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This Week in Washington, DC
Tuesday, September 15, 2015 6:45 AM

Congress has an abbreviated schedule this week in observance of Rosh Hashanah. Here is what you need to know about credit unions and advocacy this week:

  • The House Financial Services Committee continues its series of hearings examining the Dodd-Frank Act at Five Years.
  • CUNA filed an amicus brief in an interchange surcharging lawsuit in California court.
  • Credit unions outpaced banks 8:1 in substantive comment letters to NCUA over the MBL proposal.

Credit Union National Association is following several committee meetings on both sides of the Capitol, including the following meetings on Thursday: 

  • The Senate Banking, Housing and Urban Affairs Committee will hold a full committee hearing on the nomination of Adam Szubin to be Treasury undersecretary for terrorism and financial crime.
  • The House Financial Services Committee will hold a full committee hearing on "The Dodd-Frank Act Five Years Later: Are We More Free?"
  • The House Small Business Committee Economic Growth, Tax and Capital Access Subcommittee will hold a hearing on "Financing Main Street: How Dodd-Frank is Crippling Small Lenders and Access to Capital."  Scott Eagerton, president and CEO of Dixies Federal Credit Union, Darlington, SC, will testify.
  • The House Financial Services Committee Monetary Policy and Trade Subcommittee will hold a hearing on "Strengthening U.S. Leadership in a Turbulent Global Economy."

Recently on CUNA's Removing Barriers Blog

Credit Union Comment Letters Send Clear Message to NCUA
The recent comment period on NCUA's MBL proposal generated what some have said is a record number of comment letters to the agency, eclipsing the number of comments submitted on the first risk-based capital proposal. NCUA says more than 3,000 comments came in on the more recent proposal, and CUNA advocacy staff took some time over the last few weeks to analyze the comments.  

CUNA Urges US Senate to Pass Bipartisan Regulatory Relief
With the start of the latest session of Congress, CUNA and other financial services trade associations wrote a letter to leadership of the US Senate expressing strong support for promptly enacting comprehensive, bipartisan financial regulatory relief.

Registration Now Open for National Cybersecurity Symposium
Credit unions and other financial institutions are invited to register for a National Cybersecurity Symposium: Building Law Enforcement and Financial Services Sector Partnerships at 37 field locations across the country on Oct. 21 or 22.

CUNA Sends Letter to House Financial Services Committee on Fiduciary Rule and DOL Oversight Hearing
CUNA has written a letter urging Congress to consider the impact that the U.S. Department of Labor's (DOL) recent proposed rulemaking defining fiduciaries would have on credit unions' ability to offer retirement savings products and services to their members.

Senators Introduce Legislation to Raise MBL Cap
CUNA-backed legislation that would raise the current cap on credit union member business lending was introduced yesterday in the US Senate.

CUNA files court brief in California merchant surcharge case
CUNA has filed an amicus brief in a California court case challenging merchant surcharges on credit card transactions.