Dakota CU Advocates Meet With Regulators in DC
by Amy Kleinschmit
Chief Compliance Officer

Yesterday, on Tuesday, September 18, the CUAD Hike-the-Hill attendees started the day with meetings at the Consumer Financial Protection Bureau (CFPB) in Washington, DC. The group met with Jennifer Stockett, Acting Assistant Director, Office of Financial Institutions & Business Liaisons. Attendees shared concerns regarding the payday lending rule, HMDA, and remittance rule, among others.

The overall message left by our Dakota credit union advocates was to encourage the CFPB to use their exemption authority and focus rules on the bad actors. Stockett also shared with the group the savings initiative that the CFPB has. In closing, she provided a number of valuable resources available from the CFPB that credit unions can share with members. These include:

Start Small - Save Up

Financial Well-being

Serving Service Members and Veterans

Youth Financial Education

Adult Financial Education

Resources for Older Adults

Following our meeting with the CFPB, attendees met with representatives from the National Association of State Credit Union Supervisors (NASCUS) office in Arlington, Virginia. Lucy Ito, NASCUS President/CEO, and Alicia Valencia Erb, VP of Member Relations, discussed the issues of cannabis and hemp banking and the need for a safe harbor when serving legal businesses, among other credit union hot topics.

Tuesday’s meetings wrapped up at the National Credit Union Administration (NCUA) at their headquarters in Alexandria Virginia. We first met with the Honorable Todd M. Harper, who was sworn in as an NCUA board member last April. Also attending our meeting was Senior Policy counsel, Catherine Galicia, along with Myra Toeppe, Strategic Advisor for Office of Examinations and insurance.

Even though Harper has only been on the board for five months, he stated that it is the best job he ever had! He asked us to pass on to our member credit unions his request to use the diversity self-assessment, which can be found on the NCUA website. In addition, he briefed the group on his priorities, including the need to be engaged with effective and efficient regulations, and a focus on cybersecurity.

Following our discussion with Harper, we met with NCUA Chairman Rodney E. Hood, along with Larry Fazio, Director of NCUA's Office of Examination and Insurance. Hood’s position is that regulations need to be effective, but not excessive. He discussed a number of regulatory changes he is looking at, including residential appraisal threshold, risk based capital delay, and issuing a secondary capital proposed rule.

Today, our group will once again board the Metro as we make our way to Capitol Hill. Following a legislative briefing provided by the Credit Union National Association (CUNA) and our CUAD advocacy team at the historic Credit Union House, we will be meeting with our elected officials throughout the day. Be sure to watch the Memo tomorrow for highlights from our congressional visits.


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