Legislative Update with Jay Kruse
by Jay Kruse
Chief Advocacy Officer
2/11/2020

Good Morning!

 

It is a quite week for credit unions in Washington D.C., with Congress focusing on judicial nominations and the President’s Fiscal Year 2021 budget request released earlier this week. We will have more analysis on how the budget request may affect Dakotas’ credit unions in the coming weeks.

 

SD Legislative Session.

 

Last Friday was the deadline for introduction of bills in Pierre. After a bit of a slow start, the bills started to flow in as last week’s deadline approached. In the House, there now have been 331 bills, commemorations, and resolutions introduced with 100 of them popping up in just the last week. In the Senate, 195 pieces of legislation have been introduced, for a total of 526 in both chambers.

 

We are currently monitoring a few upcoming committee hearings to gather some additional information on a handful of bills on our “watch list,” but nothing of immediate significance to credit unions this week. Now that all bills have introduced, I will provide a full recap of the bills we are currently tracking in my update next week. Your CUAD registered lobbyists along with the SD Government Affairs Committee will continue to monitor all the activity in Pierre during session, but if you would like to follow along as well, the information can be found at www.sdlegislature.gov.

 

TILA-RESPA Integrated Disclosures.

 

I also wanted to draw your attention to a recent request from the CFPB on the regulatory advocacy front. The CFPB is currently conducting an assessment of the TILA-RESPA Integrated Disclosures (TRID) Rule. As part of its assessment, the CFPB has issued industry surveys for loan originators, loan officers, and closing companies. The surveys and additional information can be found here. This is a topic we have discussed with our regulators and elected officials many times over the last few years, so I recommend providing feedback on how the past changes have affected your credit union and operations to let the CFPB know what additional updates or changes may be needed.

 

Note that participation is voluntary. However, the surveys will assist the CFPB in understanding the effects of the rule and the responses from community-based lenders will provide the CFPB with a better picture of how those entities were affected by the TRID Rule.

 

The surveys will take you 30 to 75 minutes to complete depending on which survey you are taking. Each survey will save your work so you can stop and continue again whenever you want—just be sure that cookies are enabled in your web browser, and that you use the same computer and web-browser you enter the first time you access the survey.

 

The deadline to submit a survey response is March 6, 2020.

 

If you have questions, concerns, or feedback regarding these or any other advocacy issues, please do not hesitate to contact me. Have a great week!

 

 

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