The MCUL Board of Directors approved the 2014 Federal and State Legislative and Regulatory Agendas.
MCUL worked with credit union officials and CUNA throughout 2013 to compile and complete agendas for state and federal legislative and regulatory issues of importance to credit unions. Items in both the state Legislature and the U.S. Congress will carry forward into 2014.
At the state level, most issues will need to be wrapped up prior to the summer recess, as the 2014 elections will derail most productive work between the recess and the lame duck session. At the federal level, MCUL will continue to push key issues with our Michigan delegation as well as with CUNA, continuing to urge them to take strong stands on regulatory relief and issues of relevance to Michigan’s credit unions.
For the past year, MCUL’s proactive legislative agenda at the federal level has focused on maintaining the federal income tax exemption; eliminating unnecessary regulations and reducing regulatory burden; GSE reform and defense of access to the secondary market and guarantees for the 30-year fixed mortgage; increasing the member business lending cap; and other issues to help our credit unions serve their members more effectively, grow their membership and remain strong, financially. On the state level, MCUL has focused on lingering foreclosure issues and needed process reforms; defense from harmful and unnecessary blight penalties and measures; anti-fraud card skimming penalties; campaign finance reforms; property tax issues; and property recording process reforms.
For 2014, MCUL’s primary focus at the federal level will be on sustaining defense of the federal tax exemption; regulatory relief and lessening the effects of Dodd-Frank and other regulatory laws – including development of core advocacy pursuits for CFPB and NCUA as well as with Congress; and GSE reform. At the state level, primary efforts will be devoted to centralized and electronic holding of vehicle titles and electronic lien checking and release; property tax issues; property recording process reforms; Uniform Commercial Code penalty reforms; and regulatory authority for derivatives.
In addition to these issues, MCUL in conjunction with CUNA will explore advocacy efforts and the viability of a campaign related to retailer liability for security breaches. In the wake of the recent Target breach, credit unions across the state and nation are reporting significant costs associated with the event, with little to no recourse against the retailer or to alleviate the impact.
Click here to view the 2014 Federal/State Legislative and Regulatory Agenda (password protected).