Staff from the New York Credit Union Association and credit union advocates from New York are in Washington, D.C., today to lobby lawmakers in support of S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act.
The advocates include:
- Linda Armyn, SVP of corporate affairs at Bethpage FCU;
- Bill Crane, chief administration officer/general counsel at CFCU Community CU;
- Stephen Kohlmann, AVP of Investments at Teachers FCU;
- Trish Shermot, government relations/engagement officer at Visions FCU;
- Frank Vassallo, CFO of First Heritage FCU;
- Michael Lieberman, Association VP of governmental affairs; and
- Henry Meier, Association general counsel.
The group is expected to meet with the following offices in support of the regulatory relief package:
- Claudia Tenney, R-22;
- Peter King, R-2;
- Brian Higgins, D-26;
- John Faso, R-19; and
- Dan Donovan, R-11.
“We look forward to meeting with our representatives in Washington and urging them to vote ‘yes’ on S.2155,” said Lieberman. “This important legislation will ease the immense regulatory burden that New York’s credit unions face and will provide immediate relief from the arbitrary, oppressive limitations that prevent them from lending to small businesses throughout New York.”
The House could take up the bill at any time. As previously reported in The Point, some significant aspects of the legislation 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.
Credit union advocates are encouraged to utilize CUNA’s Campaign For Common-Sense Regulation website to call, email or tweet to members of Congress in support of the legislation.