April 20, 2018
In this Issue:
Final Forum of the Session
Because the legislature has narrowed the number of issues it must address this session and is in “hurry up and wait” mode, this will be the last weekly Forum for this session.
The next Forum will be sent upon the legislature’s adjournment and will be followed up by a year-end review that will be sent upon the conclusion of the Governor’s 30-day review period. This “Session Wrap-Up” document will be a comprehensive review of all legislation of interest to credit unions from this session. We will also continue to send out quarterly federal updates and updates on the credit union tax issue as needed.
Thanks for reading!
Legislation of Interest to Credit Unions
Below is a list of bills that made progress this week. You can view the entire list of bills being tracked by ICUL’s lobby team at any time by going here.
House File 637: This bill allows the Iowa Credit Union Division to conduct background checks on employees of Division. Passed the House 96-0 and the Senate 49-0. Signed by the Governor on Tuesday.
House File 2480: This bill expands the use of the home ownership assistance program that provides financial assistance to eligible members of the military to include the purchase of manufactured homes on leased land. Passed the House 96-0 and the Senate 41-7. Signed by the Governor on Tuesday.
Save the Date - Hack for CUPAC
Mark your calendars - the 2018 Hack for CUPAC event will be held on September 19 at Finkbine golf course in Iowa City.
Each year ICUL hosts a golf outing to raise funds for CUPAC. This event is always held the Wednesday before the Iowa Credit Union Convention. The suggested CUPAC contribution to attend is $125 per golfer. More information and a registration link will be sent out closer to the date.
Support CUPAC with Payroll Deduction
The current tax fight highlights the importance of having a strong PAC that can support friends of credit unions in elected office. The Iowa Credit Union League’s Credit Union Political Action Committee (CUPAC) works to raise funds through personal contributions to provide bipartisan support to state legislative candidates who support credit unions. Disbursements of CUPAC funds are overseen by the ICUL Advocacy Committee.
One of the easiest ways to grow CUPAC is by implementing a payroll deduction program at your credit union.
Click here to view an informational one pager about the program.
Interested? Reach out to Justin Hupfer to learn more. PolicyWorks staff are available to meet with your board or staff to discuss a payroll deduction program.
Federal Policy Update from CUNA
The House considered and passed a number of tax-related bills that passed out of the Ways and Means Committee last week. These bipartisan and unanimously approved bills aim to combat identity theft, repair shortcomings at the IRS, and protect taxpayers. Several of these bills would affect the operations of credit unions and other financial institutions. It is likely that many or all of these bills will easily pass the Senate as well and be enacted into law.
The bills passed by the House this week include:
- H.R. 5192, the Protecting Children from Identity Theft Act;
- H.R. 5444, the Taxpayer First Act;
- H.R. 5445, the 21st Century IRS Act; and
- H.R. 5443, a bill to amend the Internal Revenue Code of 1986 to require electronic filing of the annual returns of exempt organizations and provide for making such returns available for public inspection.
CUNA joined more than twenty financial services trade organizations in support of legislation to replace the Consumer Financial Protection Bureau's (CFPB) single director with a bipartisan, five-member commission. H.R. 5266, The Financial Product Safety Commission Act of 2018 was introduced in the House this week to modernize the CFPB's leadership structure.
Quarterly Federal Update
Click here to read our quarterly federal update, a review and highlight of Congressional work over the last few months.