Links in “CUNA”

CUNA presents its concerns regarding small-dollar lending and CFPB's "Broadsword approach" that could severely obstruct a credit union in servicing vulnerable members at a hearing with the U.S. House Financial Services Subcommittee. [2/11/16]

CUNA President/CEO Jim Nussle calls out to CFPB Director Richard Corday about his less-than-plain reading of the statute regarding exemption authority. [2/10/16]

Thursday saw the U.S. House vote to pass a CUNA-backed bill to limit federal initiative that restricts depository institutions from entering into or maintaining a financial services relationship with specific customers by insisting certain criteria are first met—a bill mostly aimed at Operation Choke Point. [2/5/16]

In response to the CFPB's field hearing, the Credit Union National Association points out the credit union industry's long history of offering product choices to meet members' needs and hopes the CFPB doesn't place additional regulatory burdens that inhibit credit unions from further expanding their product offerings. [2/4/16]

Federal credit union examiners are on notice that when a credit union meets certain statutory requirements it no longer must send annual privacy notices. In a letter to credit unions, the NCUA provides the clarification that CUNA sought. NCUA Chair Debbie Matz stated, “NCUA examiners have been notified that if your credit union meets the applicable requirements, you need not send annual privacy notices unless and until your credit union no longer meets those requirements.” [2/2/16]

According to CUNA's Economic Forecast, the Federal Reserve is expected to hike interest rates to 1.25% this year, and GDP growth should climb 2.75% in 2016 due to "pressures of the rising U.S. dollar on manufacturing and exports."  [2/1/16]

According to a letter from CUNA to Congressional leaders, the recent letter submitted to members of Congress by the American Bankers Association and the Independent Community Bankers Association makes claims that are factually incorrect. CUNA’s letter refutes the bankers’ claims that the proposed rule would allow for unchecked membership growth and that NCUA exceeded its statutory authority. In fact, CUNA states, NCUA did not go far enough. [1/28/16]

CUNA writes in its comment letter to FinCEN that the agency has employed a flawed approach when it determined that the regulatory costs for complying with a proposed rule that would require financial institutions to identify and perform enhanced due diligence on “beneficial owners” is outweighed by the benefits to society. CUNA also takes issue with other aspects of the proposed rule. [1/25/16]

CUNA has released a new guide to assist credit unions with their comment letters regarding the proposed changes to the federal field of membership requirements. The guide breaks down the issues for community credit unions and for those with multiple common bonds. Comment letters must be submitted by February 8^th. [1/20/16]

There may be much-needed regulatory relief in 2016 with the adoption of final rules addressing member business lending and fields of membership. Still, CUNA has identified 15 top regulatory issues it will be monitoring this year, including a FASB rule on credit impairment, a potential proposed rule on overdraft protection, and a proposed rule on payday loans and other forms of small lending. [1/15/16]