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Sharing news on state and national legislative issues of importance to North Carolina credit unions
January 8, 2018
Congress returns with hefty agenda,
starting with the Federal budget
Photo credit: NBC News

Congress has returned for what’s sure to be a busy month, with the primary legislative focus being the federal budget. January 19 is circled on every calendar in government, as that is the date the temporary budget expires. Lawmakers will address that before resuming unfinished business from 2017. Discussions of “technical corrections” to HR 1, Tax Cuts and Jobs Act, are already circulating. As accountants and interest groups get into application of the new tax bill, members of Congress will likely receive blowback on certain provisions. Credit unions must continue their vigilance in protecting their tax status.

The House Financial Services Committee is set to meet this week with a fairly ambitious agenda. The Subcommittee on Financial Institutions and Consumer Credit will consider a number of measures, including:

  • HR 1264, The Community Financial Institution Exemption Act, co-sponsored by Rep. Pittenger (R-NC9), to provide exemptions from CFPB regulations for community-based financial institutions, under certain circumstances
  • HR 2683, the Protecting Veterans Credit Act of 2017, co-sponsored by Representatives David Rouzer (R-NC7) and Walter Jones, Jr. (R-NC3), which amends the Fair Credit Reporting Act to exclude from consumer report information: (1) a veteran's medical debt if the hospital care or medical services relating to the debt antedates the credit report by less than one year; and (2) a fully paid or settled veteran's medical debt that had been characterized as delinquent, charged off, or in collection
  • HR 4648, the Home Mortgage Reporting Relief Act of 2017, which would address HMDA regulations and delay the effective date
  • HR 4725, the Community Bank Reporting Relief Act, which would require short form call reports for covered depository institutions that have less than $5 billion in total consolidated assets
General Assembly briefly returns to Raleigh
Photo credit: WRAL News
The North Carolina General Assembly returns January 10 for a brief session to consider how judicial districts are determined. Discussions could stray to other issues, such as the water crisis in the southeastern part of the state due to GenX contamination of the Cape Fear River. Senate Leader Phil Berger (R-Rockingham) said the session could spur hearings on other matters. Subsequent brief sessions like the ones held during Fall 2017, could happen up until the next regular session May 16, 2018.

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