GA CREDIT UNIONS

Federal Legislative Issues

High Priority Legislative
Issues

These are the priority legislative issues for the 116th Congress.

Protecting Member
Data

Achieving Sensible
Regulation

H.R. 1595, Secure and Fair Enforcement (SAFE) Banking Act of 2019

Lead Sponsors: Rep. Earl Perlmutter (D-CO)

Georgia Sponsors: Reps. Hank Johnson (D-4) and David Scott (D-13)

Why We Care: This legislation will create protections for depository institutions that provide financial services to cannabis-related legitimate businesses and service providers for such businesses. Today if a financial institution provides services they are in violation of federal law even if it is legal in the state in which they do business.

Comments: The SAFE Banking Act of 2019 would offer narrowly targeted federal protections for financial institutions (FIs) accepting deposits, extending credit, or providing payment services to an individual or business engaged in cannabis related commerce in states where such activity is legal with a safe harbor, so long as they are compliant with all other applicable laws and regulations. Furthermore, the SAFE Banking Act provides safe harbor to FIs and their employees who are not aware if their members or customers are involved in this business.


H.R. 1661

Lead Sponsors: Rep. Lee M. Zeldin (R-NY) and Rep. Gonzalez (D-TX)

Georgia Sponsors: None

Why We Care: This legislation will modernize the FCU Act and will allow the National Credit Union Administration Board flexibility to increase Federal credit union loan maturities, which today is capped at 15 years for loans other than mortgages.

Comments: This is one of the six major CUNA priorities for modernizing the FCU Act during the 116th Congress.


Financial Reporting Threshold Modernization Act H.R. 388

Lead Sponsors: Rep. Barry Loudermilk (R-11)

Why We Care: The bill would update thresholds for certain currency transaction reports and suspicious activity reports. In addition, the bill would update the threshold definition of a money service business.

Comments: The bill is identical to H.R. 6850 from the 115th Congress that Rep. Loudermilk introduced in September of 2018.

Provide Additional
Credit to Members

Maintaining
Financial Strength

Preserve
Not-for-Profit,
Cooperative Tax
Treatment

Other Legislative Issues

Bill: H.R. 56, the Financial Technology Protection Act

Why We Care: Bipartisan legislation designed to strengthen efforts to deter abuse of financial technology. The legislation would, among other things, create the “Independent Financial Technology Task Force to Combat Terrorism and Illicit Financing” to conduct independent research on terrorist and illicit use of new financial technologies, including digital currencies; and develop legislative and regulatory proposals to improve counter-terrorist and counter-illicit financing efforts. It would report yearly to Congress on its proposals. The task force would include the Treasury secretary and federal law enforcement and intelligence community leaders. The Treasury secretary would also name to the panel six members to represent the private sector, including the banking industry, nonprofit groups and think tanks. At least two of these private-sector posts would be reserved for individuals with experience in the fintech industry.

Lead Sponsors:
Rep. Ted Budd (R-NC)

Comments: The bill re-emerged after being considered in the previous Congress, where September 2018 it was also adopted on voice vote; it was not taken up in the Senate.


CFPB Reforms

CONTACT US

  GCUA
6705 Sugarloaf Pkwy.
Suite 200
Duluth, GA 30097

  (770) 476-9625

  Mike Mercer
  mikem@gcua.org

  Cindy Connelly
  cindyc@gcua.org

  Diana Houston
  dianah@gcua.org

  Brandee Bickle
  brandeeb@gcua.org
TWEETS
CONTACT US

  GCUA
6705 Sugarloaf Pkwy.
Suite 200
Duluth, GA 30097

  (770) 476-9625

  Mike Mercer
  mikem@gcua.org

  Cindy Connelly
  cindyc@gcua.org

  Diana Houston
  dianah@gcua.org

  Brandee Bickle
  brandeeb@gcua.org