Straight to The Point: July 12, 2017

Good morning. Federal Reserve Chair Janet Yellen will testify before the Senate banking committee tomorrow in her semiannual monetary policy report to the Congress. Both the Senate and House are in session today. Here are this morning’s headlines:

CFPB Director Richard Cordray said an upcoming proposal from the bureau would raise the Home Mortgage Disclosure Act reporting requirement threshold for home equity lines of credit, offering relief to some credit unions – CUNA

 CUNA and the World Council of Credit Unions have announced the this year’s International Credit Union Day theme – The Point

 The Finger Lakes Chapter will host a mini-golf tournament July 26 to raise funds for the state credit union political action committee, CUPAC – NYCUA

 According to a legal opinion from NCUA, federal credit unions have the authority to issue and sell securities under certain conditions – CUToday

 Retirement savers are increasingly willing to turn the investment selection process over to an advisor to manage – CU Times

 Tom Cotton, R-Arkansas, said he would seek the repeal of the CFPB’s new rule on arbitration clauses – The Hill

 Pharmacy chain Rite Aid has partnered with Allpoint, adding an additional 3,000 surcharge-free ATMs to the network – PYMNTS

 Assembly Speaker Carl Heastie will be touring the state this summer so he can “better understand the needs of the diverse communities in New York” – Times Union

 Arbitration clauses are an important means of managing litigation risk, and credit unions should hope the CFPB’s new regulation is scaled back or eliminated – New York’s State of Mind