March 23, 2018
In this Issue:
Credit Unions Continue Visibility at the Capitol
On Wednesday, 70 credit union advocates from central Iowa spent the day at the State Capitol visiting with Representatives about the House tax bill. Attendees first met at the State Historical Building for breakfast and a legislative briefing, then made their way to the Capitol, all wearing bright green tshirts. Pictures from the morning along with photos from our March 7th rally can be viewed here. The House Ways and Means Committee did not take action this week on the tax reform bill, but is expected to next week.
Your Help Needed! 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. Here's what you can do to help:
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 600,000 members in Iowa. The focus is now in the House, which 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 call them next week between 9am-5pm at the House switchboard number (515-281-3221). You'll need to ask for your Representative and will be able to leave a message if they aren't there.
The message is simple: The Senate 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.
During Iowa Gov. Kim Reynolds visit to Manchester, Iowa, on Thursday, Dupaco member Barry Funke explains his business, Funke Auto Shine, will celebrate its second anniversary on April 1. Dupaco helped Funke recover from an auto accident and start his business after several local banks turned him down. From left: Dupaco's Aaron Plein, Funke, Dupaco's Bob Hoefer, and Gov. Reynolds. (M. Burley photo)
Legislation of Interest to Credit Unions
Governor Reynolds signed HF 2171 into law this week after being passed by the House and Senate unanimously. The bill allows a customer to contact his/her bank or credit union to stop payment on a check by sending an email. Previously, customers were required to give notice to a financial institution verbally or in writing.
You can view the entire list of bills being tracked by ICUL’s lobby team at any time by going HERE.
Federal Policy Update from CUNA
S. 2155, the regulatory relief priority bill of CUNA, passed the Senate last week on a 67-31 vote. Senators Grassley and Ernst supported the bill. Among other provisions, the bill:
- Establish a safe harbor from certain requirements for a loan to be considered a Qualified Mortgage;
- Rescind 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; and
- Reclassify 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.
The bill now moves to the House of Representatives, where it could be taken up in the coming weeks after Congress returns from recess. While our Representatives are back in Iowa we are asking credit union members to submit letters to the editor thanking Senators Ernst and Grassley for their support of S.2155 and asking House members to do the same. Click here for a sample letter you can use. ICUL will be reaching out to Congressional staff to update them on the bill and ask House members to vote in favor.
|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