The Corporate Transparency Act of 2019 (H.R. 2513) and an offered amendment would provide much needed updates to the Bank Secrecy Act/Anti-money Laundering framework, CUNA wrote in advance of House consideration of the bill this week.

The House is expected to consider a CUNA-supported Corporate Transparency Act (H.R. 2513) and CUNA will engage with several hearings in both chambers of Congress on topics such as affordable housing, minority depository institutions and data privacy.

CUNA has updated its Military Lending Act credit card fee spreadsheet for the first quarter of 2019. The spreadsheet is necessary because a credit union may exclude a bona fide credit card fee from the MAPR if the fee is considered “reasonable.”

CUNA supports the HUD's proposed revisions to existing disparate impact rule, which would put a revised burden-shifting framework in place. CUNA called on HUD in 2018 to make these changes to conform to a Supreme Court ruling.

More than 60 Illinois credit unions participated in CU Kind Day Oct. 14, a day of service launched by the Illinois Credit Union League. The day featured more than 2,400 credit union volunteers impacting more than 20,000 individuals throughout the state.

CUNA has several concerns with draft legislation that would grant NCUA direct supervisory authority over third party vendors and credit union service organizations, it wrote to leadership of the House Financial Services Task Force on Financial Technology.

NCUA, along with other federal financial regulators, issued a request for comment on a proposed interagency policy statement promote consistency in the interpretation of the credit losses accounting standard, which introduces the CECL methodology.

The NCUA board will vote on a final public unit and non-member shares rule, and issue a notice of public rulemaking on chartering and field of membership at its Oct. 24 meeting. The board will also hear a briefing on cybersecurity.

A bipartisan commission leading the CFPB, as proposed by President Barack Obama and Sen. Elizabeth Warren (D-Mass.), is essential to preserving the CFPB’s independence, CUNA wrote to the Senate Banking Committee.

As policymakers seek to patch several cybersecurity policy holes, CUNA anticipates that legislation will be put forth that would extend to NCUA the authority to oversee CUSOs and other third party vendors, and expand credit unions’ ability to invest in CUSOs.