Both the US House and US Senate are out in recess now for their “spring district work session” … so keep an eye out for opportunities to engage with them at town halls, civic groups, or anywhere in the home district. Leading up to this break however was packed with activity of credit union interest on a federal level. GCUA was engaged with CUNA and representatives from six other state leagues in the region, Georgia’s Attorney General weighed in on the Consumer Financial Protection Bureau (CFPB), and credit union interests on Congressional issues were shared at three hearings on Capitol Hill last week as well as the leadership of the two banking committees this week:
- Georgia’s Attorney General Chris Carr has expressed support for a recent Department of Justice amicus brief that takes issue with how the CFPB is structured, citing that the single-director structure is unconstitutional. He also had Georgia join a coalition of 14 other states in the filing of an additional separate brief last week against the CFPB. Reforms to the CFPB is a consistent talking point of credit unions in Washington DC.
- On April 5th CFPB Director Richard Cordray gave his testimony before the House Financial Services Committee. CUNA sent a letter to reiterate the need for tailored rulemakings from the bureau, as one-size-fits-all regulations are creating regulatory burdens that are affecting consumer access to credit.
- Also on April 5th the Senate Banking subcommittee on economic policy conducted a hearing titled “The Current State of Retirement Security in the United States”. CUNA sent a letter for the record of this hearing to promote and protect credit unions.
- On April 6th, the House Financial Services subcommittee on financial institutions and consumer credit hearing titled “Examination of the Federal Financial Regulatory System and Opportunities for Reform” was held, with CUNA submitting a letter on behalf of all credit unions to pursue opportunities for regulatory relief.
- On April 7th, GCUA engaged with CUNA and advocacy league individuals from Alabama, Kentucky, Louisiana, Mississippi, North Carolina, and Texas to discuss legislative trends seen in other states, issues at the federal level, and what is on the horizon in Washington DC with tax reform.
- In the evening hours of April 12th, CUNA received an advanced notice that the US House Financial Services Committee Chairman Jeb Hensarling (R-TX) has multiple changes to the “Choice Act”, a bill that includes multiple provisions to improve the operational environment for credit unions and others.
- On April 14th Georgia joined other states and CUNA in a joint letter to Sen. Mike Crapo (R-ID) and Sen. Sherrod Brown (D-OH), the leadership of the US Senate Banking, Housing and Urban Affairs Committee urging them to give the CFPB clear direction to exempt credit unions from their rules, create member business lending improvements (including eliminating the cap), and modernize credit union field of membership in their legislation.
