WASHINGTON-The credit union trade associations had been following the Military Personnel Financial Services Protection Act (H.R. 458), which passed the House June 28 by an overwhelming vote of 405-2. “The Military Personnel Financial Services Protection Act is a good first step toward protecting the financial well-being of our military,” Congressman Geoff Davis (R-Ky.), who sponsored the legislation, commented. “We’re making it easier for state insurance regulators to go onto military installations and ensure that agents and companies offering financial products are not engaging in predatory tactics or selling bad products.” H.R. 458 bans the sale of contractual mutual funds, which disappeared from the civilian market over 20 years ago; clarifies that state insurance commissioners do have jurisdiction over military bases located within their borders, as well as military installations overseas; requires that military personnel be informed about life insurance available from the Federal government prior to the sale of any private insurance; and directs the states to develop standards to further protect members of the Armed Services. House Financial Services Committee Chairman Mike Oxley (R-Ohio) said, “The legislation will address this critical issue by helping to put an end to the long-standing problem of unscrupulous securities and life insurance firms which have been taking financial advantage of the men and women in our Armed Forces. There is no reason that any company selling these questionable plans can’t replace them with more reputable products as sold in the civilian market.” Also, last week, the House passed the Little Rock Central High School Desegregation 50th Anniversary Commemorative Coin Act (H.R. 358), which creates silver one-dollar commemorative coins beginning in 2007. In addition, the House voted in favor a resolution recognizing National Homeownership Month (H.Res. 312).
The disruption could introduce new risks into the system by compelling banks to loosen lending standards and take on greater risk.
The CDFI awards support to developers, renters and buyers.
Without email authentication standards, hackers don’t need to compromise accounts to send emails that impersonate FIs.
Sponsored by Epic River
Learn how your credit union can onboard new sources of deposit revenue from hospital systems and healthcare providers in your community with the strategy outlined in this white paper.
Sponsored by Finastra
Taking the first step towards a complete digital mortgage experience can be the hardest. Learn six strategic steps to start your credit union’s journey today.
Credit Union Times
Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!
- Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
- Exclusive discounts on ALM and Credit Union Times events.
- Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.
Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.