4 Things You Need To Know On Wednesday Morning

December 6, 2017 at 9:15 am Leave a comment

Image result for things you need to knowA surprisingly busy Wednesday morning, just a few weeks from Christmas. So here are four things you should know:

Reg Relief Bill Advances

More good news on the legislative front. The Senate Banking Committee voted out a bipartisan reg relief bill, which I talked about in this blog. If the bill goes forward, it could really provide some much needed relief from some of the more onerous mortgage lending requirements imposed by the CFPB as well as give credit unions greater flexibility to finance second homes. This is really a bill that is worth pushing for, so follow-up on those calls to action.

WSJ Highlights CU Lobbying Success

I don’t want to say too much about this yet because we’re not quite past the finish line, but yesterday the Wall Street Journal ran this article, highly complementary of the credit union industry’s lobbying efforts to remain tax exempt. It pointed out that in contrast to the last major tax overhaul, this time the industry was so effective that no serious proposal to tax CU’s was put on the table. If you have a Board that wonders if paying for the trades is worth it, you should have them read this article.

NY Credit Union Sues Trump Administration

Lower East Side People’s Federal Credit Union has filed a lawsuit in Federal court in Manhattan seeking to block President Trump from naming Mick Mulvaney as the interim head of the Bureau. In a press release announcing the lawsuit, Linda Levy, CEO of the credit union explained that in contrast to Mulvaney, who has described the CFPB as a “sick joke,” the credit union supports the CFPB as a protector of its members.

FinCEN: Let’s Chat

Sigal P. Mandelker, Treasury Under Secretary for Terrorism and Financial Intelligence laid out a plan on Monday for more briefings between FinCEN and financial institutions to help enhance efforts to further restrict money laundering and terrorist financing. Under this enhanced framework, FinCEN will be holding live briefings throughout the country with law enforcement and financial institutions to give more direct and up-to-date information on emerging threats. The program is the outgrowth of a series of more than a dozen such meetings FinCEN has held over the last couple of years. These are not brown bag lunch invitations open to everyone. Instead, FinCEN will be reaching out to financial institutions to participate based on a variety of factors, including whether they may possess information relevant to a particular topic.

Entry filed under: Legal Watch, Regulatory. Tags: , , , .

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Authored By:

Henry Meier, Esq., Senior Vice President, General Counsel, New York Credit Union Association.

The views Henry expresses are Henry’s alone and do not necessarily reflect the views of the Association. In addition, although Henry strives to give his readers useful and accurate information on a broad range of subjects, many of which involve legal disputes, his views are not a substitute for legal advise from retained counsel.

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