Last week, Rep. Tom Marino (R-Pa.) paid a visit to his district and made a special stop at Horizon FCU, Williamsport, Pa. While there, he received a tour of the facility and learned more about the credit union difference, which led to a discussion about the upcoming House vote on S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act.  

S. 2155 is an important bill that benefits credit unions and their members. The Senate passed it in March and it is gaining momentum in the House and a vote is expected this month. 

Specifically, S. 2155 would: 

• 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. 

Pennsylvania's credit unions made sure their voices were heard using the Grassroots Action Center to help this crucial bill pass the Senate. CUNA and the Pennsylvania Credit Union Association are urging their member credit unions to do the same in the House. The Grassroots Action Center has been updated to give members the ability to contact their representatives with the click of a button.