CA & NV Leaders Have Meaningful Discussions with Congress, Regulators
California and Nevada credit union leaders returned to Washington D.C. this week for Hike The Hill, bringing their agenda to members of Congress and regulators, and fostering meaningful discussions on the credit union movement’s philosophy and purpose in local communities.
The event — hosted annually by the California and Nevada Credit Union Leagues — took place over three days as credit union executives and board members had important discussions with congressional lawmakers, senior legislative staff aides, officials from the National Credit Union Administration (NCUA), and leaders from the Consumer Financial Protection Bureau (CFPB).
On the legislative front, several issues were covered ranging from the modernization of the federal credit union charter, outright opposition to caps on credit card interchange fees, and enhancing national data security standards. Congress only has a few legislating days remaining in the current two-year session.
On the regulatory side, a plethora of topics were covered spanning the jurisdiction of both the NCUA and CFPB. In his remarks, NCUA Board Chairman Todd Harper was quick to recognize his news yesterday of changes in Current Expected Credit Loss (CECL) compliance for smaller credit unions, as well as using the opportunity to discuss data and cybersecurity concerns given the current geo-political status of world affairs.
CFPB officials discussed everything from the needs of credit unions approaching the $10 billion asset threshold, the status of proposed rules on “fees,” and the status of various other rules, including dialogue on peer-to-peer transaction networks.
Click here to view this past week's agenda that credit union leaders delivered on Capitol Hill, including:
- Legislative issues, background, and details: the Expanding Financial Access for Underserved Communities Act, the Member Business Loan Expansion Act, the Expanding Access to Lending Options Act, the Credit Union Board Modernization Act, the American Data Privacy and Protection Act, and regulation of credit card interchange fees.
- Regulatory issues, background, and details: regulatory burden, net-worth and Prompt Corrective Action relief, cybersecurity and data, succession planning, digital assets and related technologies, overdraft product/service fees, regulation by enforcement, ability-to-repay/Qualified Mortgage Rule, small business loan rulemaking, Home Mortgage Disclosure Act, and rumored expansion of the Electronic Fund Transfer Act and Regulation E.
The next venture back to Washington D.C. will be from Feb. 26 – March 3 during the Credit Union National Association’s (CUNA) Governmental Affairs Conference (GAC)!
