As part of their effort to defeat parts of a bill that bankers really want, CUNA and NAFCU are bringing out the big guns.
CUNA President/CEO Bill Cheney and NAFCU President/CEO Fred Becker are among the witnesses at next Wednesday's House hearing on a measure that would give banks regulatory and tax relief.
The joint hearing of the House Financial Services Committee's Subcommittee on Capital Markets and Government Sponsored Enterprises and Subcommittee on Financial Institutions and Consumer Credit is set for 2 p.m.
The session marks one of the first times credit unions have been invited to testify on a bill the bankers are backing. By contrast, at almost every hearing on legislation important to credit unions, such as a measure to increase the cap on member business loans, there are representatives from bank trade associations.
In addition to Cheney and Becker, the other witnesses are John Klebba, president/CEO of Legends Bank of Linn, Mo. on behalf of the American Bankers Association; Salvatore Marranca, president/CEO, Cattaraugus County (N.Y.) Bank and chairman of the Independent Community Bankers of America; and George Washington University Law Professor Arthur E. Wilmarth, Jr.
The bill is sponsored by Rep. Blaine Rep. Blaine Luetkemeyer (R-Mo.) and has 47 cosponsors, including House Financial Services Committee Chairman Spencer Bachus (R-Ala.). Sen. Jerry Moran (R-Kan.) has introduced a companion bill in that chamber.
The tax provisions in the measure include the exclusion of income from agricultural real estate and mortgage loans from taxable income and extend and extend the five-year net operating loss carry-back provision through 2011 for community banks with $15 billion or less in assets.
The regulatory provisions include making it easier for the Financial Stability Oversight Council to overturn regulations of the Consumer Financial Protection Bureau and repeal the Federal Reserve's authority to delegate some of its examination authority to the CFPB.
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