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Credit Union Daily News
 
CUNA offices in Madison and Washington, D.C. closed for Memorial Day
CUNA offices in Madison, Wis. and Washington, D.C. will be closed Monday, May 27 in observance of Memorial Day. There will be no CUNA News Daily e-mail May 27. CUNA offices will open, and the Daily will resume, Tuesday, May 28.

Consumer protections jeopardized by FCC proposal on call blocking
CUNA urged CFPB Director Kathy Kraninger to intervene with the FCC and ask the agency to delay and reconsider its ruling on default call blocking, particularly since the CFPB supports consumer awarenes of important account information.

Community lenders must be at core of housing finance reform
CUNA Chief Advocacy Officer Ryan Donovan continued CUNA’s direct advocacy to staff from all 535 Congressional offices Thursday with a message highlighting six credit union principles for housing finance reform.

NCUA issues non-member deposits proposal, gets CURE update
The NCUA board issued a proposed rule on non-member deposits, received an update on the Office of Credit Union Resources and Expansion (CURE) and was briefed on the National Credit Union Share Insurance Fund at its monthly meeting Thursday.

House passes bill w/ amendment to ensure CU presence on CAB
CUNA wrote in favor of a successful amendment to the Consumers First Act (H.R. 1500) Wednesday, one that would ensure credit unions would be represented on the CFPB's Consumer Advisory Board. Rep. Haley Stevens (D-Mich.) offered the amendment.

CECL delay bill would ensure impact is properly studied
CUNA maintains its longstanding position that CECL is inappropriate for credit unions, and backed a bill Wednesday that would require the standard to be delayed and studied by the SEC along with the federal financial regulators, including the NCUA.

NCUA should examine floating interest rate cap for FCU loans
CUNA requested NCUA explore the idea of adopting a floating interest rate cap for federal credit union loans instead of its traditional fixed interest rate (currently 18%) in a letter to NCUA board members Wednesday.

OT proposal improved, but DOL should not create burdens for CUs
The Department of Labor’s current proposed overtime regulation under the Fair Labor Standards Act is an improvement over the 2016 overtime rule, but CUNA urges DOL to avoid creating excessive costs and compliance burdens on credit unions.

CUNA welcomes Chris Lorence as Chief Credit Union Awareness Officer
CUNA announced Wednesday the appointment of Chris Lorence as Chief Credit Union Awareness Officer. Lorence will lead CUNA’s Awareness initiative and its Open Your Eyes to a Credit Union® marketing campaign to raise consumer consideration of credit unions.

CU-backed Fred Keller elected to Congress in special election
Credit union supporter Fred Keller (R), supported by CULAC and the Pennsylvania Credit Union Association, won a special election to represent Pennsylvania 12th Congressional District in Congress Tuesday, defeating Democratic challenger Marc Friedenberg.

Reinstating arbitration rule would undermine quick dispute resolution
Reinstating the CFPB's rule on arbitration agreements would undermine the ability of credit unions and other financial institutions to offer faster, more cost-effective resolutions to potential disputes than class action litigation.

NCUA must engage FCC prior to robocall blocking vote June 6
CUNA brought its serious concerns about the FCC's scheduled June 6 vote on ­­­­­­­­­default call blocking to the attention of NCUA Chairman Rodney Hood Tuesday, requesting he intervene and ask that FCC delay and reconsider the ruling.

Disproportionate compliance burdens mean less focus on members
Credit unions take Bank Secrecy Act/Anti-Money Laundering compliance seriously, but when resources are disproportionately spent on compliance, fewer safe and affordable products are available for members.

CUNA backs proposals to remove barriers to minority access to credit
CUNA and its credit union members are committed to ensuring the housing finance market remains both accessible and affordable to minority borrowers, CUNA wrote to House Financial Services Committee leadership Tuesday.

NCUA starts $160.1M in dividend payments to CUs this week
More than 5,500 eligible institutions will receive dividends totaling $160.1 million from the National Credit Union Share Insurance Fund starting this week, according to NCUA. Credit unions have received statements indicating the amounts they will receive.

FCUs must be allowed access to federal courts, says CUNA brief
CUNA supports federal credit unions’ access to federal courts via diversity jurisdiction, one of the two methods for a federal court to have jurisdiction, the association indicated in an amicus brief filed Monday with the U.S. Court of Appeals for the Fourth District

CUNA engaged w/ NFIP negotiations, hearings this week
CUNA will be engaged with activities and meetings on both sides of Capitol Hill this week, including negotiations to extend the National Flood Insurance Program past its current May 31 expiration date.

CULAC, PCUA back Fred Keller in Tuesday’s special election
CULAC and the Pennsylvania Credit Union Association are supporting State Rep. Fred Keller (R) Tuesday in a special election for the seat in Pennsylvania’s 12th Congressional District, which is open due to former Rep. Tom Marino’s (R) retirement.

Compliance: 9 questions from NCUA on CECL preparedness
NCUA has previously said assessing a credit union’s preparedness for CECL is a supervisory priority in 2019, and now an AIRES examination questionnaire on CECL preparedness is available with nine questions currently being used by examiners.

CUNA News Podcasts now available on Spotify
The popular CUNA News Podcast—with more than 116,000 downloads—is now available on Spotify, putting the program on the top four podcast directories.

PCUA, NJCUL members vote to approve merger
Pennsylvania Credit Union Association President/CEO Patrick Conway announced Thursday the affirmative vote of the memberships of both PCUA and New Jersey Credit Union League to create a new trade association – the PA/NJ Credit Union Association.

FCC’s O’Rielly calls for swift action on CUNA’s TCPA petition
FCC Commissioner Michael O’Rielly said Thursday the FCC has an obligation to resolve many of the worthy TCPA petitions that are currently pending and cited CUNA’s petition, as a "common-sense request" the agency should address.

CUNA CECL data, concerns addressed in hearing w/ NCUA’s Hood
Members of the House Financial Services Committee expressed concerns about CECL and cited CUNA data on credit union issues with the standard Tuesday in a hearing with NCUA Chairman Rodney Hood, who said his agency shares those concerns.

Non-member shares proposal, CURE briefing on NCUA’s May 23 agenda
The NCUA board will issue a proposal on public unit and non-member shares, see a briefing on the Office of Credit Union Resources and Expansion and receive an update on the share insurance fund at its Thursday meeting.

Payday lending, TCPA, arbitration addressed in CUNA letters to Congress
CUNA emphasized credit union priorities on several issues for Congressional hearings this week, including on payday lending, arbitration and the Telephone Consumer Protection Act in letters submitted for the record of hearings on those topics.

FCC automatic robocall blocking could hamper CU-member communications
CUNA is concerned about proposed action from the FCC that would block robocalls by default, believing it could result in serious disruptions to credit union-member communications. The commission will vote June 6 on a declaratory ruling.

Sheltered Harbor protects CUs, members from cyberattacks
CUNA joined with other financial services trade associations Wednesday to call on all financial institution CEOs to join Sheltered Harbor, a voluntary initiative to help protect against cyberattacks. CUNA is a founding board member of Sheltered Harbor.

Payday rule would create barriers to credit, CUs should be exempt
The CFPB's payday rule would have a detrimental impact on access to consumer-friendly credit union products if implemented unchanged, and CUNA believes the rule fails to strike a balance between consumer protection and credit union member service.

CUNA Supervisory Cmte/Internal Audit Conference set for December
Registration is now open for CUNA Supervisory Committee & Internal Audit Conference Dec. 8-11 in Las Vegas. Participants will learn about the regulatory environment and how to strengthen operational oversight to protect their credit union from risk.

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