In the evening hours of June 13th the House Appropriations Committee passed its Financial Services and General Government (FSGG) Appropriations Act for Fiscal Year 2019, which contains a number of regulatory relief provisions for credit unions. Our thanks to Rep. Tom Graves (R-14) for his leadership on the committee and understanding the need for continued financial regulatory reform. Rep. Graves, whose district covers most of the north Georgia area, serves as Chairman of the Financial Services and General Government subcommittee of the Appropriations Committee for the House, and in this leadership role has a direct impact on the issues. In addition, CUNA wrote in support of the bill on June 13th prior to the committee’s markup. The bills in the FSGG legislation would:
- Remove certain premiums and title insurance from the points and fees calculation,
- Provide credit unions sufficient flexibility to ensure that members have access to the privacy policy pertinent to their relationship with the credit union,
- Amend the Real Estate Settlement Procedures Act to require the Bureau of Consumer Financial Protection to allow the accurate disclosure of title insurance premiums and any potential available discounts to homebuyers,
- Repeal NCUA’s risk-based capital rule, and
- Create an independent inspector general at the Bureau of Consumer Financial Protection.
In addition, 103 federal legislators signed onto a letter to U.S. Attorney General Jeff Sessions urging the U.S. Department of Justice to act and provide guidance and clarity regarding website accessibility under the Americans with Disability Act, an issue whose ambiguity has prompted a rash of lawsuit demand letters to credit unions and other industries across the country. Our thanks to the nine Georgians who signed onto this joint letter to draw attention to the issue: U.S. Rep. Buddy Carter (R-1), U.S. Rep. Sanford Bishop (D-2), U.S. Rep. Drew Ferguson (R-3), U.S. Rep. Karen Handel (R-6), U.S. Rep. Rob Woodall (R-7), U.S. Rep. Doug Collins (R-9), U.S. Rep. Jody Hice (R-10), U.S. Rep. Barry Loudermilk (R-11), and U.S. Rep. Rick Allen (R-12). Stay tuned!
