MWCUA pulls up chair with Congress members

August 27, 2015

PHOENIX (8/27/15)--The Mountain West Credit Union Association (MWCUA) held a congressional roundtable Tuesday, providing those in attendance valuable information about legislation related to the financial services industry straight from those involved in crafting it.

Featured at the roundtable, which was co-hosted by the Arizona Bankers Association and held at the association’s offices, were Reps. David Schweikert (R-Ariz.) and Ruben Gallego (D-Ariz.).

After an industry update was presented, the congressmen held a detailed discussion on the issues most pertinent to the financial services industry.

Through the roundtable, Austin DeBey, MWCUA vice president for legislative affairs, said he hoped to convey that credit unions are facing burdensome and excessive regulatory pressure.

Additionally, “we want our elected officials to know that both credit unions and banks are dedicated to collaborating to help our members and customers, who are their constituents,” DeBey said.

Several bills set to be voted on this fall were discussed, including:

  • H.R. 766, the Financial Institution Customer Protection Act, which prohibits a federal regulatory agency from formally or informally suggesting, requesting, or ordering a depository institution to terminate a customer or member’s account unless the agency has a material reason to do so, and that it is not based on reputational risk;
  • H.R. 120, the Portfolio Lending and Mortgage Access Act, which would create a safe harbor for qualified mortgages held on a financial institution’s balance sheet;
  • H.R. 1491, the Financial Institutions Examination Fairness and Reform Act, which would provide financial institutions the opportunity to have supervisory determinations reviewed by the new independent examination renew director; and
  • H.R. 3192, the Homebuyers Assistance Act, which would provide a temporary safe harbor--until Feb. 1, 2016--from enforcement of the Consumer Financial Protection Bureau’s Truth in Lending Act-Real Estate Settlement Procedures Act that takes effect Oct. 3.