Cheney Addresses MBLs, Taxation & More in Legislative Update

Posted by Marissa Anema Tuesday, August 07, 2012 10:00:00 AM


WASHINGTON – As lawmakers left town for their August recess, CUNA President/CEO Bill Cheney used the occasion to report on where major credit union issues stand and how the industry can prepare for a final push as the Congressional session moves toward completion.

The report provides the legislative outlook for such key issues as MBL reform, various regulatory burden issues (ATM disclosure, privacy notifications, remittances and exemption authority), supplemental capital, and taxation.

When Congress returns in September, there will be only a handful of legislative days before the election, and the outcome of the election will greatly influence the amount of work that can be completed before the new Congress is seated in January. If the conditions come together properly, the lame duck session has the potential to be massive. Considering only the items that Congress needs to get done before the end of the year, it is easy to see how Congress could fill up the seven weeks between the election and the end of the year.

Even though Congress isn’t in Washington, many senators and representatives will be back in their districts meeting with constituents, holding town hall meetings, and attending community events. CUNA strongly encourages credit unions to take advantage of these opportunities as well as continue their grassroots contacts through postcards, letter-writing, and emailing.

Cheney’s full report is available by clicking here.


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