Credit Union Governance Modernization Act of 2020

Lapses by the retail industry/merchants in securing consumer information continue to be extremely problematic and costly to consumers and financial institutions. MCUL is advocating that Congress hold retailers to the same or similar data security standards as the financial service industry has to abide by and require retailers notify credit unions sooner once a breach occurs. We support the recently introduced SAFE DATA Act (S. 4626) as a base bill and will call on Congress to amend the bill to ensure all businesses, institutions and organizations that collect, use or share personal data are subject to national standards, to include language that preempts state requirements, among other things. MCUL supports modernizing the Federal Credit Union Act (FCUA). The financial service industry is rapidly changing. Advancements in technology, including high speed internet connectivity, have significantly change our society and how financial institutions do business. Updating the FCUA has become necessary to ensure federally chartered credit unions have the powers and flexibility to be competitive and members can benefit from new technology. We are currently supporting H.R. 1661, a bill that would provide the NCUA flexibility to increase non-mortgage loan maturity limits for federal credit unions. We are also supporting H.R. 2305 and S.2834, a bill that would exempt business loans to veterans from the member business loan cap. Additionally, we support H.R. 7963 to allow expulsion for cause of an unruly/abusive member; S. 3326, to remove outdated duties for credit union boards and remove the requirement for credit unions to provide NCUA with the names of its loan officers from the FCUA; and the Board Governance Modernization Act, to modify the FCUA requirement that credit union boards meet once a month to not less than six times per year. Finally, we support H.R. 6789 and S. 3676 that would exempt credit union loans related to the COVID-19 pandemic from the MBL for a period of three years. MCUL is monitoring developments for GSE/housing finance reform and will advocate to make sure any reforms reflect the significant role credit unions play in the secondary mortgage market and we will defend against anything that is potentially harmful to credit unions and our members. MCUL supports congressional efforts, including H.R. 2514, the COUNTER Act, and S.2563, the ILLICIT CASH Act, to reform bank secrecy act/anti-money laundering reforms and provide financial institutions relief from unnecessary, duplicate and burdensome rules. We supported language in the House version of the National Defense Authorization Act that would index the currency transaction report threshold for inflation and supported language in H.R. 6395 that would require a study on CTR and SAR reporting threshold and reduce regulatory burden on financial institutions by not requiring them to gather and submit beneficial ownership info to FINCEN. MCUL supported/supports passage of legislation making reforms to the Paycheck Protection Act, including the Paycheck Protection Flexibility Act of 2020 (P.L. 116-142), S. 4116 (extending the authority under PPP until August 8), and the Paycheck Protection Small Business Forgiveness Act (S. 4117). We are also requesting Congress include in any Phase 4 emergency stimulus bill: S. 4117, providing small businesses with PPP loans under $150k with automatic forgiveness; S. 3620, establishing a housing assistance fund; S.4159; a bill to modernize the E-Sign Act to reflect advancements in technology over the past 20 years and streamline how consumers consent to receiving electronic documents and remove barriers that some face to receiving important documents; approve $1 billion in CDFI fund; include language to better effectuate electronic and remote notarizations; extend CARES Act provisions, specifically related to the Central Liquidity Facility and Troubled Debt Restructuring. Finally, we are educating Congress on provisions in the HEROES Act we believe to be harmful to financial institutions and our members, including moratoriums on foreclosures, evictions, and collections and provisions dealing with negative credit reporting and adverse information on credit reports and urging Congress to taking our concerns into consideration if they proceed with addressing these issues in a Phase 4 bill.

