Credit Union Issues for the 114th Session
As Congress begins, we do not have legislation yet on issues that we know will be introduced over the course of the next two years of the new session.
Credit unions have communicated with both House and Senate leaders and members as to our priorities for the 114th session. They are:
1. Maintain the credit union tax exemption. There is talk of tax reform coming up for debate again, so we need to keep up with that discussion to make sure our tax exemption doesn't become an issue.
2. Regulatory relief. We have reminded Congress again about the regulatory burden crisis. We are ready to work with Congress to remove barriers so that credit unions may more fully and efficiently serve their members.
A. The House did approve one bill already, the Regulatory Accountability Act. This legislation would modernize the Administration Procedures Act, the law that guides how federal agencies, including NCUA and the CFPB, promulgate regulations. The goal is to improve the rulemaking process by making the process more transparent, by holding regulators more accountable, and by ensuring regulations are more cost effective. Virginia's Congressman Bob Goodlatte (R-6), who chairs the Judiciary Committee, sponsored the legislation.
3. Data security. Hold the merchants accountable. Data security legislation should embrace three basic principles: all participants in the payments system should be responsible and held to comparable levels of federal data security requirements; consumers should know where their information was breached; and those responsible for a data breach should be responsible for the costs of helping consumers.
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