February 2, 2018
In this Issue:
· Tax Issue Garners Media Coverage
· Grassroots Assistance to Tax Committee Needed
· Legislation of Interest to Credit Unions
· Register for Capitol Hill Days
· Federal Update
Bank/Credit Union Tax Issue Garners Media Attention
This week, the bankers’ efforts to raise credit union taxes garnered media attention in various outlets. Last Sunday, Iowa Bankers Association President John Sorenson and PolicyWorks CEO Justin Hupfer were guests on the Des Moines-based, Sunday morning political show The Insiders. You can view the segments on WHOTV website, first featuring credit unions and then banks. There were also articles in Radio Iowa and the Des Moines Register. The League is continuing a strong public affairs campaign to counter the negative bank attacks, which includes a digital ad campaign on various websites, social media efforts, television ads running on CNN/FOX and a Des Moines based political program, and increasing a statewide radio buy which will begin this weekend. You can see some of this content at http://www.protectfinancialchoice.com/.
Please Contact Iowa Legislature's Tax Committee Members
Thanks to credit unions who are engaging your membership and any of you who have contacted your lawmaker! There have been nearly 8,000 credit union members that have sent an email to their state lawmaker in the past month. This is great and we need to keep it going!
The Ways and Means Committee members are particularly important to defeating the bankers’ tax hike. Below is a list of those lawmakers, with their city of residence in parenthesis. If one of these is your legislator, please click on their name and send a short, personalized note, asking them to oppose any bank efforts to raise our taxes.
Iowa Senate Ways and Means Committee Members
Iowa House Ways and Means Committee Members
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.
- Senate File 2125: This bill creates a limit of 36% annual percentage rate on loans made by delayed deposit services (payday lenders).
- House Study Bill 596/Senate Study Bill 3090: This bill prohibits cities and counties from imposing time-of-sale requirements on transactions involving real property.
- Senate Study Bill 3121: This bill allows fees collected by county recorders for the county land record information system to be used for the ongoing costs of securing the statewide internet site and the county land record information system and for any associated infrastructure needs.
- House Study Bill 599: This bill increases the superintendent of banking’s ability to establish the maximum rate of interest or charges for regulated loans subject to Code chapter 536 with unpaid principal balances from $10,000 to $30,000 or less. The bill provides that a finance charge on a consumer loan may also include a service charge equal to the lesser of 2 percent of the amount financed or $120, in addition to 21 percent per year on the unpaid balance of the consumer loan.
Register for Capitol Hill Days
In addition to next week’s hill visit during the Legislative and Regulatory Issues Conference, 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
Federal spending authority ends on February 8th so Congressional leadership will be working on an agreement to fund the federal government for the remainder of fiscal year 2018.
Hatch Sends Letter Critical of Credit Unions to NCUA
Yesterday, Utah Senator Orin Hatch sent THIS letter to NCUA Chairman McWatters, which included some criticism of the credit union industry and requested various information about NCUA’s oversight on matters ranging from fields of membership to executive compensation. CUNA will be working with Senator Hatch's office and responding to the letter.
CUNA and Trades Continue to Push the Senate to Act on Reg Relief Package
On Monday, CUNA joined the ICBA, ABA, and NAFCU in sending a letter to Majority Leader McConnell and Minority Leader Schumer urging the Senate to act on S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act. The cosigners of the letter reiterated support for this important legislation that includes commonsense improvements to the nation's financial rules that will allow community banks and credit unions to better serve their customers and communities.
|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