One of the benefits of your credit union’s League membership is access to Advocacy in Action, which offers information about how we are advocating for credit union interests. You’ll receive this enewsletter regularly when the Indiana General Assembly is in session along with timely updates at other times during the year. Since it is a benefit for League affiliates, links are password-protected. If you have questions or comments about content, contact us at (800) 285-5300, or email SVP Governmental Affairs Chris Beaumont or League President John McKenzie .
March 27 highlights: S.2155 passes in the Senate, Indiana General Assembly will have special session
S. 2155 Regulatory Relief Update
On March 14, the U.S. Senate just passed S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, by a strong, bipartisan vote of 67-31. This marks the first significant regulatory relief legislation for credit unions and community banks since Congress passed the Dodd-Frank Act in 2010 and represents a key victory for credit unions' advocacy efforts over the last several years. Not only does the legislation include relief from Dodd-Frank qualified mortgage and HMDA reporting requirements for many credit unions, it also includes an expansion of credit union member business lending (MBL) ability. S. 2155 provides that credit union loans on 1-4 family, non-owner occupied real property would no longer be counted against the MBL cap but will rather be counted as real estate loans.

The challenge now is for the U.S. House to pass the legislation without making changes that would disrupt the delicate bipartisan balance necessary to sustain Senate support. For many months, the House Financial Services Committee has actively passed dozens of regulatory relief bills, some with bipartisan support and some not, that Chairman Jeb Hensarling (R-TX) wants to see included in a final version of regulatory relief. Many of these House bills are already included in S. 2155, but Hensarling is currently pushing for more to be added. The dilemma is that Senate Democrats who supported the bill are not indicating interest in adding provisions, and changes would necessitate another round of Senate floor debate that would take up time the Senate is not likely to have.

There has been some movement this week because two provisions that Chairman Hensarling wants included (not impacting credit unions) were put into the omnibus spending bill that was passed last week to keep the government funded. It is hoped that this, along with the fact that several provisions are already in S. 2155, will convince Chairman Hensarling to relent and allow S. 2155 to be considered by the full House as it left the Senate. Whatever the case, there are still relatively high expectations that S. 2155 will eventually reach the President’s desk even if it takes several more weeks to sort out. In the meantime, the League will be actively engaging in conversations with Indiana’s House delegation where we expect nearly all to support the legislation.
Indiana General Assembly Wraps Up, Sort of
The 2018 session of the Indiana General Assembly ended as legally required at midnight on March 14. However, the clock ran out before legislators were able to complete several bills that were important priorities. With plenty of finger-pointing going on between the two chambers and the two parties, the awkward end to session left the Governor with little option but to call legislators back to Indianapolis for a special session to finish their work. Governor Holcomb announced last week that he would set the special session for some time in May and legislative leaders have indicated that it will be very short, perhaps even just one day.

The good news for credit unions is that all of our priority legislation had already been passed by the General Assembly and was on its way to the Governor a week before the end of session. The League will be on the scene when the special session occurs, but we do not expect there to be any issues that directly impact credit unions. As we have written before, the General Assembly passed legislation this year:
  • allowing the BMV to create and implement and ELT system in Indiana;
  • making updates to the Indiana Credit Union Act and the Uniform Consumer Credit Code;
  • fixing a problem with the unclaimed property statute related to automatically renewing CDs;
  • allowing for the implementation of a system for performing and accepting electronic and remote notarizations; and
  • calling for the Legislative Council to have a summer study committee discuss the need for extensive revisions to the Uniform Consumer Credit Code.

The League soon will be providing credit unions with a detailed summary of the legislation passed this year along with an updated version of the Indiana Credit Union Act.
Indiana Bills
We Follow
At the state-level, League staff annually reviews more than 1,000 introduced bills, identifying dozens each year that could impact both state-chartered and federal credit unions.

Click here to learn more about some of our top priority bills this session.