Reg. Relief on the Way—House passes S.2155 — 5/23/18
Congressmen McKinley, Mooney and Jenkins Vote YEA
After several months of credit union system legislative advocay efforts, the House of Representatives voted on May 22 (258-159) to pass S. 2155, a relief bill supported by Credit Union National Association (CUNA) and state Leagues that will improve the current operating environment for nationwide. The Economic Growth, Regulatory Relief and Consumer Protection Act passed the Senate in March and is expected to be signed by President Trump in the coming days.
“We thank all three of our WV Congressmen—McKinley, Mooney, and Jenkins for voting in support of this bill,” stated League President Ken Watts. “Additionally, we want to express our thanks to Senators Manchin and Capito for supporting this legislation when it was passed by the Senate in March. Watts note that Senator Manchin was a co-sponsor of the legislation.
On May 16, Watts along with the WV Bankers Association President Sally Cline, penned a joint letter to the West Virginia Congressional delegation to support passage of S. 2155.
“CUNA, state credit union leagues, credit unions and credit union members all deserve a major round of applause for getting this historic bill through Congress and onto the president’s desk,” said CUNA President/CEO Jim Nussle.
Last February, during the 2018 CUNA Governmental Affairs Conference in Washington , over 5,000 credit union advocates including several from West Virginia, hiked to Capitol Hill to discuss the importance of the bill, and urge them to 'Vote YES' for regulatory relief.
Once signed into law, the major credit union provisions include:
-Classify credit union one-to-four unit, non-owner occupied residential property loans as real estate loans, freeing up credit unions to lend to more small businesses, which CUNA believes would make up to $4 billion in additional capital available;
-Treat loans held in portfolio by certain lenders as Qualified Mortgages;
-Raise Home Mortgage Disclosure Act reporting thresholds to 500 closed-end and open-end loans in calendar year;
-Apply the same consumer protections in place for mortgage lending to Property Assessed Clean Energy (PACE) loans;
-Remove the three-day wait period required under the Truth in Lending Act Real Estate Settlement Procedures Act integrated disclosure rule’s mortgage disclosure is a creditor extends a second offer of credit unions a lower annual percentage rate to the consumer;
Provide legal immunity for properly trained, good-faith reporters of suspected financial elder -abuse;
-Require the Treasury to conduct a study on the risks that cyber-threats might pose to financial institutions.
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