Client expense: $10,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Issues related to credit union operations Issues related to credit union field of membership Issues related to credit union service organization Issues related to vacancies on the National Credit Union Administration (NCUA) Board Issues related to NCUA's low income designation regulations Issues related to NCUA examination procedures Issues related to NCUA's regulation regarding its regulatory emergency liquidity Issues related to NCUA's rulemaking process Issues related to NCUA's Advanced Notice of Proposed Rulemaking on Alternative Capital Issues related to NCUA's regulatory review process Issues related to Federal Credit Union Bylaws Issues related to credit union loan maturity restrictions Issues related to credit union investment authority Issues related to Regulation of Federal Credit Union By-laws Issues related to credit unions' incidental powers Issues related to credit unions ability to offer prepaid cards Issues related to credit union service to marijuana businesses Issues related to material loss reports of the NCUA Office of Inspector General Issues related to the regulation of corporate credit unions Issues related to the use of Eminent Domain to Seize Performing Mortgage Loans Issues related to fixed assets Issues related to credit union conversions Issues related to credit union call report modernization Issues related to NCUA's Corporate Credit Union Stabilization Plan Issues related to NCUA's budget and the overhead transfer rate Issues related to Credit Union Service Organizations (CUSO) Issues related to the authority of the CFPB to exempt credit unions from its rulemaking Issues related to the CFPB rule to remittances and international wire transfers Issues related to CFPB's Leadership Structure and Installing a Board rather than a Director Issues related to codifying the CFPB's Credit Union Advisory Council Issues related to requiring SBREFA Panels for CFPB Rulemakings Issues related to overdraft protection and check ordering practices Issues related to mortgage servicing Issues related to mortgage loan originator compensation and qualifications Issues related to the CFPB's rule regarding qualified mortgage / ability to repay Issues related to the CFPB's regulation on Home Mortgage Disclosure Act (Regulation C) Issues related to the CFPB's regulation on Truth-In-Lending Act / Real Estate Settlement Procedures Act Integrated Disclosures Issues related to the payday, vehicle title, and similar lending Issues related to short term lending products and advance deposit products Issues related to the CFPB's consumer complaint database Issues related to the Department of Justice's investigation entitled, "Operation Choke Point" Issues related to the Department of Defenese Poposal regarding Credit Extending to Service Members under MLA Issues related to indirect auto lending Issues related to credit union service to unbanked and underbanked consumers Issues related to the Financial Accounting Standards Board (FASB) Issues related to data and cyber security Issues related to mobile banking and mobile payments Issues related to identity theft and fraud reduction Issues related to secure payments Issues related to merchant data breaches Issues related to the payments system Issues related to Federal Reserve Regulation D Issues related to the Fed's implementation of same-day ACH Issues related to the Bank Secrecy Act and Currency Transaction Reporting Requirements Issues related to the oversight of the Federal Housing Administration Issues related to the USDA Rural Development Loan Program Issues related to the Federal Home Loan Bank System Issues related to Fannie Mae Capital Issues related to membership eligibility in the Federal Home Loan Bank System Issues related to financial literacy Issues related to Housing Finance Reform Issues related to student lending Issues related to the Economic Growth and Regulatory Paperwork Reduction Act process Issues related to retirement security Issues related to flood insurance Issues related to consumer's access to records Issues related to economic growth Issues related to Interchange Fees Issues related to the Equal Credit Opportunity Act Issues related to the Fair Housing act Issues related to the merger of credit unions Issues related to the Real Estate Settlement Procedures Act Issues related to Community Reinvestment Act Issues related to Regulation Z Issues related to Military Lending Act Issues related to Financial Technology Issues related to Small Business Lending Data Collection requirements Issues related to