The Nussle Report - CUNA, leagues call for vote on Senate reg. relief bill

01.12.2018

CUNA, leagues call for vote on Senate reg-relief bill: This week CUNA and the 38 credit union leagues representing all 50 states and the District of Columbia wrote to Senate leadership urging them to bring bill S. 2155 to the floor for a vote. The Economic Growth, Regulation Relief and Consumer Protection Act was introduced by a bipartisan group in November, passed the Senate Banking Committee in December, and exemplifies what we mean when we talk about common-sense regulation. The time to pass it is now!  

CUNA continues fight against frivolous lawsuits, launches new ADA website accessibility advocacy page: The predatory threats of ADA litigation inundating credit unions all over the country serve only shady law firms looking to exploit a vague law for easy money. Stopping them is one of our highest priorities, and it's why we're taking a 360-degree approach to the issue—pursuing legislative, regulatory and, if necessary, judicial solutions.

Just this week:

  • We've launched an advocacy website that collects our compliance tips, outlines our viewpoint on this issue and explains our actions to address it 
  • Scheduled a free, members-only webinar for Thursday, Jan. 18, from 3 to 3:45 p.m. (ET) where CUNA and CUNA Mutual staff will provide updates about the litigation and share resources for fighting them
  • I sent a letter to members Monday updating them on our recent actions to stop these threats
  • CUNA is meeting with top Hill staff members today to continue our push for the Department of Justice to clarify the ADA's rules so credit unions can be assured they're in compliance and get back to serving their members
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CUNA supports legislation to reduce data-breach impact on members: One tier of our bold mission to revolutionize the credit union operating environment in 2018 is reducing the impact of merchant data breaches on credit unions and members. To that end, we joined with several organizations this week to support federal legislation that protects consumers personal information and notifies them of data breaches in a timely fashion.

CUNA's viewpoint on CFPB leadership endorsed by court: The U.S. District Court for the District of Columbia ruled in favor of CUNA's position that the President has the authority to appoint an interim director of the Consumer Financial Protection Bureau. CUNA filed a brief in the case last month, and continues to believe that a bipartisan commission to lead the bureau is needed to prevent the kind of political theater we've seen recently.

CUNA pushes for regulatory relief at key hearings: CUNA's advocacy team was busy this week. At a House Financial Services Committee hearing we supported two regulatory relief bills, and in a hearing held by the Senate Banking, Housing, and Urban Affairs Committee, our letter supporting law-enforcement efforts to track money laundering and terrorist financing and outlining how that can be done efficiently while lessening the regulatory burned on credit unions was entered into the record.

Get on top of the NCUA's 2018 supervisory priorities: Our always-helpful CompBlog has the rundown on the letter the NCUA sent out to federally insured credit unions this week listing its priorities for the year.

CUs at the forefront of fin-tech with CULedger: When you have a half hour, listen to Credit Union Magazine's fascinating podcast with John Ainsworth about the exciting and innovative applications of distributed ledger technology for credit unions.

Our chief advocacy officer lays out CUNA's ambitious advocacy agenda: Talking to CU Broadcast, Ryan Donovan did an excellent job explaining our bold new advocacy agenda for 2018, covering a lot of ground in 11 minutes.

In closing, I'd like to recognize credit union champion Rep. Ed Royce, who announced he would not be running for reelection for his seat representing Orange County, California in the House. Ed and I served together in Congress. He was the long-time sponsor of the Credit Union Regulatory Improvements Act and played a major role in the enactment of the Credit Union Membership Access Act. No one's done more to help credit unions meet the financial services needs of Americans than Ed. We offer our congratulations on a long and honorable career.

Thank you for your continued participation in and engagement with the CUNA/League system. As ever, if you have any issues you'd like CUNA to address, I encourage you to give me a call directly at 202-508-6745 or email me at jnussle@cuna.coop.