Credit unions and leagues from New Jersey and the Dakotas were in Washington, D.C. this week as part of continuing CUNA/league advocacy efforts into the new Congress to discuss several issues of interest to credit unions and their members.
CUNA supports the Federal Reserve developing a real-time payments network, it wrote to the Fed’s board of governors Friday. CUNA sent its comment letter in response to a Fed call for comments on its faster payments proposal.
CUNA joined the National Association for Federally Insured Credit Unions and CUNA Mutual Group Thursday to file a brief in support of NCUA and its FOM rule, which was challenged by the American Bankers Association.
CUNA, in conjunction with NASCUS, conducted its annual BSA Conference last week, providing nearly 300 attendees with the latest information on BSA, anti-money laundering and Office of Foreign Assets Control compliance issues.
CUNA attended Friday’s Faster Payments Town Hall meeting in Minneapolis, part of a series of town halls on the topic. CUNA has expressed to the Fed that the increased fraud opportunity a problem with a real-time payment system.
CUNA is continuing its advocacy with lawmakers to secure a fix for an excise tax contained in the Tax Cuts and Jobs Act of 2017, which requires tax-exempt entities to pay a 21% excise tax on certain employee compensation.
CUNA participated in a roundtable Thursday led by the Small Business Administration's Office of Advocacy to discuss the latest Bureau of Consumer Financial Protection rulemaking agenda, which was released last month.
Despite the divided Congress that will take office in January, CUNA, leagues and credit unions are well-positioned in a challenging legislative environment, CUNA noted in its post-election whitepaper, released Thursday.
Credit unions are well positioned after Tuesday’s election into the 116th Congress, CUNA President/CEO Jim Nussle said during CUNA’s post-election webinar. CUNA’s CreditUnionsVote.com website got more than 13,000 hits during the election cycle.
CUNA will pursue the extension of two expired tax cuts, known as “tax extenders,” during the final months of the 115th Congress. Tax extenders are temporary tax provisions, and Congress may consider a tax extender package in late 2018.