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 .
May 8 highlights: Strong advocacy for S.2155 is paying off, expected vote on CFPB guidance, General Assembly meets next week
S. 2155 Regulatory Relief Update
After the U.S. Senate passed S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, in mid-March, attention turned to the U.S. House of Representatives with hope that it would quickly take up and pass the regulatory relief bill without making changes. Instead, Financial Services Committee Chairman Jeb Hensarling (R-TX) made clear his intention that the Senate bill would need to be amended to include additional House-supported provisions before he would consider agreeing to move the legislation. Chairman Hensarling enjoyed the support of House leadership in this position, which threatened to derail the bill because the narrow, bipartisan coalition that worked together to pass the bill in the Senate would not be likely to support changes.

Since then, credit unions and community banks have worked together to vocally call on the House to vote on S. 2155 without changes. The League sent a joint letter with the Indiana Bankers Association to the members of Indiana’s House delegation urging them to support quick passage of S. 2155, and we have received positive feedback from several offices. Ultimately, we expect nearly all the Indiana House delegation to vote in favor of S. 2155.

It appears that the strong advocacy efforts may be paying off. In late April, Chairman Hensarling gave his first signal that he is open to moving S. 2155 without making changes when he stated publicly that he would be “open to other pathways” for the changes that he is seeking. In his comments, echoed by a few other House leaders, he set the stage for the House to consider S. 2155 without changes and the possibility that another bill could be put together to include addition financial regulatory relief provisions before the end of the year. It is not clear what additional legislation might include or if it could pass, but this is certainly a positive development for S. 2155. Optimistically, it is possible that the House could vote on S. 2155 before the end of May, which is when the Trump Administration has indicated it would like to have a bill to sign. If the House does not get to the bill by then, we would anticipate a vote occurring in June or July before the long August recess. We will continue to engage with Indiana’s House members to encourage their support for S. 2155.
U.S. House to Vote on Resolution to Block CFPB Auto Lending Guidance
The House is expected to vote as early as today on S.J.Res. 57 that would block the CFPB’s 2013 guidance on “indirect auto lending and compliance with the Equal Credit Opportunity Act.”

The Senate passed S.J.Res. 57 in April and President Trump is likely to to sign the resolution if it passes the House, which is expected. The process being used by Congress to block the guidance falls under the Congressional Review Act (CRA), which has been used more than a dozen times by this Congress to roll back multiple agencies’ regulations, including the CFPB’s mandatory arbitration rule. The CRA allows Congress to go back and review federal agency rules and effectively vote to veto or repeal a rule it does not agree with. A recent ruling by the Government Accountability Office opened the possibility that the CRA also could be used to review agency guidance and the Senate then moved to roll back the 2013 indirect lending guidance, which has created potential discrimination liability for credit unions and other lenders engaged in indirect auto lending.  
Indiana General Assembly Returns for Special Session Next Week
The 2018 session of the Indiana General Assembly officially ended in mid-March, but legislators awkwardly let the clock run out before it had finished work on several bills that were important priorities. That left Governor Holcomb with little option but to call legislators back to Indianapolis for a special session to finish their work. Legislators will return on May 14 for a one-day special session to consider five bills – two tax bills, two bills involving schools, and a technical corrections bill. The League will be on hand for the session, but we have reviewed the bills and do not anticipate any of them will impact credit unions.

Another important decision is expected to be made while legislators are in town next week. Late in the regular session, Indiana Senate President Pro Tem David Long (R-Fort Wayne) announced that he would be retiring at the end of his term later this year. Senator Long has led the Senate for many years and his departure sets up a contest in the Senate Republican Caucus to replace him as the leader. Word is that the caucus will gather together on May 15 to elect a new Republican leader who will become President Pro Tem of the Senate after Long’s term ends. When Senator Long made his announcement, several senators tested the waters, but the race is coming down to Senator Travis Holdman (R-Markle) and Senator Rod Bray (R-Martinsville). Senator Holdman has teamed up with Senator Eric Bassler (R-Washington) to help him gather caucus support and Senator Bray has teamed up with Senator Mark Messmer (R-Jasper). The race seems to be tilting toward Senator Bray, at this point, but it is expected to be very close. The good news is that the League and credit unions have strong relationships with all four senators in the leadership race.
Action Tracker - Advocacy in Action
Ongoing League Advocacy Efforts
When legislators are not in session, the League spends time building relationships and supporting campaigns. Thanks to the strong support of credit unions for ICUPAC, League staff has been able to represent credit unions at 30 state legislators’ campaign fundraising events so far this year.