NWASHINGTON—NAFCU Congressional Caucus attendees here heard from three members of the House Financial Services Committee on regulatory relief, tax reform and preservation of credit unions' federal tax exemption.
Not surprising, given their audience, House Chief Deputy Whip Patrick McHenry (R-NC), and Reps. Brad Sherman (D-Ca) and Dan Kildee (D-MI) used highlighted their individual efforts to work for credit unions' best interests, with all three also expressing support for the tax-exempt status of credit unions.
Sherman noted that any projected revenue increases from the exemption elimination are exaggerated, and McHenry criticized groups that ask Congress to make it more difficult for credit unions to operate.
Other issues touched on by the three congressmen:
- Tax reform: McHenry said "the meat of legislative work this fall is on tax reform." He expects the House to release more details in mid- to late-October, with a deal potentially reached in early December.
- Regulatory relief: Sherman told Congressional Caucus he will continue to work to eliminate the Durbin amendment, while Kildee stated that Congress "need[s] to ensure the risky behaviors that took place in the marketplace aren't allowed to be repeated, but those that weren't involved in the crisis shouldn't be penalized just for being in the same sector." McHenry expects a bill that addresses regulatory relief to come out of the Senate before Christmas and potentially passed in late 2018.
- Housing finance reform: On government-sponsored enterprise reform, Kildee advocated for government-ensured access to home mortgages and highlighted the importance of 30-year fixed mortgages in helping Americans own a home.
- Data security: The Equifax data breach remained on Congressional Caucus attendees' minds, and Sherman placed responsibility for preventing future breaches on retailers. "We need data security," Sherman said. "We need the retailers to treat this data as if a breach would cost them money."