This Week In DC: NCUA Board Meetings, Congressional Hearings, and Interchange
As Congress resumes post-election, DC is going to be packed with end-of-year hearings and decisions. Emily Claus covers this week’s schedule and what big events credit unions should be tuning in to.
Credit Union Agencies Concerned Credit Card Competition Act Will Be Included In Disaster Relief Bill
When Congress reconvenes in November, it will rush to pass disaster relief for those affected by recent hurricanes. However, rumor has it that the proposed Credit Card Competition Act would be tacked on to the must-pass legislation, prompting concern from credit union groups, Emily Claus reports.
America’s Credit Unions Calls On NCUA to Make Significant Changes During EGRPRA Review
In response to the NCUA’s call for comments regarding its voluntary regulatory review, America’s Credit Unions has submitted a letter calling for large changes including expanding field of membership and raising interest rate caps.
America’s Credit Unions Voices Opposition to Act Aimed at Consumer Protection
Last week’s introduction of the Protecting Consumers from Payment Scams Act has caused a stir among the banking and credit union industries. CUSO Magazine’s Esteban Camargo reports on the bill and the response from America’s Credit Unions.
Credit Unions Avoid Expanded CRA Rules In New Housing Bill
Senator Elizabeth Warren reintroduced the American Housing and Economic Mobility Act without any expansion to CRA requirements for credit unions, in a move highly praised by advocacy groups, Emily Claus reports.
CFPB Structure, CDFI Funding, and Marijuana Banking Addressed in New Appropriations Bill
The House recently passed the FY25 Financial Services and General Government Appropriations Bill which restructures the CFPB and limits its funding, calls for marijuana banking protections, and outlines CDFI funding, Emily Claus reports.
States Weighing In on the Matter of Credit Union Purchases of Banks
State lawmakers in Colorado are doing something that members of Congress have refused to do. They have said that credit unions cannot buy banks. State legislators in Tennessee have said the same thing. David Baumann reports on the issue and whether other states may follow suit.
CFPB’s Contentious Credit Card Rule Will Face Stiff Challenge
On March 5, the CFPB issued its final rule governing credit card late fees, reports David Baumann.
Despite Earlier Success, Marijuana Banking May Be a Ways Off
With Congress recessed, any expectations for protections to financial institutions serving cannabis businesses will have to wait until 2024, and most lobbyists and Congressional staff suggest even that is unlikely.
House Passes Resolution of Disapproval for CFPB’s Section 1071 Rule
The House has passed a resolution of disapproval for the CFPB’s rule on Section 1071 of the Dodd-Frank Act, which would require credit unions to collect data on certain applications for credit. Emily Claus reports on the rule and what the next steps are.
