From the Archives: June 2013

MCUL Gains Additional Co-Sponsors of Qualifed Mortgage, Regulatory Relief and Supplemental Capital Bills 

Reps. Tim Walberg, R-Tipton, Kerry Bentivolio, R-Milford, and Candice Miller, R-Harrison Twp., recently announced their cosponsor support of credit union industry-backed bills.

HR 1750, the “CLEAR Relief Act of 2013”, is House Republican-introduced legislation intended to lighten community institutions’ regulatory burden. The bill would broaden certain exemptions set forth under the Dodd-Frank Act’s escrow, qualified mortgage and mortgage-servicing provisions. Walberg is the first member from Michigan to cosponsor the legislation.

Additionally, Walberg and Miller recently announced their cosponsorship of HR 1077, the “Consumer Mortgage Choice Act,” which was recently introduced by Michigan Congressman Bill Huizenga, R-Zeeland. The bill amends the Truth in Lending Act with respect to disclosures of points and fees for "high-cost" mortgage loans. CUNA and the MCUL support the legislation and have encouraged other members of our delegation to co-sponsor the bill. Additionally, Miller and Bentivolio announced their cosponsorship of H.R. 719, the “Capital Access for Small Businesses and Jobs Act,” which would amend the Federal Credit Union Act to empower federal credit unions to receive payments on certain uninsured non-share accounts, subject to such terms, rates and conditions as may be established by the board of directors, within limitations prescribed by the NCUA board.

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