Legislation

Utah Gov. Gary Herbert has signed a bill into law that dramatically will expand affiliated business arrangements (AfBAs) in title and real estate.

Senate Bill 121, sponsored by Sen. Daniel Hemmert and Rep. Mike Schultz, was supported by RESPRO, which led the effort to secure changes to Utah affiliated business law to allow AfBAs under certain requirements.

Read on for reaction from RESPRO President and Executive Director Kenneth Trepeta.

Industry associations are in support of President Donald Trump’s intent to sign a presidential memorandum to develop a reform plan for the housing finance system.

However, Carrie Hunt, general counsel for the National Association of Federally-Insured Credit Unions, testified March 27 before the Senate Banking Committee to stress the importance of moving cautiously with any reforms.

Read on for reaction from the National Association of Realtors and more of Hunt’s testimony.

Many credit unions are being prevented from combating criminal activity in the financial system because of inconsistent Bank Secrecy Act/Anti-Money Laundering (BSA/AML) requirements. 

That’s according to Brad Thaler, vice president of legislative affairs for the National Association of Federally-Insured Credit Unions (NAFCU). 

Read on for excerpts of Thaler’s recent letter to the House Financial Services Committee, which is considering several proposals to make changes to AML safeguards.

The National Association of Realtors (NAR) has come out in support of legislation that would extend fair housing rights based on sexual orientation and gender identity.

H.R. 5, otherwise known as “the Equality Act,” was introduced last week by Rep. David Cicilline (D-R.I.).

Read on for reaction from NAR President John Smaby, who commended the legislator for working toward pursuing equal housing rights for all Americans.

The House of Representatives recently approved bipartisan bills to amend the duties of the Financial Crimes Enforcement Network and increase housing opportunities for low-income families.

H.R. 1414 would change FinCEN’s duties to ensure the agency works with tribal law enforcement agencies, protects against all forms of terrorism, and focuses on virtual currencies. H.R. 1122 would authorize the U.S. Department of Housing and Urban Development to carry out a housing choice voucher program.

Read on for details on both bills.

The House Financial Services Committee is discussing legislation that would give the National Credit Union Administration greater flexibility in setting loan maturity limits under the Federal Credit Union Act.

Reps. Lee Zeldin (R-N.Y.) and Vicente Gonzalez (D-Texas), recently introduced the legislation, which was sought by the National Association of Federally-Insured Credit Unions.

Read on for reaction to the proposed legislation from NAFCU President and CEO Dan Berger.

The National Association of Federally-Insured Credit Unions (NAFCU) wants the House Financial Services Committee to explore alternative ways to capture creditworthy borrowers to improve the nation’s credit reporting system.

Carrie Hunt, NAFCU’s executive vice president of government affairs and general counsel, recently wrote to the committee’s leadership, stressing the need to address data security within the system in light of the 2017 Equifax data breach. 

Read on for more of Hunt’s ideas.

A group of Republican legislators want the U.S. Government Accountability Office (GAO) to clarify whether guidance letters issued by the Federal Reserve imposing the framework for consolidated supervision of large financial institutions constitutes a “rule” for the purposes of the Congressional Review Act (CRA).

The senators are seeking clarification on requirements relating to capital, liquidity, corporate governance, and recovery and resolution planning. 

Read on for details from the letter to GAO Comptroller General Gene Dodaro.

A statutory safe harbor is needed to allow banks and credit unions to serve state-sanctioned cannabis businesses without the threat of federal prosecution and regulatory repercussion, according to testimony at a recent House Financial Services Committee hearing.

The hearing was the first of the new Congress to address issues surrounding banking and cannabis businesses.

Read on to see what credit union and banking representatives told the committee at the hearing.

In a move reminiscent of the Consumer Financial Protection Bureau’s leadership battle, two Democratic congressional leaders are questioning whether Federal Housing Finance Agency acting director Joseph Otting might have been appointed illegally.

House Financial Services Committee Chairwoman Maxine Waters and Senate Banking Committee Ranking Member Sherrod Brown are claiming Otting’s appointment undermines the FHFA’s independent status.

Read on for an analysis comparing the FHFA and CFPB leadership battles.