GAC Coverage: Congressmen Talk CECL, Taxation, Cannabis & Fintechs

WASHINGTON–A number of members of Congress addressed CUNA’s GAC on its final day.

lutkemeyer

Blaine Luetkemeyer

Here’s a look at some of the key points they raised:

  • Rep. Blaine Luetkemeyer (R-MO) raised concerns over the new Financial Accounting Standards Board (FASB) proposal that’s intended to ease transition to the credit losses standard (CECL). “When FASB put the rule out there, they did not do a study on the human impact on the economy,” he said. Luetkemeyer called on regulators to pause and consider the effect the proposition could have on credit unions, other businesses and the economy overall. CUToday.info had coverage of a separate panel discussion on CECL here.
  • Rep. Patrick McHenry (R-NC) urged credit unions to “harness the power of technology to grow and expand.” McHenry said CUs would be wise to find ways to embrace fintech. “We must shift toward building a better financial system for the future,” McHenry said.  
  • Rep.
    sherman

    Brad Sherman

     (D-CA) touched on points ranging from data security to PACE loans to capital growth to privacy notifications to interchange fees. He also expressed his support for the credit union tax exemption. “Don’t let them tell you it’s a loophole; don’t let them tell you that you’re not paying taxes when in fact, you are.”   
  • perlmutter

    Ed Perlmutter

    Rep. Ed Perlmutter (D-CO), who has been working to create legislation that would allow financial institutions to serve businesses in states where cannabis is legal without fear of federal prosecution (SAFE Banking Act), observed, “Credit unions were at the table discussing the difficulties and public safety hazard people face because [of a lack of safe banking]. I expect we’ll get a markup within the next couple months. This isn’t about whether you like marijuana, it’s about providing financial services, getting cash off the streets and dealing with public safety. We’ve got to deal with it, and I think, this year, we are.”  Perlmutter further thanked Colorado credit unions who stepped up to help people during the government shutdown. “There are over 296,000 credit union members in my district, when they come to my office you can bet, I listen,” he told GAC.
  • Rep. Bill Huizenga (R-MI) spoke to GAC about credit union priorities such as housing finance reform, data security and cannabis banking. “When you are successful, your credit union members are successful,” Huizenga said. “Our financial system is under assault and it’s our job to push back on that; to ensure credit unions are given the space to successfully serve their members.”  

Following the morning addresses from members of Congress, many credit unions hiked Capitol Hill to lobby their respective members of Congress.

Section: Standard
Word Count: 679
Copyright Holder: CUToday.info
Copyright Year: 2019
Is Based On:
URL: http://www.cutoday.info/Fresh-Today/GAC-Coverage-Congressmen-Talk-CECL-Taxation-Cannabis-Fintechs