Involuntary liquidation of Federal Credit Unions and Claims procedures Issues related to Web-Based Quantitative Testing of Point of Sale / ATM Overdraft Disclosure Forms Issues related to residential appraisals Issues related to FHA appraisal certification Issues related to FHA and USDA Loan Modifications Issues related to payments innovation Issues related to Faster Payments Issues related to the Fair Credit Reporting Act Issues related to cooperative funding sources in federal appropriations legislation Issues related to debt collection requirements Issues related to capital reform for credit unions Issues related to procurement reform for private voluntary organizations Issues related to Federal Credit Union Charter Modernization Issues related to diversity and inclusion in Financial Services Issues related to Section 124 of the Federal Credit Union Act Issues related to NCUA's Fidelity Bonds Proposed Rule Issues related to the Consumer Financial Protection Bureau's No-Acton Letters and the BCFP Product Sandbox Issues related to the Consumer Financial Protection Bureau's proposal to extend the Payday Rule's compliance daedline Issues related to enterprise validation and approval of credit score models Issues related to the availability of Funds and Collection of Checks (Regulation CC) Issues related to arbitration clauses Issues related to SBA 79(a) loan program Issues related to financial institutions operating on military installations Issues related to postal banking Issues related to robocalls and the Stopping Bad Robocalls Act Issues related to financial technology (FINTECH) Issues related to the Consumer Financial Protection Bureau Payday Rule Issues related to appraisals Issues related to student lending Issues related to robocalls and the draft Declaratory Ruling (the ruling) and Third Further Notice of Proposed Rulemaking (FNPRM) CG Docket No 17-59, WC Docket No. 17-97 Issues related to FY 2020 Foreign Assistance Budget and Policy Priorities Issues related to payday and small dollar lending Issues related to leases of non-excess property on military bases Issues related to Opportunity Zones Issues related to minority homeownership Issues related to permit Federal Credit Unions to establish their own fiscal year Issues related to striking a requirement that Federal credit unions file certain information regarding loan officers Issues related to enhance flexibility of Federal Credit Unions to schedule board meetings Issues related to remove certain outdated responsibilities of Federal credit union board of directors Issues related to permit Federal credit unions to expel disruptive members for just cause without a vote Issues related to permit balloting for conversions from state to federal charter and from federal to state charter to be conducted electronically Issues related to the draft bill improving Laundering Laws and Increasing Comprehensive Information Issues related to tracking of Criminal Activity in Shell Holding (ILLICIT CASH Act) Issues related to PACE loans Issues related to Consumer Financial Protection Bureau's HMDA reporting thresholds Issues on NCUA Executive compensation rules Issues related to business access to financial services Issues related to Strengthening Cybersecurity for the Financial Sector Act of 2019 Issues related to minority depository institutions Issues related to the Federal Reserve's Faster Payments Proposal Issues related to AI and cloud computing Issues related to the Consumer Online Privacy Rights Act Issues related to Credit Union Board Meeting Frequency Issues related to COVID-19 crisis response legislation Issues related to the regulation of overtime Issues related to the Paycheck Protection Program Issues related to Taxi Medallion loans Issues related to essential services designation for financial services during COVID-19 Issues related to QRM Risk Retention review Issues related to NCUA's proposed rule on Combination transactions Issues related to the Freezing Assets of Suspected Terrorist and Enemy Recruits Act of 2020 Issues related to the regulation of credit unions as employers Issues related to liability protections for businesses Issues related to remote notary Issues related to Federal Home Loan Bank liquidity Issues related to digital identity legislation Issues related to Paid Leave Payroll Tax Credits Issues related to the Central Liquidity Facility (CLF) Issues related to Economic Impact Payments Issues related to Fed Accounts Issues related to the Federal Reserve's Main Street Lending Program Issues related to the legislation to temporarily halt the Federal financial regulators from