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CONGRESS DRAFTS RBC COMMENTS TO NCUA
updated 04/23/14 03:41 PM
Signatures Being Gathered
In the latest effort to address the National Credit Union Administration’s (NCUA) pending rule on risk-based capital, members of Congress are now interested in sending their own comment letter.

“Sending their own version of a comment letter is one of the strongest tools for members of Congress,” said Jeremy Empol, vice president of federal government affairs for the California and Nevada Credit Union Leagues. “When legislation is not an option, members of Congress joining together to raise concerns is a pretty common practice, which in turn demonstrates to regulators that Congress is doing its job and carefully watching.”

The letter is currently being drafted while additional signatures from members of Congress are gathered. Typically, between two and 200 legislators will sign such a letter.

Specific concerns outlined in this letter address: 1) the disparity in the rule between how community-based financial institutions are treated; and 2) the implementation time for the rule to go into effect.

The Leagues and Credit Union National Association (CUNA) will announce the final letter when it is completed sometime before the comment period closes.

As the letter moves through the process, the Leagues may be calling on various credit unions that have key relationships with member of Congress to ask for their support.

If you have questions, please contact Jeremy Empol at jeremye@ccul.org.

Credit unions are encouraged to send their own comments letters through PowerComment.org, the Leagues’ regulatory grassroots tool. Comments are due to the NCUA by May 28.

 
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NCUF RELEASES ANNUAL REPORT updated 08/29/14 02:44 PM
Activities From Last 12 Months
The National Credit Union Foundation (NCUF) released its 2013-2014 Annual Report, entitled “Improving People’s Financial Lives through Credit Unions.” The report highlights the organization's program and grant activities during the past 12 months.

WEEKLY E-FILING BILL SIGNED INTO LAW updated 08/28/14 02:18 PM
Will Streamline Reports for CUs
California Gov. Jerry Brown has signed Assembly Bill 2298, legislation that will allow financial institutions which hold local agency deposits to submit their weekly reports to the California Department of Business Oversight (DBO) electronically rather than through U.S. mail.

NEW STATE LAWMAKERS SHAPE DIRECTION updated 08/27/14 08:24 PM
California Assembly and Senate
New leadership in California will help form the state’s priorities in the coming years. Here’s what your credit union needs to know:

CFPB ISSUES FINAL 'TILA' ADJUSTMENTS updated 08/24/14 11:35 AM
Rule Reviews Dollar Amounts
The Consumer Financial Protection Bureau (CFPB) is issuing its final rule on Truth in Lending Act (TILA) annual threshold adjustments, amending the regulatory text and official interpretations for Regulation Z, which implements TILA.