WASHINGTON–While much of the focus will be on testimony from one CU CEO before Congress this week, credit unions are paying attention to a number of other matters in the capital, as well.
Much has to do with how the two-year budget deal Congress has agreed to plays out.
That deal, which adds more than $500 billion in federal spending, included language reauthorizing the National Flood Insurance Program, and also included two tax extender provisions, the first of which states that discharge of mortgage debt forgiveness will not be treated as income for 2017, and the second of which retains the deductibility of mortgage Insurance premiums for 2017.
Other legislation and hearings credit unions are watching, according to Ryan Donovan, CUNA’s chief advocacy officer:
- HR 3978, the TRID Improvement Act, which amends the Real Estate Settlement Procedures of 1974 to modify disclosure requirements applicable to mortgage loan transactions
- HR 3299, the Protecting Consumers’ Access to Credit Act, which requires that if a bank or CU makes a loan at a certain interest rate and then sells it, the original interest rate remains the same
- HR 620, the ADA Education and Reform Act, which especially has the attention of credit unions. HR 620 makes changes to the Americans with Disabilities Act that addresses the wave of what Donovan called “predatory litigation from plaintiffs’ attorneys” over CU websites
In addition to hearings on the president’s budget proposal, other hearings Donovan said CUNA will be monitoring include:
- A hearing in the Financial Services Committee Subcommittee on Financial Institutions and Consumer Credit Union de-risking and access to financial services
- A Financial Services Committee subcommittee hearing on terrorism financing
- A House Ways & Means Committee hearing on the budget at which Treasury Secretary Steven Mnuchin will testify
- A Friday House Committee on Energy and Commerce hearing on the FCC’s budget and oversight. Of course, we very interested in the FCC these days,” said Donovan, noting CUNA has filed a petition regarding its concerns over the Telephone Consumer Protection Act. “We will be interested to see whether and how that topic is addressed.”