GCUA joins Ga. trades to call for House S. 2155 support
Georgia Credit Union Affiliates (GCUA) joined with their counterpart state banking trade organizations to call on Georgia members of Congress to support the bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act. The bipartisan bill is strongly supported by CUNA, and it passed the Senate in March.
“S. 2155 is a carefully crafted bipartisan bill that includes commonsense improvements to the nation’s financial rules that will allow community banks and credit unions to better serve their customers (members) and communities,” the letter reads. “It will open doors for more creditworthy borrowers and businesses, and will contribute to local economic growth and job creation not just in Georgia but nationwide.”
The letter also noted the bill’s carefully crafted, bipartisan provisions, and the importance of regulatory relief for credit unions and other community financial institutions. GCUA President/CEO Mike Mercer signed the letter, as well as his counterparts at the Georgia Bankers Association and Community Bankers Association of Georgia.
CUNA is continuing its aggressive grassroots support of the bill, and is urging credit unions to contact their members of Congress using CUNA’s Campaign for Common-Sense Regulation website, or to activate members via CUNA’s Member Activation Program.
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.