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What's Happening in Washington
Tuesday, January 5, 2016 6:45 AM

The House returns to work this week, and the Senate returns next week, which means the schedules for the first several weeks of the year are out of sync. Next week, both chambers will be in session; but the following week, only the Senate will be in session. During the last week of the month, when the President is expected to deliver his final state of the union address, both chambers will convene to receive the address, but the House will leave town early to accommodate party retreats.

On the regulatory front, CUNA Deputy Chief Advocacy Officer Elizabeth Eurgubian says credit unions can expect an active year and a slight shift in the trend of proposed regulations.

“In the prior years, the emphasis has been on mortgage regulations; now we’re starting to steer away from that and getting into these other types of products,” she said. “We expect to see some regulatory activity from the CFPB on issues relating to debt collection, payday/small-dollar loans, overdraft protection products, arbitration, and we also expect to possibly see some final rules."

CUNA has engaged with the CFPB, DOL, and NCUA in recent months to share credit union concerns about those specific proposals and to demonstrate how members of not-for-profit financial cooperatives often have different relationships to credit unions and products they offer than banks. 

The year 2015 was a very active one in advocacy, not just at the federal level, but also in state capitols where efforts led by state credit union leagues produced positive results. Check out CUNA's 2015 Year End Review for State Governmental Affairs.