league efforts to combat these "patent trolls": Leagues combat 'patent trolls' on many fronts.
On Wednesday, the House Committee on Homeland Security will conduct a hearing examining President Barack Obama's new cybersecurity information sharing initiative. Obama signed an executive order promoting such information sharing at the White House Cybersecurity Summit in California earlier this month.
CUNA was represented at the summit, and President/CEO Jim Nussle welcomed the president's initiative, and urged Congress to work toward passing cybersecurity legislation that includes a national standard for data security and protection, consumer notification standards and ensures the party responsible for the data breach bears the cost.
Janet Yellen, chair of the Federal Reserve board of governors, will testify before both houses of Congress this week. Today she will testify before the Senate Banking Committee, starting at 10 a.m. (ET), and Wednesday at 10 a.m. (ET) she will testify before the House Financial Services Committee.
Both appearances are part of her semi-annual monetary policy reports to Congress.
The hearings come with less than two weeks before CUNA launches this year's GAC. Donovan announced a host of new resources available on CUNA's advocacy page. This includes legislative briefing documents, Congressional meeting outlines, a checklist of all the things CUNA would like to see done from a legislative standpoint and analysis of major credit union issues.
CUNA's advocacy smartphone application (available in the App Store and Google Play) will have numerous updates coming between now through the end GAC, including updated talking points and the latest GAC information. After the GAC, videos and additional talking points will be added to the app.
Donovan asked that all those coming to the GAC bring examples of how regulatory burden has impacted credit unions and impeded service to members.