The Senate's Economic Growth bill advances, Home Depot check on way

Senate Banking Committee advances reg relief bill: A big vote in the Senate Banking Committee this week overwhelmingly supported the CUNA-backed regulatory-relief bill S. 2155. You've likely heard about this bill quite a bit recently, as we've activated our powerful grassroots advocacy to support it. We've got momentum, but we're not going to stop pushing! Contact you senator at our Grassroots Action Center, and sign up for CUNA's Member Activation Program to reach out to your membership.  

Tax bill in committee, CU tax status preserved: The House and Senate have both passed their own tax bills, and are now working through a conference committee to reconcile the bills into a single piece of legislation. Despite the best efforts of the banks, neither bill mentions changing our not-for-profit tax status. Rest assured, CUNA's advocacy team is on top of the process, ensuring members of the House and the Senate know the value of our tax status

FHA stops insuring PACE home mortgages, a win for credit unions: The Federal Housing Administration announced yesterday it will no longer insure new mortgages on properties that include Property Assessed Clean Energy (PACE) assessments. These types of loans carry considerable risks for credit unions, and we'll continue advocating for appropriate underwriting and consumer disclosures for PACE loans.

Look for Home Depot checks starting in January: I'm pleased that credit unions affected by the Home Depot data breach will start to see some compensation when the home improvement giant's $25 million settlement fund starts cutting checks early next year. The judge who awarded that settlement also will hear the consolidated class action lawsuit, which includes the lawsuit CUNA filed against Equifax.

Congress backs CUNA's suggestion to simplify FCC's TCPA rules: Credit unions should be able to text and call members on their cell phones—this is how people communicate now. Putting up unnecessary roadblocks hurts credit unions and, most importantly, credit union members who may be missing crucial information about their finances. CUNA's common-sense position on this issue is winning support. More than a dozen bipartisan members of Congress wrote to Federal Communications Commission Chairman Ajit Pai this week backing our request for a rule change.  

CUNA gives small CUs a chance to attend GAC for free: We're excited to launch a 2018 GAC scholarship contest that will land two small credit unions free spots at the biggest credit union advocacy event of the year. To earn entry into the drawings, credit unions under $100 million in assets must sign up for a Daily Digest or Real Time email report from the Small Credit Union Community and post a question or response in the Discussion section between Dec. 11 and Jan. 19, 2018.

CUNA hosts new webinar for CFPB mortgage servicing: To prepare you for CFPB's new amendments to the Mortgage Servicing Rules, CUNA has announced a new webinar to help credit union professionals navigate the changes. The CFPB's Amendments to the Mortgage Servicing Rules webinar will be held Tuesday and hosted by Michael Christians, CUNA senior federal compliance counsel.

Discussing a potential government shutdown on MSNBC: I had a great time appearing on MSNBC with Hallie Jackson Wednesday morning—although I wish it would've been to discuss a more fun topic than a potential government shutdown. But having spent 16 years as a member of Congress and two years as director of the Office of Management and Budget, I enjoy using my experience to bring clarity to the too-often baffling maneuvers of Washington.

In closing, I'm thinking of the people in California today dealing with resurgent wildfires that now threaten wide areas around Los Angeles and San Diego. When it comes to natural disasters, it appears we can't catch a break this year. We're in touch with the California and Nevada Credit Union League and will do whatever we can to assist credit unions impacted by the fires.

Thank you for your continued participation in and engagement with the CUNA/League system. As ever, if you have any issues you'd like CUNA to address, I encourage you to give me a call directly at 202-508-6745 or email me at [email protected].

All the best,

Jim Nussle

President and CEO