Both chambers of Congress are in session this week, as the House will consider several bills and the Senate will resume judicial nominations. CUNA will be engaged with several hearings this week, including ones on the administration’s fiscal year 2022 budget proposal.

CUNA filed comments Friday with FinCEN and NCUA regarding the use of the Model Risk Management Guidance for BSA/AML compliance. NCUA has not adopted the guidance to date, so it does not explicitly apply to federally insured credit unions.

As state legislative sessions wind down around the country, Leagues have seen multiple legislative wins, both in getting pro-credit union bills passed and stopping bills that would negatively impact credit unions.

CUNA wrote in support of NCUA’s Interim Final Rule on Prompt Corrective Action relief Friday, and reiterated the CUNA-League request that NCUA provide additional PCA flexibility by temporarily excluding certain assets from the net worth ratio.

CUNA Chief Economist Mike Schenk interviews CUNA Vice President of DEI CUNA Samira Salem in this month’s Economic Update video, on the latest trend of women holding a significantly higher percentage of executive leadership positions in credit unions than in the banking industry. 

The tax reporting changes in President Joe Biden's FY22 budget proposal will result in real costs for government, financial institutions, small businesses, and individual taxpayers. Strengthening IRS funding and overhauling outdated technology is a much more effective approach to closing the tax gap.

Damon Smith, who previously served as CUNA Senior Director of Advocacy and Counsel, was nominated Wednesday by President Joe Biden to serve as General Counsel at the HUD. A Senate-confirmed position, the role serves as the agency’s chief legal position.

CUNA wrote in strong support of a bill that would allow all federal credit unions to add underserved areas to their field of membership; exempt business loans made to businesses in underserved areas from the cap; and expand the definition of an underserved area.

The Consumer Financial Protection Bureau (CFPB) recently issued sets of frequently asked questions on Electronic Fund Transfer Act and Regulation E requirements, as well as servicing escrow accounts under Regulation X.

The Federal Communications Commission (FCC) should maintain a standardized requirement for voice service providers to provide notifications of blocked calls, CUNA and other organizations said in comments filed with the FCC.