November 15, 2013
Friday Edition
Credit Union Share Insurance Fund Parity Act on fast track

The Credit Union Share Insurance Fund Parity Act passed the House Financial Services Committee Thursday morning by way of a voice vote. The bill, sponsored by Reps. Ed Royce (R-CA) and Ed Perlmutter (D-CO), now moves on to the full House.

The bill pertains 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.

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Tax reform update

A day after saying he would speak with House leadership about his tax reform bill, House Ways and Means Committee Chairman Dave Camp (R-MI) told reporters that the legislation has no timetable. 

Rep. Camp says that the House is firmly behind comprehensive tax reform and the Ways and Means Committee will continue to refine the bill before a formal introduction. However, he couldn't say whether that would be this year or not.

Late Thursday, Bloomberg reported that Sen. Max Baucus (D-MT) will release "tax language" within two weeks. He said it won't actually be legislation but language. Tax lobbyists told Bloomberg they expect the language to "start with tax administration, international tax rules and possibly education-related tax policy." 

Credit unions are asked to continue to take part in the Don't Tax My Credit Union program.

On a separate note, but related to tax reform, the Congressional Budget Office (CBO) presented the House-Senate conferees with a list of revenue options. Taxing large credit unions was mentioned as an option. No definition of large credit union was provided and the CBO did state it was not a new option. Conferees were only presented the list as a form of discussion and not being accepted by members of the conference. 

The House-Senate conferees are tasked with presenting Congress with a budget plan by mid December.

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Alabama CU wins first place in national CUNA awards program for third straight year
Alabama CU has been honored with its third straight national Dora Maxwell award from CUNA for its Secret Meals for Hungry Children program. With 20 percent of kids in Alabama living in poverty, Alabama CU initiated the idea of packing kids backpacks with meals for the weekend so they wouldn't go hungry. The program has grown from just 18 children to more than 1,100. Credit union staff and members get involved in the program that is reaching many more kids than ever planned.

The Dora Maxwell award is presented to credit unions in eight asset-size categories and a chapter or multiple credit union group category for outstanding social responsibility projects in their communities. Activities may include: solving core community problems, coordinating supply drives for the needy, raising money or organizing special events for charitable organizations, or mentoring students. Dora Maxwell was an original signer of CUNA’s constitution and a tireless organizer of hundreds of credit unions throughout the United States.

CUNA will honor national award winners at the CUNA GAC in February, 2014.
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Latest CU House newsletter is now available

The Credit Union House released its latest newsletter this week. Click here to check out the third quarter Highlights from the Hill today. This issue includes a note from Credit Union House Director, Sue McCue, a call for 2014 Hall of Leaders nominations, and a recap of third quarter events hosted by the Credit Union House.

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In This Issue
Friday Edition
Credit Union Share Insurance Fund Parity Act on fast track
Tax reform update
Alabama CU wins first place in national CUNA awards program for third straight year
Latest CU House newsletter is now available
LSCU & Affiliates Media

Happy National Philanthropy Day from NCUF
A special message from Gig Hyland, executive director of the National Credit Union Foundation, on National Philanthropy Day 2013.


 

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.

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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