Northwest Credit Union Leaders Trek to Washington DC for Spring Hike the Hill

(Left-to-right) Northwest Community Credit Union President & CEO John Iglesias; Rep. Greg Walden (OR-2); Kathie Philp, CEO, Pacific Crest Federal Credit Union and NWCUA Senior Vice President of Advocacy Jennifer Wagner

A group of 13 credit union executives from Oregon and Washington made the annual trip to our nation’s capitol last week for the spring Hike the Hill. The trip puts advocacy into action, taking day-to-day issues from credit unions’ interactions with their members to the halls of Congress and in front of regulators.

“A primary focus of our meetings on this trip was a continued dialogue around regulatory relief and encouraging smarter regulation,” said Jennifer Wagner, NWCUA Senior Vice President of Advocacy.

Credit unions provided feedback on the implications of the last significant rule on the TILA/RESPA Integrated Disclosures. Some credit unions shared that the idea of closing a mortgage loan in 30 days is a thing of the past, while others shared that the cost of closing a loan has increased $800 to $1,200 per-loan, much of which is passed onto the consumer.

According to Wagner, the Home Mortgage Disclosure Act (HMDA) is the next big rule slated for implementation in credit unions.

“The first bill regarding the Consumer Financial Protection Bureau’s HMDA rule has been introduced in the House. We welcome Congress’ engagement in ensuring we get this right as the implications on credit unions and more importantly consumers will be substantial,” she added.

The group discussed other legislative priorities including data breach, Member Business Lending, the NCUA’s Field of Membership proposal and credit unions’ continued impact on their members and communities.

In addition to meetings on the Hill, the group met with staff from the CFPB, focusing on the upcoming small dollar lending proposed rule, HMDA and overdraft protection programs.

The group also met with the National Credit Union Administration, where NCUA staff shared Chairman Metsger’s announcement regarding a review of the exam process including extended exams and decoupling the exam year, the proposed field of membership rule, supplemental capital and the OTR methodology.

Another Hike the Hill event is planned for September 12 through 14. To get involved, or find out how you can contribute to your Association’s advocacy efforts in another way, visit nwcua.org/advocacy.

Questions about this story? Contact Eric Horvath: 503.350.2222, ehorvath@nwcua.org.

 

Posted in Advocacy News, NWCUA.