U.S. House Poised to Vote Today on Most Promising CU Legislation Since 1998
May 22, 2018
The road to bringing the Economic Growth, Regulatory Relief, and Consumer Protection Act, S. 2155 across the finish line has been a long one. Northwest credit unions have been at the table the entire time, and the final vote could be only hours away. The House is expected to vote on S. 2155 at 2:30 MT/1:30PT this afternoon. Watch the nwcua.org homepage and Twitter feed for breaking news updates.
One more ask is needed of the Northwest Credit Union Movement: contact Congress today to ask for their support. You can email, tweet, or call your representative in minutes, by using the link on your Association’s Grassroots Advocacy site. Your call, tweet, or email may be just the one that convinces a House Member who was on the fence, to do what makes sense for Main Street and vote in support of S. 2155.
If the bill passes, it will go to President Trump for his signature. Not since Field of Membership legislation passed in 1998 has a President signed such a significant bill into law that was positive for credit unions.
This is your legislation, born here in the Northwest. Sen. Mike Crapo (R-ID) introduced the bill, successfully carried it through his committee and lead its bipartisan passage in the Senate. The bill includes Sen. Ron Wyden’s (D-OR) 1-4 parity provision. That will correctly classify loans on certain non-owner occupied rental units as real estate loans, freeing up capital for credit unions to make Member Business Loans.
Here is a snapshot of what this landmark legislation will do:
- Establish a safe harbor from certain requirements for a loan to be considered a Qualified Mortgage.
- Rescind the additional data points required under the Home Mortgage Disclosure Act for insured credit unions that originate fewer than 500 closed-end and/or 500 open-end lines of credit.
- Streamline the mortgage process for credit unions and their members by removing the three-day wait period required for the combined TRID mortgage disclosure if a creditor extends to a consumer a second offer of credit with a lower annual percentage rate.
- Allow properly trained financial employees to report to law enforcement more easily if they suspect elderly members are the victims of financial abuse.
Your Association’s Advocacy Team and a delegation of fierce advocates from Northwest credit unions, are in Washington this week fighting for passage of S. 2155. NWCUA staff is monitoring the process and will immediately post updates online. Watch the nwcua.org homepage and Twitter feed for breaking news updates.
Posted in Advocacy News.