November 13, 2013
Wednesday Edition
Washington wire

This week's highlights:

  • CFPB Director Cordray testifies on Tuesday in the Senate Banking Committee.
  • The House Financial Services Committee will markup our IOLTA bill on Thursday (see below).

Dodd-Frank Act Mortgage Rules
Last Wednesday, House Financial Institutions Subcommittee Chairman Shelley Moore Capito (R-WV) and 113 of her colleagues sent a letter that CUNA supported urging the CFPB to delay the mortgage rules for a year (until January 2015). This is an issue that CUNA raised during its testimony last week before the Senate Banking Committee and it is one that CUNA continues to raise as the effective dates of these rules approach.
Regulation D
Last week, Reps. Robert Pittenger (R-NC) and Carolyn Maloney (D-NY) submitted a dear colleague letter to other members of Congress urging them to cosponsor legislation, H.R. 3240, which would call for a GAO study of the Federal Reserve’s Regulation D. CUNA supports this legislation and the efforts of Reps. Pittenger and Maloney.
2014 Senate Calendar - 113th Congress, Second Session
Senate Majority Leader Harry Reid released the following outline of a 2014 schedule for the Senate:

  • Jan. 6  Convene
  • Jan. 20 – 24  State Work Period (Martin Luther King Jr. Holiday January 20)
  • Feb. 17 – 21  State Work Period (Presidents’ Day February 17)
  • March 17-21  State Work Period
  • April 14 – 25  State Work Period (Passover begins April 15; Good Friday April 18; Easter April 20)
  • May 26 – May 30  State Work Period (Memorial Day May 26)
  • June 30 – July 4  State Work Period (Independence Day July 4)
  • Aug. 4 - Sept. 5  State Work Period (Labor Day September1)
  • TBD  Target adjournment

For a complete update on Washington click here

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Credit union bill may be discussed this week

The House Financial Services Committee is expected to mark up a credit union bill that would amend the Federal Credit Union Act. The bill would allow credit unions to extend insurance coverage to amounts held in member accounts on behalf of another person.

The CU Times is reporting that the bill will be called the Credit Union Share Insurance Fund Parity Act. It is sponsored by Reps. Ed Royce (R-CA) and Ed Perlmutter (D-CO). The accounts are those set up by lawyers at a credit union or bank to hold funds for their clients. Often, the interest accrued is paid to the state or the state bar association to fund legal services.

CUNA and the League noted that the situation puts credit unions at a disadvantage to attract this type of account if all the clients must be members, rather than just the attorney establishing the account.

Visit the CU Times website to read more on this story or CUNA News Now for more.

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Crash the GAC applications sought

The Cooperative Trust, part of the Filene Research Institute’s young professionals program, is encouraging young credit union professionals with limited funds and unlimited enthusiasm for financial cooperatives to “Crash the GAC."

Once again this year, The Cooperative Trust is seeking applications for Crash program participation. Successful applicants will receive a complimentary registration to the 2014 CUNA’s Governmental Conference, scheduled for Feb. 23-27 in Washington, D.C. The application deadline is Dec. 17.

Participants or their credit unions are expected to cover travel expenses and hotel, but credit union leagues representing more than 25 states are offering full or partial reimbursement for youth participants from their member credit unions. CUNA Mutual also is providing sponsorship support for the program.

The goal is to get one “crasher” from each state and the District of Columbia to attend the GAC, for a total 51 crashers. The program offers participants the opportunity to take a deep dive into credit union advocacy and grow their network of young credit union professionals.

For more information and an application for the 2014 Crash the GAC program click here.

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InfoSight spotlight: Fair Credit Reporting Act

The purpose of the Fair Credit Reporting Act (FCRA) is to ensure fair and accurate reporting of consumer credit information. It regulates "consumer reporting agencies," including credit bureaus; restricts the use of consumer reports to their legitimate purposes; prohibits the dissemination of outdated credit information; and requires disclosure to consumers and employees when adverse action is taken as the result of credit reports or other consumer information.

The Fair Credit Reporting Act topic on the Loans and Leasing channel of InfoSight provides details about how the FCRA affects credit unions and the actions credit unions should take to ensure compliance with the FCRA. You will also find:

  •     Frequently asked questions about FCRA
  •     Checklist of actions the credit union should take
  •     Detailed analysis of the FACT Act

Visit the Fair Credit Reporting Act topic today and make sure your credit union remains in compliance.

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World Council of Credit Unions seeks donations to help Philippine CUs

In the wake of super typhoon Haiyan, one of the most powerful storms ever recorded, World Council of Credit Unions (World Council) is in contact with local authorities in the Philippines to assess how to best help the 4.5 million people affected.

According to reports, typhoon Haiyan has killed an estimated 10,000 people. The situation has the potential to worsen should displaced credit union members and others not receive necessary assistance. World Council has worked with Philippine credit unions since 1996 and has committed resources, including donations made to the Worldwide Foundation for Credit Unions, to alleviate suffering of Philippine citizens who are credit union members.

Following the 2006 Philippines landslide in Leyte, World Council supported the local league's administration of "livelihood loans," small microloans that helped credit union members and employees rebuild their homes and businesses.

World Council is prepared to provide disaster relief to credit union staff and support credit union rebuilding efforts, but it needs help. Cash contributions from credit unions and individuals are needed immediately so assistance can be provided to those whose lives have been devastated by this terrible disaster.

Click here to donate or send contributions by check or wire to: Worldwide Foundation for Credit Unions, Inc., 5710 Mineral Point Road, Madison, WI 53705, USA. Note in memo "Philippine Disaster Relief Fund".

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In This Issue
Wednesday Edition
Washington wire
Credit union bill may be discussed this week
Crash the GAC applications sought
InfoSight spotlight: Fair Credit Reporting Act
World Council of Credit Unions seeks donations to help Philippine CUs
LSCU & Affiliates Media

Part two: CUNA Inside Exchange with NCUA Chairman Debbie Matz 
Part two of CUNA Inside Exchange concludes with NCUA Chairman Debbie Matz. She discusses the NCUA 2014 budget, a final rule on CUSOs, risk-based capital, as well as a number of other topics.
Upcoming League Events
Nov. 14 Indirect Lending, Risks, Rewards, Mistakes
Nov. 18 New Mortgage Loan Origination
Nov. 19 Fair Labor Do's & Don'ts of Pay Issues
Nov. 21 1099 Reporting/Vendors/Foreclosures
Nov. 22 5 Definitions of a Qualified Mortgage
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