|Opposing Mortgage Lending Red Tape Bills
in Congress (Issue 1 of 6)
There are two bills that as drafted, would add compliance burdens in mortgage lending. CUNA and other financial services organizations have written the Senate Environment and Public Committee to strongly oppose any provisions in the Highway Transportation Funding Act of 2015 that would create new reporting mandates for mortgage lenders. The House passed its version of the bill (H.R. 3038) on July 14th. Also, the Senate Finance Committee passed the Senate Tax Extenders legislation on July 21st, which included the same mortgage reporting amendment. The legislation contains new reporting requirements for all mortgage lenders to the Internal Revenue Service (IRS), including the origination date of each mortgage, amount of outstanding principal balance on the loan at the beginning of the year, and the property address.
|U.S. House Hearing with NCUA Chair (Issue 2 of 6)
For the first time since 2011, Chair Debbie Matz testified before Congress when she sat down with the House Financial Services subcommittee on financial institutions and consumer credit on Thursday, July 23rd. Matz discussed NCUA’s budget and operations, as well as the performance of the credit union system, at the hearing. The subcommittee is chaired by Rep. Randy Neugebauer (R-TX), who, at an earlier hearing this year, questioned Larry Fazio, director of NCUA’s Office of Examination and Insurance, about the agency's revised risk-based capital (RBC) proposal. In addition, a number of legislators have shown interest in NCUA’s RBC proposal in recent months, asking the agency for specifics and information on how it would affect their constituents.
|New Bill in Congress Would Exempt FIs Under $10B from CFPB (Issue 3 of 6)
A bill has been introduced that would exempt financial institutions with less than $10 billion in assets from Consumer Financial Protection Bureau (CFPB) rules. Rep. Roger Williams (R-TX) introduced the Community Financial Institution Exemption Act (H.R. 3048) on July 14th. The bill would exempt credit unions and community banks with less than $10 billion in assets from all rules and regulations put forth by the CFPB. Per the Dodd-Frank Act, the Bureau is authorized to provide exemptions from the requirements of statutes or implementing regulations generally, or from specific provisions. Credit unions, Leagues and CUNA continue to push that the Bureau to do so, and to go much further than it has to exempt credit unions from its rulemaking.
|Educating the GA Senate President Pro Tem's Office on CUs
(Issue 4 of 6)
On Wednesday, July 15th GCUA sat down with Jeremy Collins, Chief of Staff for Senate President Pro Tem David Shafer (R-Duluth). This strategically different meeting was targeted to grow Collins' understanding of credit unions, the positive impact they have on the state, and the wide variety of issues that the industry faces in the state Legislature each year. He and the general counsel for the office were shocked to learn that there were more than 200 bills that had to be monitored to protect the credit union interests in the state Legislature.
|GA Special Elections Synopsis (Issue 5 of 6)
There have been six special elections to date this year for open state representative seats. On July 14th two runoffs from previous special elections were decided, and four other special elections were held, three of which will go to a subsequent runoff on August 11th. The outcomes:
Atlanta election for District 55:
Atlanta election for District 80:
Bonaire election for District 146:
Cumming election for District 24:
Ocilla election for District 155:
Roswell election for District 48:
|Credit Unions in the News (Issue 6 of 6)
Credit unions continue to earn media coverage statewide and beyond. Whether it’s in a local newspaper, niche magazine or radio show, the credit union message is shared through a multitude of outlets across Georgia. Click here to see recent coverage of Georgia’s credit unions "In the News."