In Washington DC this week amongst the backdrop of federal government funding (as a continuing resolution was necessary by midnight on February 8th), there were multiple issues of interest to credit unions:
- The House passed a regulatory relief bill, the “Mortgage Choice Act of 2017” HR. 1153 on February 8th. This bill seeks to exclude title insurance charges and escrowed homeowners’ insurance premiums from the points and fees calculation, and now travels to the Senate.
- The Senate Banking, Housing and Urban Affairs Committee held a hearing on the oversight of virtual currencies on February 6th,
- The Senate Judiciary Committee held a hearing on February 6th addressing illicit international financial networks, and
- The House Committee on Financial Services held a hearing on “The Annual Report of the Financial Stability Oversight Council”
In addition, on February 7th, CUNA President/CEO Jim Nussle wrote to Sen. Orrin Hatch (R-UT) on the evolution of credit unions … and the necessity and ability to do so. This letter was responding to what Sen. Hatch sent NCUA Chair J. Mark McWatters last week with questions about the state of the credit union movement. Nussle detailed the background behind credit unions’ tax status, and how that mission has not changed. He noted that credit unions’ expanding their product offerings reflects ongoing change in technology and the financial services marketplace. The CUNA letter addressed many of the opinions expressed by Sen. Hatch-stay tuned!