PHOENIX–The Mountain West Credit Union Association partnered with the Arizona Bankers Association to host a financial institution roundtable with elected officials to discuss issues common to both organizations.
Calling it a “demonstration of cooperation,” the MWCUA said it joined with the Arizona bankers to host Representatives David Schweikert (Congressional District 6) and Ruben Gallego (Congressional District 7) at the MWCUA’s offices. Representatives were given an industry update, and participated in a more detailed discussion of the issues most relevant to financial institutions.
Regulatory reform legislation, specifically four bills that have passed through the House Financial Services Committee, were the main topic of discussion as the legislation is set to be voted on once Congress returns to session, the MWCUA said. The legislation discussed included:
- H.R. 766, the Financial Institution Customer Protection Act, prohibits a federal regulatory agency from formally or informally suggesting, requesting, or ordering that a depository institution terminate a customer account unless the agency has a material reason to do so and that it is not based solely on reputation risk.
- H.R. 1210, the Portfolio Lending and Mortgage Access Act, would create a safe harbor for qualified mortgages held on a bank’s or credit union’s balance sheet.
- H.R. 1941, the Financial Institutions Examination Fairness and Reform Act, would provide financial institutions the right to have material supervisory determinations reviewed by a newly created independent examination review director.
- H.R. 3192, the Homebuyers Assistance Act, will provide a temporary legal safe harbor (until Feb. 1, 2016) from enforcement of the CFPBs TILA-RESPA Integrated Disclosure Rule set to take effect Oct. 3, 2015.
“We hope this roundtable discussion will accomplish two things,” said Austin DeBey, vice president for legislative affairs of the Mountain West Credit Union Association. “First, we hope to deliver the message that financial institutions are all facing increasing burdens caused by excessive regulations. And, second, we want our elected officials to know that both credit unions and banks are dedicated to collaborating to help our members and customers, who are their constituents.”
Other topics covered were data security and banking for the marijuana industry.
Arizona credit unions represented were: Altier Credit Union, Arizona Central Credit Union, Arizona State Credit Union, Canton State Credit Union, Desert Schools Federal Credit Union and TruWest Credit Union.