March 16, 2018
In this Issue:
Ways to Stay Involved
Thank you to everyone who has called, emailed, and visited with your legislators this session. We appreciate your hard work and dedication to advocating for credit unions. Though we've made good progress, the fight isn't over yet. We still need your help to ensure the House tax bill does not raise taxes on credit unions and their members.
1. Send an Email to Your Representative
As you know, a few weeks ago Senate Republicans passed their tax reform bill on a party line vote. This bad legislation raises taxes on 20 credit unions and impacts about 600,000 members in Iowa. The focus now shifts to the House, who is working off the Governor's tax plan (which does not include any changes to credit unions). Click here to contact your House member, ask them to reject the Senate plan and support tax reform that does not increase taxes on credit unions. Please share this link broadly with colleagues, members, and other credit union supporters.
2. Call Ways and Means Committee Members
Although reaching out to every State Representative is important, those serving on the House Ways and Means Committee should be a focus. The Ways and Means Committee is currently looking at the Governor's tax reform bill and will likely be making changes before voting it out of committee. If one of these Representatives is your legislator, or if your credit union has a branch in that area, please send a short, personalized note, or give them a call.
The message is simple: Senate Republicans' tax reform bill raises taxes on twenty credit unions and over 600,000 Iowans, while providing banks an $18 million tax cut. Please oppose any tax increase on credit unions in the House bill. A tax increase on credit unions is a tax increase on Iowans.
Iowa House Ways and Means Committee Members:
3. Attend a Townhall in Your Area
Every weekend during session, legislators host townhall meetings back home to provide a legislative update and listen to questions and concerns from constituents. These townhalls are a great opportunity to remind your Senator and Representative about the taxation issue and the positive impact credit unions have in your community.
Click here to find a townhall meeting in your area.
Use these talking points when talking to your Representative.
After the townhall, let us know how it went by filling out this form.
Senate Republicans Select New Majority Leader and President
In an unexpected turn of events on Monday, Senate Majority Leader Bill Dix resigned his Senate seat amid the disclosure of a video which showed him in a compromising position with a female lobbyist. On Wednesday, the Senate Republican caucus elected Senator Jack Whitver (Ankeny) to serve as Majority Leader and Senator Charles Schneider of (West Des Moines) to serve as Senate President. Senator Amy Sinclair (Allerton) was chosen to be Majority Whip and Senator Jake Chapman (Adel) was named an Assistant Leader.
Last week, Katie Averill was confirmed by the Iowa Senate as Superintendent of the Iowa Division of Credit Unions. Katie was appointed by Governor Reynolds last summer, replacing JoAnn Johnson who retired.
Legislation of Interest to Credit Unions
Today marked the second “funnel” deadline of the session. In order to remain eligible for consideration this session, Senate bills must have passed a House committee, and House bills must have passed the Senate, with the exception of tax and spending bills. Below is a list of bills of interest to credit unions that have been passed by both the House and Senate so far. You can view the entire list of bills being tracked by ICUL’s lobby team at any time by going HERE.
SF 2059 This bill provides that County Assessors may send any assessment, notice or other information to persons by electronic means, if the person entitled to receive such items has authorized that form of delivery. Passed Senate 49-0, passed House 97-0.
SF 2177 This bill prohibits consumer reporting agencies from charging a fee for placing, removing, temporarily suspending, or reinstating a security freeze. The bill expands the methods currently permitted to request a security freeze from a consumer reporting agency (certified mail) to also include first-class mail, telephone, facsimile, secure internet connection, or secure electronic mail. Passed Senate 48-0, passed House 96-0.
HF 2171 The bill would allow a customer to contact his/her bank or credit unions to stop payment on a check by sending an email. Current law requires a customer to give notice to the financial institution verbally or in writing. Passed Senate 49-0, passed House 95-0.
HF 2199 This bill would make it a class D felony for someone to possess a scanning device or encoding machine with the intent to use it for the purpose of obtaining information encoded on a payment card. The bill also makes it a crime of third degree criminal mischief for anyone to destroy, deface or damage property that has the ability to process payment cards, including ATMs. Passed Senate 49-0, passed House 98-0.
HF 2286 A bill for an act prohibiting cities and counties from imposing time-of-sale requirements on transactions involving real property. Passed Senate 41-8, passed House 77-21.
Federal Policy Update from CUNA
S. 2155, the regulatory relief priority bill of CUNA, passed the Senate Wednesday night 67-31. Senators Grassley and Ernst supported the bill. Among other provisions, the bill:
- Establishes a safe harbor from certain requirements for a loan to be considered a Qualified Mortgage;
- Rescinds 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;
- Reclassifies 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 as it does today;
- Clarifies that that the same consumer protections in place with respect to mortgage lending are nonexistent for Property Assessed Clean Energy loans;
- Removes 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;
- Requires 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;
- Provides a safe harbor for properly trained financial employees who report alleged elder financial abuse; and
- Requires the U.S. Department of Treasury to conduct a study on the risks that cyber threats may pose to financial institutions.
The bill now moves to the House of Representatives where it could be taken up in the coming weeks.
|2018 Election Results
|Federal Update - October 2018
|2018 Legislative Session Wrap-Up
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|Federal Legislative and Regulatory Update - October 2017
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|Federal Update - December 2016