November 14, 2013
Thursday Edition
House Tax Reform shaky for 2013

Bloomberg BNA is reporting that legislation to overhaul the tax code might not get out of committee. That has been the plan by House Ways and Means Committee Chairman Dave Camp (R-MI.).

“I'd still like to do that,” Camp told reporters Wednesday after meeting with Republicans on the panel. “Clearly we lost time with the shutdown, you know? That was three weeks I'd like to have back. So we have to adjust given changing circumstances.”

Bloomberg writes that Camp says he wants to stick with plans to have a bill ready and be able to move forward this year, if possible. He is scheduled to meet with House Speaker John Boehner (R-OH) and other Republican leaders today (Thursday) and Rep. Camp says even though they have given him free rein to craft tax revamp legislation at the committee level, they have every right to get updates from him on substance, timing and strategy.

“Things do change around here, and I think you have to look at the timing through the circumstances you're in,” Camp said. “So I think that's part of what we're going to do, but it's their meeting so I'll talk about whatever they want to talk about.” Camp declined to say whether he would limit amendments to ensure the markup happens this year.
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Credit union bill introduced late Wednesday

Reps. Ed Royce (R-CA) and Ed Perlmutter (D-CO) introduced H.R. 3468, the Credit Union Share Insurance Fund Parity Act on Wednesday. The act will allow the share insurance fund to cover trust accounts that are in the name of nonmembers.

The bill would pertain to accounts such as Interest on Lawyers Trust Accounts (IOLTAs) so they are treated for deposit insurance purposes on the same basis as similar accounts insured by the Federal Deposit Insurance Corporation. CUNA sent a letter of support letting the House Financial Services Committee know that this bill corrects an NCUA interpretation of the Federal Credit Union Act. The current interpretation puts credit unions at a disadvantage.

The bill is expected to be marked up today.

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Interchange oral arguments set for Jan. 17

According to CUNA News Now, the next round in an ongoing interchange legal battle between the Federal Reserve and merchants has been set: Oral arguments for both sides are set for 9:30 a.m. EST on Jan. 17. The arguments will be heard by a three-judge panel in the U.S. Court of Appeals for the District of Columbia Circuit.

The oral arguments follow U.S. District Judge Richard Leon's July decision in favor of a merchant request to strike down the Fed's price caps on debit card interchange fees. He said that the Fed did not follow narrow congressional intent when it implemented the cap. The Fed has appealed that decision.

The Fed on Oct. 20 filed a brief in support of its rule implementing the debit card interchange cap required by the Dodd-Frank Act. The Credit Union National Association and financial services partners also filed an amicus brief on that date. Merchant briefs in the case will be filed on Nov. 20.

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Today: School Branch Webinar

School Branch Webinar
Nov. 14, 2:00 p.m. CST/3:00 p.m. EST

Learn the basics for starting an in-school branch program. Your credit union peers will share best practices for building a successful in-school branch program and will answer questions about their experiences. Learn how VyStar CU, Army Aviation Center FCU, and Suncoast Schools FCU are not only helping youth develop sound financial skills, but also giving students hands-on experience in a financial setting. As credit unions struggle with attracting younger consumers, these credit unions are building their future membership base.

  • Click here to register.
  • For more information, contact Laura Vann, VP, cooperative initiatives at 866.231.0545, ext. 2181.
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In This Issue
Thursday Edition
House Tax Reform shaky for 2013
Credit union bill introduced late Wednesday
Interchange oral arguments set for Jan. 17
Today: School Branch Webinar
LSCU & Affiliates Media

Part one: NCUA Consumer Protection Update
In part one of this three-part installment,
Office of Consumer Protection Director Gail Laster covers the Remittance Transfer Rule, Escrow Requirements for Higher Priced Mortgages, and High Cost Mortgage Homeownership Counseling Rule.

Part two: CUNA Inside Exchange with NCUA Chairman Debbie Matz 
Part two of CUNA Inside Exchange concludes with NCUA Chairman Debbie Matz. She discusses the NCUA 2014 budget, a final rule on CUSOs, risk-based capital, as well as a number of other topics.
Upcoming League Events
Nov. 18 New Mortgage Loan Origination
Nov. 19 Fair Labor Do's & Don'ts of Pay Issues
Nov. 21 1099 Reporting/Vendors/Foreclosures
Nov. 22 5 Definitions of a Qualified Mortgage
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