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Credit Union Daily News
 
DOL issues proposed OT rule, comments due May 21
The Department of Labor published its proposed overtime rule Friday that would require employees with a salary level of $35,308 per year to be paid overtime if they work more than 40 hours per week.

CFPB alters CUAC charter, extends terms, opens applications
The CFPB announced Thursday amendments to its advisory committee charters, which include the Credit Union Advisory Council, and also announced it will begin accepting applications for new council members soon.

CUNA releases updated SIF distribution calculator
CUNA has released an updated version of its share insurance fund distribution calculator tool, designed to help credit unions estimate the amount of their distribution from the $160 million announced by NCUA earlier this month.

Artist, author, innovator Phil Hansen to present ACUC keynote
CUNA will host Phil Hansen, multimedia artist, speaker, author and innovator, as keynote speaker for America’s Credit Union Conference. He will challenge ACUC attendees to spark their creativity by thinking outside the box.

FHFA credit score model needs adequate cost-benefit analysis
The ability of the housing finance system to accurately assess credit risk while responsibly expanding access to affordable mortgage credit for consumers is a key concern for credit unions and the members they serve, CUNA wrote to FHFA Thursday.

CPFB indicates debt collection proposal forthcoming
The CFPB indicated in its report on administration of the Fair Debt Collection Practices Act that it intends to issue a proposed rule on debt collection that will address communications practices and consumer disclosures relating to the collecting of debts.

World Council calls for leverage ratio disclosure flexibility
The World Council of Credit Unions urged the Basel Committee in Banking Supervision to provide flexibility when it comes to leverage ratio disclosures. The Basel Committee is the primary global standard setter for the prudential regulation of banks

CUNA leaders talk advocacy, GAC, small CUs on CUBroadcast
CUNA leaders, including Ryan Donovan, Elizabeth Eurgubian, Todd Spiczenski and Tom Sakash, took time during last week's GAC to discuss several specific aspects of CUNA’s work on behalf of credit unions and members during interviews with CUBroadcast.

Membership, loan growth slowed in January, MCUEs show
Credit union membership and loan growth weakened in January, but year-over-year membership and loan growth rates remain a strong 4.23% and 8.99% respectively, according to CUNA’s latest Monthly Credit Union Estimates.

CUNA backs proposed delay of payday rule, calls for changes
CUNA supports supposed the proposed delay of the compliance date for the Consumer Financial Protection Bureau’s payday lending rule, but also supports a delay of the entire rule, it wrote to the CFPB Monday.

CUNA details effects on CUs of Warren CRA legislation
CUNA responded to several recent inaccurate reports about its support of Sen. Elizabeth Warren’s (D-Mass.) new housing bill, which saw months of CUNA, league and credit union engagement and resulted in credit unions not subject to the CRA in the bill.

Looking at the record-breaking 2019 CUNA GAC by the numbers
The 2019 CUNA Governmental Affairs Conference was a historic event for the credit union movement, celebrating a year of unparalleled success and looking ahead to future advocacy goals, and it also set several records.

Frivolous ADA lawsuit against Ohio CU dismissed
The U.S. District Court for the Southern District of Ohio has dismissed a lawsuit against an Ohio credit union alleging violations of the ADA. CUNA and the Ohio Credit Union League filed an amicus brief in support of BMI FCU.

Legislators outline ways to achieve reg. relief at CUNA GAC
CUNA GAC wrapped up Wednesday a morning filled with influential lawmakers talking legislation and thanking credit unions for the work they do while also addressing data security, CECL the CFPB and more.

Strong, national data security/privacy standard only way to stop breaches
Stringent data protection requirements is a hallmark of the financial services industry, but the lack of standards for other entities mean current data security and privacy laws do not work, CUNA wrote Friday.

CUNA continues outreach to Congressional offices post-GAC
Credit unions stand ready to work with Congressional offices to create a national data security and privacy standard, tailor regulations on credit unions and more, CUNA wrote to all Congressional offices Thursday.

CUs fill social media with #CUDifference hashtag during Hill visits
Credit unions wrapped up another successful, record-breaking CUNA GAC Thursday with the last of their visits to Capitol Hill and legues, credit union leaders and legislators themselves shared their visits on social media using the #CUDifference hashtag.

AACUC honors inductees at meeting and Hall of Fame reception
The African-American Credit Union Coalition inducted Charles Alston, Sr., Pamela Owens and Clifford Rosenthal into its Hall of Fame during an induction reception Tuesday at CUNA GAC.

CFPB conducts CUAC meeting on HMDA, credit reporting, PACE
CUNA attended Thursday's meeting of the CFPB's Credit Union Advisory Council, which featured discussions on HMDA, credit reporting, Property Assessed Clean Energy loans and financial literacy.

NCUA finalizes 'loans to members' rule at Thursday meeting
The NCUA board finalized a rule regarding loans to members and lines of credit to members at its Thursday meeting, a rule designed to reduce regulatory burden, improve clarity and make compliance easier.

Hood, Harper confirmed by Senate for NCUA board
The Senate voted Thursday to confirm both Rodney Hood and Todd Harper to serve on the NCUA board, giving NCUA a full three-person board for the first time since April 2016. Hood replaces board member Rick Metsger.

Donovan: Warren bill is proof CU difference resonates
The credit union mission and structure is a tentpole of credit union advocacy because it resonates, CUNA Chief Advocacy Officer Ryan Donovan wrote, noting successful engagement with Sen. Elizabeth Warren (D-Mass.) over the last several months.

5,200-plus CU leaders visit Capitol Hill on behalf of members
Credit unions could be spotted in every single Congressional building on Capitol Hill Wednesday as more than 5,200 credit union leaders visited with elected officials to tell stories about the credit union difference.

CUNA Consumer Protection Subcmte meets w/ CFPB’s Kraninger
CUNA’s Consumer Protection Subcommittee met with CFPB Director Kathy Kraninger Wednesday as part of the group’s agenda while in Washington, D.C. for the CUNA GAC. CUNA leaders met with Kraninger last week.

Sen. Warren releases CRA bill reflecting months of CUNA/League engagement
Sen. Elizabeth Warren (D-Mass.) released an updated version of her housing legislation Wednesday, a version that reflects significant engagement between CUNA, leagues, credit unions and Warren and unlike the previous version, it would not require credit unions to comply with the Community Reinvestment Act.

Leadership lessons from the White House
Dana Perino explores leading, storytelling, and the upcoming 2020 election.

CUs have 'vested interest' in Nat’l Flood Insurance Program stability
Credit unions have a stake in the ongoing stability of the National Flood Insurance Program, CUNA wrote to House Financial Committee, saying for too long it has been a source of uncertainty and instability.

CU Direct announces support of CUNA’s Awareness initiative
CU Direct, the nation’s leading credit union lending technology developer, has joined CUNA, state leagues and credit unions nationwide in the Awareness initiative by providing financial support to the ground-breaking initiative.

Burden of some BSA/AML reqs outweigh benefits to law enforcement
While CUNA supports efforts to track money laundering and terrorist financing, it told a House subcommittee Wednesday that it’s also important to strike the balance between the costs to financial institutions and the benefits to the federal government.

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