CUNA engaged w/ tax reform bills, reg relief markup
CUNA will be engaged with tax reform legislation in both chambers of Congress this week, as well as a House Financial Services committee markup of several CUNA-supported regulatory relief bills. The House is also expected to consider the 21st Century Flood Reform Act (H.R. 2874).
The House Ways and Means Committee passed the Tax Cuts and Jobs Act (H.R. 1) last week, and it is expected to see House floor consideration this week.
We’re pleased to see the House Ways and Means Committee reported the bill with no changes to the credit union tax status,” said CUNA Chief Advocacy Officer Ryan Donovan. “Recognizing that credit unions are tax exempt based on their structure and their mission. Their structure is not-for-profit cooperatives, and their mission is to promote thrift and provide access to credit for provident purposes.”
The Senate Finance Committee will begin marking up its tax reform bill Monday. The bill was unveiled last week.
“We were pleased to see that the finance committee also recognized the importance of the credit union tax status by making no changes to it,” Donovan said. “In a review of the amendments filed with the committee, we don’t see any that would alter that.”
Going forward, the Senate tax bill is expected to see floor consideration the week of Nov. 20, and if passed, House and Senate negotiators will attempt to reconcile the bill. Congress aims to have a tax reform bill signed by President Donald Trump before Christmas.
On Tuesday, the House Financial Committee will mark up three CUNA-supported regulatory relief bills as part of a multi-bill markup.
The CUNA-backed bills are:
- The Mortgage Choice Act of 2017 (H.R. 1153), which would exclude affiliated title insurance charges and escrowed homeowners’ insurance premiums from the points and fees calculation;
- The Securing Access to Affordable Mortgage Act (H.R. 3221), which would amend the Truth in Lending Act and the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to exempt from property appraisal requirements a mortgage loan of $250,000 or less if it appears on the loan creditor's balance sheet for at least three years; and
- The TRID Improvement Act of 2017 (H.R. 3978), which would allow title insurance companies to disclose available discounts and accurate title insurance premiums to consumers.