Missouri cosponsors to key bills affecting credit unions grew after Missouri credit union representatives make visits to Capitol Hill. Lawmakers added their names to several bills impacting credit unions.
Brian Eyestone from Southpointe Credit Union and Pat Yokley from CommunityAmerica Credit Union, together with Amy McLard and John McKechnie with the Missouri Credit Union Association, focused lawmakers’ attention on key concerns for credit unions during Hike the Hill. It took place June 25-27.
Member business lending was the main topic during a meeting with Senator Roy Blunt (R).
“Credit unions are in a situation where if they are too close to the lending cap, they have to refer business owners to other financial institutions – and we work with both credit unions and banks to see if they are able to assist,” explained Pat Yokley. “Helping those business owners get the loan they need is a priority.”
Missouri Hike the Hill included visits to every office in the Missouri Congressional delegation and a meeting with the National Credit Union Administration executive director. Participants also witnessed a mark-up hearing with the House Financial Services Committee as the ATM disclosure bill (H.R. 4367) was approved to move forward for a House vote. House members overwhelmingly approved the measure on July 9 by a vote of 371-0. It now must be voted on by the Senate.
“It was great to see how the whole process works,” says Eyestone, who participated for the first time in Hike the Hill visits. “I would encourage anyone who hasn't had the opportunity to attend a Hike the Hill event to do so. It is not only a learning experience, but it shows our legislators that we care enough about credit union issues to visit them in person.”
Below, find a list of the issues discussed during Hike the Hill visits, along with the Missouri cosponsors for each bill:
S.2231 – Credit Union Small Business Jobs Act (formerly S. 509) and H.R. 1418 – Small Business Lending Enhancement Act
Missouri cosponsors: Clay (District 1); Akin (District 2); Carnahan (District 3)
This bill increases the member business lending cap from 12.25 to 27.5% of total assets for credit unions that fit certain specifications.
H.R. 3993 - Capital Access for Small Business and Jobs Act
Missouri cosponsors: Clay (District 1); Carnahan (District 3)
This bill allows access to supplemental capital to enable credit unions to enhance their service to members without jeopardizing the strong capital cushion that provides safety and soundness.
S. 2160 and H.R. 3461 - Financial Institution Examination Fairness and Reform Act
Missouri cosponsors: Clay (District 1); Akin (District 2); Cleaver (District 5); Graves (District 6); Emerson (District 8)
The bill would make available to all financial institutions the information used to make decisions in their examination; codify certain examination policy guidance; establish an ombudsman at the Federal Financial Institution Examination Council (FFIEC) to which financial institutions could raise concerns with respect to their examination; and establish an appeals process before an independent administrative law judge
H.R. 4367 and S. 3204
Missouri cosponsors: McCaskill (Senate); Blunt (Senate); Clay (District 1); Hartzler (District 4); Cleaver (District 5); Graves (District 6); Long (District 7); Emerson (District 8); Luetkemeyer (District 9) [original sponsor]
Under current law, financial institutions which operate ATMS are required to provide two separate notices – one physical and one electronic –regarding ATM fees that may be assessed during any transaction. This legislation clarifies that only the electronic disclosure is required. Credit unions support this legislation. On July 9, H.R. 4367 passed the U.S. House by a vote of 371-0.
Eliminate Privacy Notice Confusion Act
Missouri cosponsors: Graves (District 6); Long (District 7); Luetkemeyer (District 9) [original sponsor]
Financial institutions are required to give annual privacy notices each year, even if their privacy policies have not changed. H.R. 5817 requires credit unions and other financial institutions to provide information to their members only if they have changes any policy or practice related to the privacy of the member.
Photos, left to right, top to bottom:
1) Amy McLard, Pat Yokley, U.S. Rep. Blaine Luetkemeyer (R-District 9) and Brian Eyestone meet in the Financial Services Committee Room following the ATM disclosure bill mark-up hearing on June 27.
2) Pat Yokley, U.S. Rep. William Lacy Clay (D-District 1), Brian Eyestone and Amy McLard (seated)
3) Brian Eyestone, U.S. Rep. Russ Carnahan (D-District 3) and Amy McLard
4) Brian Eyestone, U.S. Rep. Billy Long (R-District 7) and Amy McLard
5) Amy McLard, Brian Eyestone and U.S. Rep. Jo Ann Emerson (R-District 8)
6) Brian Eyestone, U.S. Rep. Vicky Hartzler (R-District 4), Amy McLard and Pat Yokley
7) Congressman Luetkemeyer meets with Missouri Hike the Hill participants on June 26.
8) Amy McLard, David Marquis (NCUA Executive Director), Brian Eyestone and Pat Yokley
9) Pat Yokley, Jamie Hollenberg (Sen. Roy Blunt staff), Bill Cheney (CUNA President/CEO), Brian Eyestone and Amy McLard