We need everyone in the state credit union system to contact Wisconsin's two U.S. Senators now to ask them to vote "YES" on S2155, federal legislation that would free up $4 billion in new capital for credit union lending and other common sense regulatory reforms. Your contacts now, when a floor vote by the full U.S. Senate is imminent - are urgently needed to advance the bill.
Tell Wisconsin Senators Ron Johnson and Tammy Baldwin to "VOTE YES" on S2155, the Economic Growth, Regulatory Relief and Consumer Protection Act - a bipartisan bill that would:
- classify one-to-four unit, non-owner occupied residential property loans as real estate loans instead of business loans. This would put credit unions on par with banks for how those loans are treated, and no longer count those loans toward credit unions' cap on member business loans (MBLs) - set at 12.25% of total assets. This could free up $4 billion in new capital to make MBLs.
- 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.
Activists who attended the CUNA Governmental Affairs Conference talked with both Wisconsin's Senators about the legislation and asked for their support; now it's up to all of us to chime in and get the votes needed to pass it in the full Senate.
You should send a message even if you've done so previously, and urge your colleagues to do the same.
Passage of this bill improves credit unions' ability to serve their 3 million members. Let's keep up the momentum we gained advocating in D.C. and make as many contacts as possible.
Send a pre-written, editable email, or call or tweet them.
The League and CUNA engage with credit union Activists in a 360-degree advocacy approach that helps credit unions positively shape their operating environment and remove barriers to serving members. Read more articles in our Unite for Good series.