Collaboration with Arizona Bankers Association brings common issues to light
PHOENIX, Az. (August 26, 2015) – The Mountain West Credit Union Association (MWCUA) joined together with the Arizona Bankers Association to host a financial institution roundtable with elected officials to discuss issues common to both organizations.
In a demonstration of cooperation, the two organizations jointly hosted Representatives David Schweikert (Congressional District 6) and Ruben Gallego (Congressional District 7) on Aug. 25, 2015 at the offices of the MWCUA. The representatives were given an industry update, and participated in a more detailed discussion of the issues most relevant to financial institutions.
Regulatory reform legislation, specifically four bills that have passed through the House Financial Services Committee, were the main topic of discussion as the legislation is set to be voted on once congress returns to session this Fall.
- H.R. 766, the Financial Institution Customer Protection Act, prohibits a federal regulatory agency from formally or informally suggesting, requesting, or ordering that a depository institution terminate a customer account unless the agency has a material reason to do so and that it is not based solely on reputation risk.
- H.R. 1210, the Portfolio Lending and Mortgage Access Act would create a safe harbor for qualified mortgages held on a bank’s or credit union’s balance sheet.
- H.R. 1941, the Financial Institutions Examination Fairness and Reform Act, would provide financial institutions the right to have material supervisory determinations reviewed by a newly created Independent Examination Review Director.
- H.R. 3192, the Homebuyers Assistance Act, will provide a temporary legal safe harbor (until Feb. 1, 2016) from enforcement of the CFPBs TILA-RESPA Integrated Disclosure Rule set to take effect October 3, 2015.
“We hope this roundtable discussion will accomplish two things,” said Austin DeBey, Vice President for Legislative Affairs of the Mountain West Credit Union Association. “First, we hope to deliver the message that financial institutions are all facing increasing burdens caused by excessive regulations. And, second, we want our elected officials to know that both credit unions and banks are dedicated to collaborating to help our members and customers, who are their constituents.” Other topics covered were data security and banking for the marijuana industry.
Arizona credit unions represented were: Altier Credit Union, Arizona Central Credit Union, Arizona State Credit Union, Canton State Credit Union, Desert Schools Federal Credit Union and TruWest Credit Union.
DeBey added, “we hope this initial collaboration can be an ongoing effort on issues that are common to both credit unions and banks, because in the end, working together can benefit us all.”
About the Mountain West Credit Union Association
The Mountain West Credit Union Association is the regional tri-state trade association representing 126 member credit unions, 3.1 million credit union members and $37 billion in assets throughout Arizona, Colorado and Wyoming. Not-for-profit in nature, credit unions provide low-cost financial services to their members. Founded in 2011, the Mountain West Credit Union Association serves and supports the interests of member credit unions through advocacy, community outreach, education and training, public affairs, regulatory and compliance services and strategic partnerships. The Mountain West Credit Union Association is affiliated with Credit Union National Association (CUNA), World Council of Credit Unions (WOCCU) and CUNA Mutual Group. Follow us on twitter at twitter.com/mwcua or on Facebook at facebook.com/mwcua. To learn more about credit unions visit AsmarterChoice.org.