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The House voted moments ago (Tuesday, May 22) by a 258-159 margin to pass the Economic Growth, Regulatory Relief and Consumer Protection Act. Your League appreciates Congressman Poliquin voting in support of the bill. “Our voices have been heard. The passage of S. 2155 by the House represents a significant win for Maine CUs and the nearly 700,000 CU members in the state. We appreciate the many CU officials that took time to advocate to our members of Congress on behalf of this bill. Grassroots is alive and well,” exclaimed Todd Mason, President/CEO of the Maine Credit Union League, upon hearing the news of the bill’s passage.
After its passage in the Senate earlier this year, with strong support from both of Maine’s Senators Collins and King, who was a co-sponsor of the bill, all eyes have been on the House to move this legislation forward. CUNA President/CEO, Jim Nussle, mentioned the importance of the bill and the impending House vote in his remarks at the Maine CU League’s Annual Meeting and Convention last week. “This will be one of the most important credit union votes in Congress in over a decade. This bill will benefit consumers around the country, particularly the 110 million Americans who choose credit unions as their best financial partner.”
Once signed into law, the provisions CUNA and your League support will:
•Classify credit union one-to-four unit, non-owner occupied residential property loans as real estate loans, freeing up credit unions to lend to more small businesses, which CUNA believes would make up to $4 billion in additional capital available;
•Treat loans held in portfolio by certain lenders as Qualified Mortgages;
•Raise Home Mortgage Disclosure Act reporting thresholds to 500 closed-end and open-end loans in calendar year;
•Apply the same consumer protections in place for mortgage lending to Property Assessed Clean Energy (PACE) loans;
•Remove the three-day wait period required under the Truth in Lending Act Real Estate Settlement Procedures Act integrated disclosure rule’s mortgage disclosure is a creditor extends a second offer of credit unions a lower annual percentage rate to the consumer;
•Provide legal immunity for properly trained, good-faith reporters of suspected financial elder abuse; and
•Require the Treasury to conduct a study on the risks that cyberthreats might pose to financial institutions.
“We talk so often about what we, as a system, can accomplish when we work together. This legislation is an example every part of our system having a role in helping it pass – the great work by CUNA on Capitol Hill, your League’s advocacy with our Delegation, and our credit unions sending messages to Congress in support of the bill. We can all share in today’s successful outcome,” added Mason.
The bill now heads to The White House, where President Trump is expected to sign it.