The Point: April 30, 2013
Association conducting board elections; e-voting option now available
The Credit Union Association of New York is currently holding elections for four Association director seats, including: one in the asset tier of less than $25 million (Asset Category A); two in the asset tier of $25-100 million (Asset Category B); and one in the asset tier of more than $100 million (Asset Category C). Because the seats in Asset Categories A and C are uncontested, voting is only necessary for the Asset Category B seats.
This year, credit union voters can choose from both electronic and paper voting options. The primary contact at each member credit union was e-mailed voting instructions and a link to the e-voting platform last Friday. Those who would prefer to vote via paper ballot should contact the member services team at (800) 342-9835, ext. 8546 or email@example.com to request the necessary materials.
In accordance with Association bylaws, all votes/ballots must be received by the Tellers of Election by June 11. Election results will be announced June 16 at the Association's Annual Meeting.
Rep. Israel co-sponsors supplemental capital, MBL bills
Congressman Steve Israel (D-Long Island) is the latest New York congressman to support priority credit union legislation. Last week, he co-sponsored H.R.719, the Capital Access for Small Business and Jobs Act; and H.R.688, the Small Business Lending Enhancement Act.
H.R.719 would provide credit unions with the ability to raise capital from alternative sources. The bill was introduced by New York Congressman Peter King (D) and has now been co-sponsored by seven New York representatives. H.R.688 would raise the credit union MBL cap to 27.5 percent of assets. New York Rep. Carolyn McCarthy (D) co-introduced the bill, which has now been co-sponsored by 10 New York representatives.
To learn more about priority federal legislation, log in to the Federal Issues section of the Association's Action Center.
CFPB issues final ability-to-pay rule
Yesterday, the CFPB issued a final rule updating the Credit Card Accountability Responsibility and Disclosure Act (CARD Act) to make it easier for spouses or partners who do not work outside of the home to qualify for credit cards.
The amendment, first proposed by the CFPB in October 2012, allows credit card issuers to consider income that a stay-at-home applicant who is 21 or older shares with a spouse or partner when evaluating the applicant for a new account or increased credit limit. Third-party income may be considered if the applicant has a reasonable expectation of access to it.
The CFPB issued a proposed rule in October 2012 and received more than 300 comments from individual consumers, consumer groups, retailers, trade groups, credit unions, banks, card issuers and other financial institutions. The final rule was sent to the Federal Register yesterday and will take effect upon publication. Credit card issuers will have six months to comply with the new regulation.
New CUNA Membership@Work report now available
CUNA recently published its first quarter 2013 Membership@Work report. The report, which is available online, highlights recent CUNA initiatives and efforts in the areas of: consumer, legislative and regulatory advocacy; compliance support; member communications/benefits; education; and strategic alliances.
CUNA Regulatory Advocacy Report (CUNA member log-in/registration required.)
CUNA Legislative Update (CUNA member log-in/registration required.)