Credit unions dodged a bullet on Capitol Hill today when the House defeated an amendment by House Judiciary Committee Chairman John Conyers (D-Mich.) that would have given bankruptcy judges the power to rewrite the terms of mortgages.
The 241-188 vote was on an amendment to a bill to revamp the regulation of financial institutions.
Both CUNA and NAFCU lobbied the issue hard and urged members to lobby their members.
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It was one of the top issues that participants in CUNA's National Hike the Hill discussed during their Capitol Hill visits this week and NAFCU also had members who met with their lawmakers.
CUNA President/CEO Dan Mica wrote lawmakers that the amendment "has the potential to do long-term damage to the mortgage market and undermine the safety and soundness of credit unions."
NAFCU President/CEO Fred Becker wrote lawmakers "that the mortgage practices that caused the subprime crisis stand in stark contrast to the credit union guiding principle of 'people helping people.' Having a strong record in helping their members modify mortgage loans when needed, our credit union members recognize that it is important to be part of the solution."
The House is scheduled to vote on the regulatory restructuring bill later this afternoon.
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