The Regulatory Advocacy area keeps you informed of the latest proposed rules and regulations, their potential impact on credit unions, and provides comments to regulatory agencies to help shape regulations and lessen the compliance burden.
RISK-BASED CAPITAL - 2nd Proposal
The Leagues have launched an RBC2-dedicated webpage, containing the latest updates, analysis, and communications about how RBC2 may impact your credit union.
Click here to access the Leagues’ RBC2 webpage.
During CEO roundtable discussions this summer, it was decided we must take a proactive approach regarding likely rulemaking by the Consumer Financial Protection Bureau (CFPB) on overdraft programs. Initiating the first step the Leagues conducted a survey in December 2014 to obtain information about credit unions’ overdraft and courtesy pay programs.
In January, California and Nevada credit union leaders met with the CFPB Assistant Director of Financial Institutions Dan Smith to share the survey results with the bureau and discuss concerns regarding the possible regulation of overdraft plans by the CFPB.
Click here for more information about the overdraft survey and to access the survey results (accessible to League members only).
Integrated Mortgage Disclosures – Resources Available
Your League, CUNA, and the CFPB want to ensure you have the necessary information and resources to successfully implement the CFPB’s rule on Integrated Mortgage Disclosures under RESPA/TILA. The rule is effective Aug. 1, 2015.
In addition, we want to hear from you about any issues that may conflict with or impede implementation of the new disclosures, particularly after you have discussed implementation with your vendors and settlement service providers. Will they be ready?
Click here for information about the Integrated Mortgage Disclosures rule, the resources available to you, and a request for feedback.
An interactive online tool designed to empower credit unions to participate in the regulatory process.
PowerComment allows you to:
Educate yourself on proposed rules and regulations that affect your credit union and take the opportunity to comment! Visit www.powercomment.org to get started today.
|Consumer Financial Protection Bureau||Amendments to the 2013 Mortgage Servicing Rules under RESPA (Reg X) and TILA (Reg Z)||03/16/15|
|National Credit Union Administration||NCUA's Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) Regulatory Review||03/19/15|
|Consumer Financial Protection Bureau||Prepaid Accounts||03/23/15|
|National Credit Union Administration||Capital Planning and Stress Testing – Schedule Shift||03/27/15|
|Consumer Financial Protection Bureau||Amendments Relating to Small Creditors and Rural or Underserved Areas||03/30/15|
|Consumer Financial Protection Bureau||CFPB Proposed Safe Student Account Scorecard||03/30/15|
|National Credit Union Administration||NCUA's Risk Based Capital Proposal (RBC2)||04/27/15|
|L-R: Lucy Ito, EVP and COO of the California and Nevada Credit Union Leagues; Bob Arnould, SVP of Advocacy for the Leagues; Dave Gunderson, CEO of Credit Union of Southern California; Sharon Lindeman, VP of Regulatory Advocacy for the Leagues; Debbie Matz, Chairman of the National Credit Union Administration; Erin Ewart, Compliance Manager for Redwood CU; Dave Roughton, President of SAFE CU; Keith Sultemeier, CEO of Kinecta FCU; and Steve Glouberman, VP and Legal Counsel for Kinecta FCU|
The first meeting took place with NCUA Chairman Debbie Matz and other agency representatives, including Chief of Staff Steve Bosack; General Counsel Mike McKenna; Director of the Office of Examination and Insurance Larry Fazio; Senior Strategic Communications and External Relations Advisor Buddy Gill; and Executive Director Mark Treichel.
During the NCUA discussions, some of the top issues included the regulatory burden credit unions face in terms of cost, time, and resources due to the ever-changing regulatory landscape; support of a strong, yet fair, safety-and-soundness supervisory environment, as well as allowing credit unions to manage risk with appropriate autonomy; concerns surrounding a credit union service organization (CUSO) proposal that is overly restrictive; the status and concerns related to the agency's proposed derivatives rule; the need to modernize the Central Liquidity Facility; and anticipated changes to a risk- based capital structure.
The second meeting with the CFPB was held with Assistant Director for the Office of Financial Institutions and Business Liaison Dan Smith; Deputy Assistant Director for the Office of Financial Institutions and Business Liaison Elizabeth Ellis; Deposit Markets Program Manager Gary Stein; Regulations Counsel Eric Goldberg, and others.
Talks with CFPB staff focused on regulatory burdens; the bureau's international remittance transfer rule; the bureau’s concerns about overdrafts, payday loans and deposit advance products, and how credit unions serve their members in these areas; and a discussion about what credit unions can expect to see from the bureau regarding debt collection and prepaid cards.
"We are pleased with the participation and discussions from our meetings, as leaders from both the NCUA and CFPB acknowledged what we had to say," said Sharon Lindeman, vice president of regulatory advocacy. "We appreciate the leadership from both agencies making time in their schedules to meet with us and hear our concerns."
The meetings were part of a larger "Hike the Hill" gathering on Capitol Hill from Monday to Wednesday, where California and Nevada Credit Union League staff and credit union leaders met with legislators to discuss and ask for their support in preserving the credit union tax status and several regulatory relief bills.