Week in review: CUNA advocacy includes CISA support, TCPA concerns
WASHINGTON (8/10/15)--As the Senate met for the final times last week before the August recess, CUNA stepped up its advocacy efforts, submitting a number of letters urging legislators to consider credit unions’ positions. CUNA also sent two letters to the National Credit Union Administration last week, regarding the Telephone Consumer Protection Act (TCPA) and the agency’s annual regulatory review.
Additionally, CUNA filed an amicus brief in a Texas interchange fee case Rowell et al v. Pettijohn. Similar to a brief CUNA filed in March in a Florida interchange fee case, the brief lays out how additional surcharges to credit card transactions would shift costs to consumers and financial institutions, while allowing merchants to continue to reap the benefits of the credit card system.
CUNA’s letters to the Senate last week included:
Calling the Cybersecurity Information Sharing Act (CISA) a “good start” but urging the Senate to adopt legislation that would establish a strong national data security standard, and recognize the standards financial institutions currently adhere to under the Gramm-Leach-Bliley Act;
Opposing an amendment to CISA offered by Sen. Elizabeth Warren (D-Mass.) that would have given the NCUA authority over third-party vendors. CUNA, along with credit union leagues from Massachusetts, Kentucky, Alabama, Nevada and California, contacted legislators to voice their disapproval of the amendment, and it was not included in the version of the bill the Senate will consider in the fall; and
- Writing in support of the Bureau of Consumer Financial Protection Advisory Board Enhancement Act (S. 1963). The bill is the Senate version of a House-approved bill that would codify the Consumer Financial Protection Bureau’s Credit Union Advisory Council.
CUNA wrote to the NCUA last week about:
The agency’s annual regulatory review. CUNA pushed for modernization of the agency’s credit union bylaws, and suggested the agency work to provide more field of membership flexibility, eliminate the capital adequacy requirement in its risk-based capital proposal, do more to allow credit unions obtain the low-income designation, and much more; and
- How the TCPA can impact credit unions by creating a regulatory burden while making it more difficult for credit unions to contact their members due to ambiguity in the statute. CUNA asked the NCUA to advocate on behalf of credit unions to the Federal Communications Commission.