New York Credit Union Association VP of Governmental Affairs Michael Lieberman recently traveled to Washington, D.C., to discuss credit union issues with federal lawmakers. During his visit, Lieberman met with the offices of seven members of the House and both U.S. senators from New York.
The discussions centered around regulatory relief and data security, with a focus on measures that could garner bipartisan support. Specicifcally, Lieberman discussed the Credit Union Residential Loan Parity Act (S.836/H.R.389), which would create parity with banks with respect to loans for non-owner occupied, 1-4 family residential properties. Currently those loans are treated as residential loans for banks but they are treated as commercial loans for credit unions and therefore count against credit unions’ member business lending cap.
On the data security front, Lieberman explained that credit unions support legislation that would hold merchants and third parties to the same standards as financial institution when it comes to safeguarding consumer data. He also stressed the importance of including a provision in the legislation that would allow credit unions to seek restitution from merchants and third parties for expenses incurred as a result of data breaches.
The trip included meetings with staff and lawmakers from the offices of Reps. Lee Zeldin (R-1), Kathleen Rice (D-4), Joe Crowley (D-14), Grace Meng (D-6), Chris Collins (R-27), Thomas Suozzi (D-3) and Nita Lowey (D-17), as well as Sen. Kirsten Gillibrand (D-New York) and Senate Minority Leader Chuck Schumer (D-New York).