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Legislative Update with Jay Kruse
Story ID:8404  
Date Posted:  June 13, 2017

by Jay Kruse, VP of Government Affairs

Both the House and Senate are back in session this week, following the most significant week we have experienced under the Trump administration for our Campaign For Common-Sense Regulation. I am in D.C. this week to help keep the regulatory relief ball rolling by meeting with some of our congressional delegation as well as other credit union professionals to continue building on our legislative agenda.
My hotel is only a few blocks down from the White House, so I made a quick visit last evening. It was a beautiful but humid night in our nation’s capital, and I caught this moment in the photos below.

Last week, the House was able to pass the CHOICE Act with a partisan vote of 233-186. We acknowledge that this legislation is not perfect; however, it is a big first step toward meaningful regulatory relief for credit unions and other community financial institutions. As the bill heads to the Senate, CUNA and the leagues will remain active and committed to producing legislation that ends the one-size-fits all regulatory climate.

The Senate Banking Committee held a hearing last week entitled “Fostering Economic Growth: the Role of Financial Institutions in Local Communities,” and CUNA’s witness Dallas Bergl did a great job of emphasizing the importance of credit unions to their communities and how burdensome regulations are affecting their ability to effectively serve members. During the hearing, many Senators discussed the current regulatory environment credit unions and community financial institutions are facing and most agreed that credit unions were not the ones who caused the 2008 financial crisis and should not be paying the price for Wall Street.

Our own South Dakota Senator, Mike Rounds, introduced a CUNA-supported bill last week that would provide credit unions regulatory relief related to the Home Mortgage Disclosure Act (HMDA). Specifically, the bill would raise the threshold required for HMDA reporting to 500 closed-end mortgages or open-end lines of credit in the each of the past 2 calendar years. Credit unions below the threshold would be exempt from the reporting requirements. The legislation is also cosponsored by North Dakota Senators John Hoeven and Heidi Heitkamp.  We thank our Dakota congressional delegation for making credit union regulatory relief a top priority!

If you have questions, concerns, or feedback regarding these or any other advocacy issues, please do not hesitate to contact me. Have a great week!