CUNA will be engaged with a House committee hearing on mobile payments this week, in addition to other activities. The Senate will continue its impeachment hearings this week, and the House is expected to consider legislation on credit reporting.
As Jan. 28 marks Data Privacy Day, CUNA, Leagues and credit unions are leading efforts to ensure consumer data is protected through uniform data privacy and security laws and ensuring the availability of the latest resources.
CUNA’s 2019 Year in Review Checklist is now available to help credit unions review and update policies and procedures to reflect regulatory changes of 2019. The checklist is designed to accompany CUNA’s 2019 Year in Review document.
Ongoing compliance costs from the TRID rule continue to affect credit union lending, CUNA wrote to the CFPB as it assesses the rule as required by statute. CUNA found TRID rule compliance expenditures cost credit unions $563 million in 2018 alone.
CUNA’s 2019 Year in Review is now available, recapping the year in finalized rules and amendments that affect credit unions. CUNA’s 2019 Year in Review Checklist will be released on CUNA’s CompBlog in the coming days.
The recent trend of credit unions purchasing banks is something that advances the communities lawmakers’ constituents live, work, and thrive in, CUNA Chief Advocacy Officer Ryan Donovan says in a recent video on credit unions purchasing banks.
CUNA is encouraging credit unions to submit their comments on the CFPB proposal to raise the safe harbor thresholds for its remittance rule by the Jan. 21 deadline. Stakeholders can use CUNA’s Grassroots Action Center to submit comments.
The NCUA board will consider proposals on subordinated debt and credit union combination transactions, among other items, at its Jan. 23 meeting. This is the board’s first meeting of 2020, and it will be livestreamed on NCUA.gov starting at 10 a.m. (ET).
Credit union purchases of banks offer substantial benefits to all parties involved, CUNA and the MWCUA wrote this week to the Colorado Banking Board in support of Elevations CU plan to purchase and assume Cache Bank & Trust.
CUNA announced Thursday the CUNA/League system will spend a record-setting $7 million in the 2020 election cycle. CULAC, CUNA's PAC, will report a fundraising total of $2.8 million for 2019, a CULAC record.
The Financial Accounting Standards Board’s CECL standard will have a significant impact not only on covered financial institutions but also consumers and the broader economy, CUNA wrote to a House subcommittee Wednesday.
Credit unions look forward to working with Congress to strengthen the partnership between credit unions, members and their communities, CUNA Chief Advocacy Officer Ryan Donovan wrote to all 535 Congressional offices Wednesday.
CUNA wrote House leadership this week in support of two bills that are expected to be considered on the House floor in the coming days, the Expanding Opportunities for Minority Depository Institutions Act and the Cybersecurity and Financial System Resilience Act.