Top 5 Issues Pressed by Lawmakers at NAFCU’s Congressional Caucus
Although credit union trade associations are still pushing for a vote on Senate Bill 2231, which would raise the member business lending cap from 12.25% of assets to 27.5%, the congressmen and women who spoke at NAFCU’s Congressional Caucus Sept. 12-14 had other topics on their minds.
Here’s a look at what other legislative issues Caucus speakers said would affect credit unions in the coming months.
The lame duck session is expected to be dominated by debate over how to resolve the so-called fiscal cliff, which would occur if legislation that mandates tax increases and spending cuts next year isn’t remedied. While the changes would reduce the federal deficit, most economists say it would also trigger a double-dip recession in 2013.
3. CFPB and Dodd-Frank
Talk about the Dodd-Frank Act and Consumer Financial Protection Bureau was predictably partisan, but should Republicans gain control of the White House, build upon their control of the House or take control of the Senate, pulling back the reins on the CFPB would be a priority.
Rep. Sean Duffy (R-Wis.) said he doesn’t think government can do a better job of setting fees than the market can. And, he said, reducing interchange income has resulted in an increase in the cost of checking accounts and credit cards, which doesn’t benefit consumers.
Rep. Scott Garrett (R-N.J.) brought along a PowerPoint presentation to drum up support for H.R. 3644, the Private Mortgage Market Investment Act. Garrett said credit risk for the secondary mortgage market should be transferred from taxpayers, who are supporting the conserved Fannie Mae and Freddie Mac, to private investors.