carrying out rulemakings unrelated to the COVID-19 emergency until the end of such emergency Issues related to troubled debt restructuring Issues related to Prompt Corrective Action requirements Issues related to NCUA subordinated debt rulemaking Issues related to Uniform Residential Loan application Issues related to digitalization of money Issues related to electronic signatures on wire transfer documents Issues related to cybercriminal activity during COVID-19 Issues related to lender forbearance Issues related to Paycheck Protection Program forgiveness process Issues related to Agriculture Lending Issues related to Fair Debt Collection Practices Act Issues related to Diversity in Financial Regulatory Advisory Committees Act Issues related to Federal Home Loan Bank Board Diversity Act Issues related to Federal Reserve Bank Board Diversity Act Issues related to the FHFA market fee increase Issues related to OCC payment charters Issues related to the Student Empowerment and Financial Literacy Act Issues related to provision 4013 of the Coronavirus Aid, Relief and Economic Security Act Issues related to setting an American Framework to Ensure Data Access, Transparency and Accountability Issues related to Tax provisions in the CARES Act Issues related to the Federal Reserve on FedNOW Issues related to support of legislation to create CDFI National Crisis Fund Issues related to OCC National Bank and Savings Association Digital Activities Issues related to FHFA's proposed Adverse Market Refinance Fee Issues related to the treatment of certain COVID-19 Loss Mitigation options under RESPA (Reg X) Issues related to the NCUA 2020 Regulatory Review H.R. 266, Paycheck Protection Program and Healthcare Enhancement Act H.R. 388, the Financial Reporting Threshold Modernization Act H.R. 442, to amend the Consumer Financial Protection Act of 2010 to extend the supervisory authority of the Bureau of Consumer Financial Protection to include assessing compliance with the Military Lending Act H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act, Title I and Secs. 4008, 4012, 4014 of Title IV H.R.1039, to streamline requirements for currency transaction reports and suspicious activity reports and for other purposes H.R. 1158, the FY2020 Consolidated Appropriations Act (funding for the CDFI Fund as well as the Community Development Revolving Loan Fund) H.R. 1500, the Consumers First Act H.R. 1595, the Secure and Fair Enforcement (SAFE) Banking act of 2019 H.R. 1661, to provide the National Credit Union Administration Board flexibility to increase Federal credit Union loan maturities, and for other purposes H.R. 1737, the American Housing and Economic Mobility Act of 2019 H.R. 1865, FY2020 Further Consolidated Appropriations Act (funding for the Cooperative Development Program, tax extenders, repeal of "parking tax") H.R. 1957, the Taxpayers First Act of 2019 H.R. 2093, to amend the Controlled Substances Act to provide for a new rule regarding the application of the Act of marijuana, and for other purposes H.R. 2157, Supplemental Appropriations Act of 2019 H.R. 2162, Housing Financial Literacy Act of 2019 H.R. 2290, Shutdown Guidance for Financial Institutions Act H.R. 2305, Veterans Members Business Loan Act H.R. 2445, Self-Employed Mortgage Access Act H.R. 2500, National Defense Authorization Act for Fiscal Year 2020 H.R. 2513, Corporate Transparency Act of 2019 H.R. 2514, Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform Act of 2019 H.R. 2740, the State and Foreign Operations and Related Programs Appropriations Act H.R. 2852, Homebuyer Assistance Act of 2019 H.R. 3055, Further Continuing Appropriations Act, 2020, flood insurance provision H.R. 3111, National Flood Insurance Program Administration Reform Act of 2019 H.R. 3167, National Flood Insurance Program Re-authorization Act of 2019 H.R. 3182, Current Expected Credit Loss Consumer Impact and Study Bill of 2019 H.R. 3198, the Comprehensive Regulatory Review Act H.R. 3300, the Economic Mobility Act of 2019 H.R. 3301, the Taxpayer Certainty and Disaster Tax Relief Act of 2019 H.R. 3351, Financial Services and General Government Appropriations Act of 2020 H.R. 3375, the Stopping Bad Robocalls Act H.R. 4458, Cybersecurity and Financial System Resilience Act H.R. 4464, Monitoring and Curbing Abusive Debt Collection Clarification Act H.R. 4565, the Responsible Accounting Standards Act of 2019 H.R. 5001, Non-Judicial Foreclosure Debt Collection Clarification Act H.R. 5013, Small Business Fair Debt Collection Protection Act H.R. 5050, Veterans and Consumers Fair Credit Act H.R. 5132, Gun Violence Prevention