Association urging CU advocates to stay engaged on S.2155 push


The New York Credit Union Association is encouraging credit union advocates to share information with the Association about how S.2155—the Economic Growth, Regulatory Relief and Consumer Protection Act—would benefit their credit union.

As previously reported in The Point, the U.S. Senate passed S.2155 in March. The House may take up the Senate bill at any time.

Some significant aspects of the Senate bill include:

  • establishing a safe harbor from certain requirements for a loan to be considered a Qualified Mortgage;
  • rescinding 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;
  • reclassifying one-to-four unit, non-owner occupied residential loans as real estate loans, so the loan would not count against the member business lending cap;
  • clarifying that the same consumer protections in place with respect to mortgage lending are nonexistent for Property Assessed Clean Energy loans;
  • 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;
  • requiring NCUA to make publicly available a draft of their proposed budget, holda hearing with public notice during which this draft would be discussed and solicit and consider public comment about the draft budget;
  • providing a safe harbor for properly trained financial employees who report alleged elder financial abuse; and
  • requiring the U.S. Department of Treasury to conduct a study on the risks that cyber threats may pose to financial institutions.

The Association would like to hear from credit union leaders on how the bill’s passage would allow credit unions to better serve members and expand their service levels. The Association will use this information to lobby New York’s congressional delegation and seek their support.

Information can be shared with Association via email at

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