CUNA and NAFCU wrote House leadership this week in support of a resolution to nullify the Consumer Financial Protection Bureau’s section 1071 rule via the Congressional Review Act. The rule requires credit unions to collect and report certain data on applications for credit.
The Consumer Financial Protection Bureau has failed to account for credit unions’ mission and structure in its activities, a trend that has continued under Director Rohit Chopra, CUNA and NAFCU wrote to the Senate Banking, Housing, and Urban Affairs Committee.
CUNA is concerned the Department of Labor’s overtime proposal—while it attempts to strike a balance between the 2016 and 2019 overtime rules—will have negative impacts on credit unions in rural and low-cost areas, it wrote to a House subcommittee Tuesday.
CUNA and NAFCU suggested principles the CFPB should operate under and made other recommendations on the CFPB's structure, rulemaking, and more in a letter sent to the House Financial Services Committee before CFPB Director Rohit Chopra's testimony Wednesday.
FinCEN announced it is joining twelve financial intelligence units (FIUs) recognizing the formation of a task force of like-minded FIUs who aim to strengthen efforts to disrupt international financial flows to Hamas and other terrorist organizations, established following the terror attacks by Hamas against Israel on Oct. 7.
Credit union-supported Celeste Maloy (R) was elected to represent Utah’s 2nd Congressional District in a special election held Nov. 21. Maloy was supported by the Credit Union Legislative Action Council, CUNA’s federal PAC, and the Utah Credit Union Association.
The House is expected to vote on a resolution of disapproval for the Consumer Financial Protection Bureau’s section 1071 rule this week, while CFPB Director Rohit Chopra will also testify before House and Senate committees Wednesday and Thursday.
Reps. Brad Wenstrup, R-Ohio, announced he will not seek re-election in 2024, and Bill Johnson, R-Ohio, Johnson announced he will leave Congress to become president of Youngtown State University. Both are credit union supporters.
CUNA, NAFCU, and other financial services organizations requested the Federal Reserve extend the deadline for its interchange proposal by at least 90 days in a letter sent Wednesday. The Fed proposed the changes at an October meeting, and comments are currently due Feb. 12.