through Financial Intelligence Act H.R. 5315, Expanding Opportunities for Minority Depository Institutions Act H.R. 5322, Ensuring Diversity in Community Banking Act of 2019 H.R. 5332, Protecting your Credit Score Act of 2019 H.R. 5332, Protection your Credit Score Act of 2019, Sec. 5 H.R. 5513, the Expanding Opportunities for Minority Depository Institutions Act H.R. 5981, Credit Union Board Modernization Act H.R. 6074, Coronavirus Preparedness and Response Supplemental Appropriations Act H.R. 6116, the Consumer Financial Protection Commission Act of 2020 H.R. 6201, the Families First Coronavirus Response Act, paid and sick leave provisions H.R. 6321, the Financial Protections and Assistance for America's Consumers, States, Businesses, and Vulnerable Populations Act H.R. 6395, National Defense Authorization Act for Fiscal Year 2021 H.R. 6423, to provide a temporary debt collection moratorium during the COVID-19 emergency period, and for other purposes H.R. 6550, Access to Credit for Small Businesses Impacted by the COVID-19 Crisis Act of 2020 H.R. 6551, the CARES Act Section 4014, Technical Corrections Act H.R. 6729, the COVID-19 Homeowner Assistance Fund Act H.R. 6735, the COVID-19 Fraud Prevention Act H.R. 6736, the Protect Rural Renters Act of 2020 H.R. 6741, the COVID-19 Mortgage Relief Act H.R. 6789, Access to Credit for Small Businesses Impacted by the COVID-19 Crisis Act of 2020 H.R. 6790, the Business Borrowers Protection Act H.R. 6800, Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act of 2020 H.R. 6820, the Emergency Rental Assistance and Rental Market Stabilization Act of 2020 H.R. 6861, Paycheck Protection Program Data and Diversity Accountability Act of 2020 H.R. 6873, the Emergency Housing Assistance for Older Adults Act of 2020 H.R. 6874, Paycheck Protection Program Transparency Act of 2020 H.R. 7084, the Emergency Housing Voucher Act of 2020 H.R. 7617, Defense, Commerce, Justice, Science, Energy and Water Development, Financial Services and General Government, Labor, Health and Human Services, Education, Transportation, Housing and Urban Development Appropriations Act of 2021 H.R. 7777, Paycheck Protection Small Business Forgiveness Act H.R. 7963, Credit Union Governance Modernization Act of 2020 H.R. 8160, Promoting Diversity and Inclusion in Banking Act of 2020 H.Res 275, Supporting the goals and ideals of "Financial Literacy Month" H.Res 327, Encouraging greater public-private sector collaboration to promote financial literacy for students and young adults H.Res 328, Supporting the protection of elders through financial literacy H. Res 602, Support of resolution in support of cooperatives S. 151, Telephone Robocall Abuse Criminal Enforcement and Deterrence Act S. 787, the American Housing and Economic Mobility Act of 2019 S. 1028, Strengthening the Tenth Amendment through Entrusting States (STATES Act) S. 1200, Secure and Fair Enforcement Banking Act of 2019 (SAFE Act) S. 1564, Continued Encouragement for Consumer Lending Act S. 1624, HEALS Act S. 2524, the Financial Services and General Government Appropriations Act of Fiscal Year 2020 S. 2563, The Improving Laundering Laws and Increasing Comprehensive Information S. 2583, the State-Foreign Operations and Related Programs Appropriations Act for FY2020 S. 2833, Veterans and Consumers Fair Credit Act of 2019 S. 2834, Veterans member Business Loan Act S. 3003, the Financial Institution Customer Protection Act S. 3032, Strengthening the Tenth Amendment Through Entrusting States S. 3323, Credit Union Governance Modernization Act of 2020 S. 3326, Credit Union Modernization Act of 2019 S. 3389, Expanding Access to Lending Options Act S. 3533, the Securing and Enabling Commerce Using Remote and Electronic (SECURE) S. 3548, Coronavirus Aid, Relief, and Economic Security act, payroll tax provisions S. 3571, the Financial Protections and Assistance for America's Consumers, States, Businesses, and Vulnerable Populations Act S. 3620, A Bill to establish a Housing Assistance Fund at the Department of Treasury S. 3676, Access to Credit for Small Businesses Impacted by the COVID-19 Crisis Act of 2020 S. 4049, National Defense Authorization Act for Fiscal Year 2021 S. 4116, to extend the authority for commitments for the paycheck protection program and separate amounts authorized for other loans under section 7(a) of the Small Business Act, and for other purposes S. 4117, Paycheck Protection Small Business Forgiveness Act S. 4159 the E-SIGN Modernization Act of 2020 S. 4317, the SAFE to WORK Act S. 4430, CDFI Crisis Fund Act Sec. 2821 of S. 1790, the National Defense Authorization Act of FY 2020

