The House and Senate are in Washington, D.C., this week. The House will consider various legislation, while the Senate will resume consideration of legislative nominees. CUNA will be engaged with hearings on housing affordability and financial innovation. 

CUNA, NAFCU and other organizations met with new FCC Commissioner Anna Gomez and her staff about the FCCs recent Report and Order on illegal automated text messages and ongoing proceedings regarding revocation of consent under the TCPA.

The House passed a resolution of disapproval for the Consumer Financial Protection Bureau’s section 1071 rule Friday. The Senate passed the resolution in October and it will now head to President Joe Biden’s desk, who is expected to veto it.

The big box interchange bill would have major negative impacts on credit unions, community banks, and the people they serve, Montana Reps. Steve Gunderson, R, and Ron Marshall, R, wrote in the Flathead Beacon this week.  

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 2^nd 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.