Association President Daniel Egan and Credit Union National Association (CUNA) President/CEO Dan Mica met Friday, October 16 with House Financial Services Committee Chairman Barney Frank (D-Mass.). They discussed credit union objections to an amendment to Consumer Financial Protection Agency (CFPA) legislation that would divide treatment of credit unions along asset size in an attempt to address unintended competitive disadvantages.

 

Less than 24 hours earlier, Frank's panel adopted an amendment offered by Representatives Brad Miller (D-N.C.) and Dennis Moore (D-Kan.) that would limit the proposed CFPA's examination and enforcement authority to credit unions over $1.5 billion in assets and banks with more than $10 billion in assets. For institutions whose assets fall below those thresholds, enforcement authority would stay with their prudential regulator.

 

The Association and CUNA have declared it would be compelled to oppose H.R. 3126, the Consumer Financial Protection Agency (CFPA) Act, if its final version included the amendment that would treat credit unions differently based on asset size.

 

Mica has noted, "A key principle of ours in approaching financial regulatory reform has been for examination authority to remain with credit unions' primary regulator. We cannot support legislation that would apply this principle only to a portion of the nation's credit unions, as envisioned in this amendment." He added that "a basic premise of the credit union movement is to never be divided against itself in any way."

 

In their meeting with Representative Frank, Mica said, the chairman "indicated a willingness to work with us to see if we can find a mutually agreeable solution before the bill goes to the floor for a House vote."

 

 

The Credit Union National Association (CUNA) has issued a regulatory comment call on the Federal Reserve Board's proposal to implement the portions of the Credit Accountability, Responsibility and Disclosure (CARD) Act that will become effective on February 22, 2010.

 

Items addressed by the Fed proposal include provisions that will limit the CARD Act's minimum payment warning provisions to credit cards, prohibit interest rate increases for existing balances and during the first year the account is opened, require the consumer's consent before charging fees for exceeding the credit limit, and require co-signors for cardholders that are under the age of 21 if they cannot otherwise demonstrate that they can make the minimum payments.

 

These requirements as well as additional requirements addressed in this proposal will be discussed during an audio conference call on October 20. The call, which will be led by CUNA Senior Assistant General Counsel Jeff Bloch, will also feature commentary from Federal Reserve Board Senior Attorney Benjamin Olson, PSCU Financial Services General Counsel Steve Salzer, CUNA Assistant General Counsel Michael McLain, and UW Credit Union Chief Credit Officer Mike Long.

 

Comments may be submitted to CUNA and can be submitted to the Fed for thirty days following the proposal being published in the Federal register.

 

To view the CUNA comment call, and register for the CUNA audio conference call, use this resource links CUNA comment call. http://www.cuna.org/download/rcc_101409.pdf

 

“Spectacular! Terrific! Stimulating!” These are some of the comments made about the speakers at the 2009 Fall Leadership Conference, “Back on Track” held this past weekend. The combination of blue skies, green grass, colored leaves and snow covered mountains at the Mount Washington Resort in Bretton Woods, NH provided the picturesque background for a strong educational agenda and relaxed networking opportunities.

 

Speakers included industry experts like Credit Union National Association economist Mike Schenk; noted credit union professional and CEO of Realtors Federal Credit Union, Tom Glatt; and nationally recognized marketing consultant, Constance Anderson who all shared their knowledge and experience in fun and accessible ways. Complemented by programs on compliance and leadership, this conference was sure to have something for everyone.

 

Mark your calendars for our Spring Volunteer Development Conference which will be held April 9 -11, 2010 at the Chatham Bars Inn in Chatham, MA with another great lineup of speakers.