January 26, 2018--UPDATED
In this Issue:
- Last Day to Register for ICUL Legislative Conference
- Grassroots Assistance Needed
- Senate Moves on Deappropriations Bill
- Legislation of Interest to Credit Unions
- Register for Capital Hill Days
- Federal Update
Today is the Last Day to Register for the ICUL Legislative Conference
The annual ICUL Legislative and Regulatory Issues Conference is February 6-7 at the Marriott in downtown Des Moines. On the Legislative Day of the conference, February 6, Governor Reynolds will kick things off as the first speaker. The keynote speaker before lunch is Jim Messina, President Obama’s 2012 Campaign Manager. Jim will speak to the campaign’s use of data and other technologies to reach voters during that election cycle, and how that can translate to today’s advocacy with lawmakers. He will also offer insight on the 2020 presidential race.
After morning speakers and a lunch briefing, we will bus to the Capitol and visit with lawmakers, with a focus on protecting our tax status. It's important that we get as many people to the Capitol as possible to make our voice heard, so one-time special pricing is being offered to encourage participation. Two-day registration is $249 (regularly $349) and one-day registration is $125 (regularly $199). Please click here to register:
Over 5,000 Credit Union Members Have Contacted Their Lawmaker—Keep It Going!
Thanks to credit unions who are engaging your membership--this week, we really started to see an uptick in member activity. As of today, over 5,000 credit union members have sent their Senators and Representatives an email, asking them to oppose bankers' effort to raise credit union taxes. This is a great start and we need to continue, as the bankers will be persistent through the session. If you haven’t yet, please reach out to your State Senator and State Representative, asking them to oppose any tax increase on credit unions. Please click HERE to send an email to your legislators, it will only take a couple minutes of your time. If you receive a supportive reply, please thank them!
Senate Committee Approves FY18 Deappropriations Bill
On Thursday afternoon, the Senate Appropriations Committee passed SSB 3089, a bill making cuts from the current fiscal year (FY 2018) budget. The bill cuts $50 million from FY 2018 and $7 million in other funds. The Governor had recommended $27 million in FY 2018 cuts, which left an ending balance of $3 million. The additional cuts in the Senate bill will leave an ending balance of $33 million.
The primary difference between the two bills is that the Senate does not cut $10 million in Medicaid recommended by the Governor and, instead, cuts higher education (primarily community colleges and universities) by an additional $20 million. However, the Senate bill also contains an unspecified cut of $9.9 million to the Department of Human Services. The bill has not been agreed to by the House or Governor, so much work is yet to be done.
Legislation of Interest to Credit Unions
Here is a list of bills introduced this week that are of interest to credit unions. At any time, you can view the entire list of bills being tracked by ICUL’s lobby team by going HERE and clicking on the "State Legislation" link near the top.
House Study Bill 548: This bill creates the Iowa retirement savings plan trust under the office of treasurer of state for the purpose of helping Iowans save for retirement.
House File 2064: This bill assesses a consumer fee on money service transactions conducted by entities licensed under Chapter 533C (banks and credit unions are exempt from this chapter). The fee would go to a natural resources fund and the consumer could receive an individual income tax credit in the amount of the fee if he/she can provide a valid taxpayer ID.
House File 495: A bill for an act prohibiting cities and counties from imposing time-of-sale requirements on transactions involving real property.
House File 2095: A bill for an act limiting campaign contributions to certain candidates and making civil and criminal penalties applicable.
Register for Capitol Hill Days
We will again have two hill visits during the legislative session. The importance of these visits to our advocacy efforts can’t be overstated, as lawmakers want to hear directly from constituents. This year, the dates are:
- Wednesday, March 7.
- Wednesday, April 4.
The start time is 11:30 a.m. A lunch and a legislative briefing will take place at the State Historical Society of Iowa, 600 East Locust, Des Moines, followed by our walk to the statehouse. Free parking is available in a ramp across from the Historical Society. Generally, the hill visits are wrapped up around 3-3:30 p.m. Please RSVP at least two weeks prior to the event in order for us to prepare lunch and materials accordingly--click HERE to register.
Federal Update from CUNA
As you likely know, Congress failed to come to an agreement to fund the government by January 19th. The House was originally scheduled to be out of session this week, but stayed through the weekend until the Senate agreed to move forward on a short term funding bill on Monday.
House Passes CUNA-Backed HMDA Regulatory Relief Legislation
The House of Representatives passed CUNA-supported H.R. 2954, the Home Mortgage Disclosure Adjustment Act by a vote of 243-184. If enacted, H.R. 2954 would raise the threshold that triggers new CFPB data reporting requirements to 500 closed-end and 500 open-end mortgages. This would provide much needed relief, particularly to smaller credit unions, which is why we strongly support the legislation.
CUNA-Supported Regulatory Relief Legislation Moves through Committee
The House Financial Services Committee completed a markup of several regulatory relief bills. Prior to the start of the markup, CUNA sent a letter supporting four pieces of regulatory relief legislation – all four bills passed through Committee.
- H.R. 1264 - Community Financial Institution Exemption Act, would exempt community financial institutions from rules and regulations issued by the CFPB.
- H.R. 2226 - Portfolio Lending and Mortgage Access Act, would allow mortgages held in portfolio at credit unions and other mortgage lenders to be treated as qualified mortgages for purposes of the CFPB's mortgage lending rules.
- H.R. 4607 - Comprehensive Regulatory Review Act, would amend the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA) to require the Federal Financial Institutions Examination Council and federal financial regulators, including the CFPB and National Credit Union Administration (NCUA), to review all existing regulations once every five years.
|January 18, 2019
|Federal Update - December 2018
|2018 Election Results
|Federal Update - October 2018
|2018 Legislative Session Wrap-Up
|April 20, 2018
|April 13, 2018
|April 6, 2018
|March 30, 2018
|March 23, 2018
|March 16, 2018
|March 9, 2018
|March 2, 2018
|February 23, 2018
|February 16, 2018
|February 9, 2018
|February 2, 2018
|January 26, 2018--UPDATED
|January 19, 2018
|January 12, 2018
|Federal Legislative and Regulatory Update - October 2017
|Federal Update - July 2017