Government Affairs Update: June 2008
Congressional Committee Holds Hearing on Interchange Fee Caps
Working with the other members of the Electronic Payments Coalition, CUNA continues to closely follow H.R. 5546, the Credit Card Fair Fee Act. The bill is sponsored by U.S. Rep. John Conyers, D-Detroit, who also chairs the House Judiciary Committee. The committee held a hearing on the bill May 15, and we expect that it could be considered by the committee at some point in June or July. On June 5, Senate Majority Whip Richard Durbin, D-Ill., introduced S. 3086, which is similar to H.R. 5546. Our goal is to both voice our opposition to this legislation and discourage Michigan’s U.S. Senators, Carl Levin and Debbie Stabenow, from cosponsoring this bill. CUNA and the leagues strongly oppose any bill which would regulate interchange fees. For more information on this issue, see the Interchange Fee issue brief.
2008 PAC Fund Raising Continues Record Pace
It has been a record-setting first half of the year for MCULAF, the MCUL’s state PAC. To date, credit unions have raised more than $115,000 which is 80 percent of our 2008 goal. Sixty-six credit unions have already reached or surpassed 100 percent of their state goals. We have also seen an improved first half of the year with MCULLAF, our federal PAC. To date, credit unions have raised more than $68,000 or 25 percent of our annual goals with the biggest portion of this coming from the MCULLAF Grand Raffle.
2008 Grand Raffle is Full Steam Ahead
The Grand Raffle has gotten off to a very impressive start this year. We have already sent out more than 23,000 of the available 30,000 tickets and many sold ticket books have already been returned. There are 123 credit unions hard at work selling tickets — and with only 7,000 tickets remaining to be distributed, credit unions are urged to get additional requests in as soon as possible. Last year all 30,000 tickets went out with more than 24,000 sold; this year the goal is to sell all 30,000 tickets. Remember to return only fully sold books, and don’t wait until last minute to send them in. The Grand Raffle ticket sale ends Oct. 29.
Snowmobile Secured Registration Signed Into Law
On June 3, Michigan Gov. Jennifer Granholm signed into law H.B. 5085, the snowmobile registration bill sponsored by State Rep. Jeff Mayes, D-Bay City. Now Public Act 145 of 2008, this law requires that all financed snowmobiles contain lien holder information on the registration. PA 145 of 2008 takes effect in January 2009. For more information, click here.
Predatory Lending Package to Be Reported Soon
The Michigan House Banking and Financial Services Committee has been considering predatory lending legislation since the fall of 2007. Now some action is expected, with Chairman Andy Coulouris, D-Saginaw, indicating his desire to report the bills out of committee. The legislative package has been delayed several times since the beginning of 2008. By all accounts, the House wants to vote on this package before recessing for summer break around July 4. Credit unions have been exempted out of the requirements under the legislation.
Michigan Credit Union Officials ‘Hike The Hill’ June 11-12
About 30 credit union officials, joined by members of MCUL staff, traveled to Washington, D.C., June 11-12 to meet with members of Michigan’s Congressional delegation. Hike The Hill attendees continued to advocate for the passage of the Credit Union Regulatory Improvements Act (CURIA) as they visited all 17 Michigan Congressional offices. Attendees received a briefing from CUNA and attended a luncheon with NCUA Chairman JoAnne Johnson as the featured speaker. Also while on the Hill, attendees urged members not to co-sponsor or support H.R. 5546, which would regulate interchange fees.
Gold Star Program Adds More Credit Unions
There are seven credit unions which have achieved 100 percent of their combined MCULLAF/MCULAF fundraising goal as well as 100 percent PAC Lapel Pin participation. These “Gold Star” credit unions are Clarkston Brandon Community CU (OC), Wanigas CU (MM), T&C FCU (OC), Sunrise Family CU (MM), EECU — A Community CU (JA), E&A CU (ME) and Northland Area FCU (BO). Congratulations to all these credit unions for an excellent job!
Michigan House Passes Financial Exploitation Bills
On June 3, the Michigan House of Representatives passed H.B. 5726 and 5728 which address financial exploitation. The bills would require a financial institution to report to the county any suspected financial abuse. Originally, the bills would have placed the reporting responsibility on the individual credit union employee. The MCUL opposed these bills in committee and will continue to oppose them in the Senate. For more information, go to:
House Bill 5726 (2008)
House Bill 5728 (2008)
Identity Theft Legislation Moves from Workgroup to Committee
A bipartisan series of bills intended to combat identity theft have been introduced in the Michigan House. The principal sponsors are State Reps. Kathy Angerer, D-Dundee, and Brian Palmer, R-Romeo. There are 12 bills in the package and the one of most concern to credit unions is H.B 6107. This bill would require credit unions to notify members before any personal identifying information could be transferred to a third party, e.g., a credit reporting service. The MCUL strongly opposes this legislation. For more information, click here.
The bills have been heavily amended in response to workgroup meetings. House Banking Chairman Andy Coulouris, D-Saginaw, has indicated he does not plan to move H.B. 6107 out of committee.
CURE Golf Outing Just Around the Corner
The brochure for the 7th Annual CURE Golf Outing has been mailed to credit unions. The event is scheduled for Wednesday, July 23,at Forest Acres West Golf Course on the campus of Michigan State University in East Lansing. To date we have 17 sponsors donating a total of $8,000 to support the event. There are roughly 30 sponsorship opportunities remaining. The brochure and registration material is available to download online at http://www.mcul.org/MCULLAFMCULAF_507.html .
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