Client expense: $1,030,510 · Firm income: Not reported

Government targets: Agriculture, Dept of (USDA), Consumer Financial Protection Bureau (CFPB), Executive Office of the President (EOP), Federal Communications Commission (FCC), Federal Reserve System, HOUSE OF REPRESENTATIVES, Internal Revenue Service (IRS), Justice, Dept of (DOJ), Labor, Dept of (DOL), Natl Credit Union Administration (NCUA), SENATE, Small Business Administration (SBA), Treasury, Dept of, U.S. Agency for International Development (USAID), Veterans Affairs, Dept of (VA)

Lapses by the retail industry/merchants in securing consumer information continue to be extremely problematic and costly to consumers and financial institutions. MCUL is advocating that Congress hold retailers to the same or similar data security standards as the financial service industry has to abide by and require retailers notify credit unions sooner once a breach occurs. We support the recently introduced SAFE DATA Act (S. 4626) as a base bill and will call on Congress to amend the bill to ensure all businesses, institutions and organizations that collect, use or share personal data are subject to national standards, to include language that preempts state requirements, among other things. MCUL supports modernizing the Federal Credit Union Act (FCUA). The financial service industry is rapidly changing. Advancements in technology, including high speed internet connectivity, have significantly change our society and how financial institutions do business. Updating the FCUA has become necessary to ensure federally chartered credit unions have the powers and flexibility to be competitive and members can benefit from new technology. We are currently supporting H.R. 1661, a bill that would provide the NCUA flexibility to increase non-mortgage loan maturity limits for federal credit unions. We are also supporting H.R. 2305 and S.2834, a bill that would exempt business loans to veterans from the member business loan cap. Additionally, we support H.R. 7963 to allow expulsion for cause of an unruly/abusive member; S. 3326, to remove outdated duties for credit union boards and remove the requirement for credit unions to provide NCUA with the names of its loan officers from the FCUA; and the Board Governance Modernization Act, to modify the FCUA requirement that credit union boards meet once a month to not less than six times per year. Finally, we support H.R. 6789 and S. 3676 that would exempt credit union loans related to the COVID-19 pandemic from the MBL for a period of three years. MCUL is monitoring developments for GSE/housing finance reform and will advocate to make sure any reforms reflect the significant role credit unions play in the secondary mortgage market and we will defend against anything that is potentially harmful to credit unions and our members. MCUL supports congressional efforts, including H.R. 2514, the COUNTER Act, and S.2563, the ILLICIT CASH Act, to reform bank secrecy act/anti-money laundering reforms and provide financial institutions relief from unnecessary, duplicate and burdensome rules. We support language in the House version of the National Defense Authorization Act that would index the currency transaction report threshold for inflation. MCUL supported/supports passage of legislation making reforms to the Paycheck Protection Act, including the Paycheck Protection Flexibility Act of 2020 (P.L. 116-142), S. 4116 (extending the authority under PPP until August 8), and the Paycheck Protection Small Business Forgiveness Act (S. 4117). We are also requesting Congress include in any Phase 4 emergency stimulus bill: S. 4117, providing small businesses with PPP loans under $150k with automatic forgiveness; S. 3620, establishing a housing assistance fund; S.4159; a bill to modernize the E-Sign Act to reflect advancements in technology over the past 20 years and streamline how consumers consent to receiving electronic documents and remove barriers that some face to receiving important documents; approve $1 billion in CDFI fund; include language to better effectuate electronic and remote notarizations. Finally, we are educating Congress on provisions in the HEROES Act we believe to be harmful to financial institutions and our members, including moratoriums on foreclosures, evictions, and collections and provisions dealing with negative credit reporting and adverse information on credit reports and urging Congress to taking our concerns into consideration if they proceed with addressing these issues in a Phase 4 bill.

Client expense: $10,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE