Page 17 - Contact Q1 2016 - final
P. 17
STATE PRIORITIES FEDERAL PRIORITIES
Michigan Credit Union Act Refresh – Data Security Act – HR 2205/S 961
HB 5017-5022 & HB 5147
Support The Data Security Act is a new precedent for a
congressional committee to endorse CUNA’s
Support This package of bills seeks to modernize the view that card-accepting vendors and the
outdated MCUA in order to provide regulatory credit unions that issue them be held to the
relief and put more control in the hands of same security standard.
credit union boards and management. This
helps solidify Michigan’s state charter as one
of the nation’s strongest.
Member Business Lending Expansion –
HR 1188/HR 1422
Installment Loans by Payday Lenders
Support This vital initiative would reform the lending
cap (currently set at a low 12.5%) to more
Oppose Likely to be reintroduced in a similar form than double in size. This expansion would allow
later this year, payday lenders continue to willing credit unions to make significantly more
seek expansions of lending authority. Such capital available to Michigan businesses.
expansion would expose consumers to
increasingly predatory practices. Currently, Tax Reform – HR 4377
payday lenders may offer short-term loans
with restrictions that favor consumers as Support Current tax reform legislation introduced by
opposed to allowing lenders to introduce U.S. Rep. Devin Nunes (R-Calif.) would lay a
new monthly fees (in addition to high foundation for tax reform while keeping the
interest rates). credit union federal income tax exemption in
place. As several tax studies have shown, the
Foreclosure Reform – SB 677 value of the credit union tax exemption far
outweighs the cost, benefiting consumers in
Oppose The passing of this legislation would grant the marketplace.
Michigan courts the unique power to modify
mortgage terms and grant other relief that Field of Membership Expansion for Federal
transcends the reach of federal bankruptcy Credit Unions – NCUA Proposed Reforms
courts, ultimately harming all creditors.
DIFS Model Bylaw Review Support With one of the biggest credit union vs. bank
issues of the year, our goal is to ease restrictions
Support As an outcome of our MCUA dialogue with on a federal credit union’s ability to provide
DIFS, this review would modernize the state’s services to anyone eligible and open strategic
bylaws, providing clarity for credit unions who options for membership expansions.
look to the bylaws for guidance.
Overtime Pay
Oppose The proposed salary threshold under this bill,
which doubles the previous limit, is inappropriate
for credit unions. The result would dispropor-
tionately affect smaller asset credit unions, as
well as their frontline staff and middle managers.
Contact I First Quarter 2016 17
