CUs must keep up momentum on S.2155

The House committee that sets the terms of debate for major legislation announced it will meet Monday evening on S. 2155, teeing up a vote as early as Tuesday. It’s critical for credit unions to continue the push behind the bill. Click here to be heard. “We’ve gotten this far because so many credit union […]

The House committee that sets the terms of debate for major legislation announced it will meet Monday evening on S. 2155, teeing up a vote as early as Tuesday. It’s critical for credit unions to continue the push behind the bill. Click here to be heard.

“We’ve gotten this far because so many credit union supporters have stepped up and contacted their leaders in Congress,” said CUNA head Jim Nussle. “Let’s keep it up! Yes, we have momentum, but we can’t let our enthusiasm falter.”

Every vote we get now helps pave the road to future regulation relief. Make your voice heard today.

This bill is vital to the American consumer, that it needs to be signed into law to remove barriers keeping hard-working Americans from accessing safe products and services.

  • 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;
  • Reclassify 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;
  • Clarify that that the same consumer protections in place with respect to mortgage lending are nonexistent for Property Assessed Clean Energy loans;
  • Remove 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;
  • Require NCUA to make publicly available a draft of their proposed budget, hold a hearing with public notice during which this draft would be discussed and solicit and consider public comment about the draft budget;
  • Provide a safe harbor for properly trained financial employees who report alleged elder financial abuse; and
  • Require the U.S. Department of Treasury to conduct a study on the risks that cyber threats may pose to financial institutions.
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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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