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CBAI ACTION ALERT - Urge Congress and the NCUA to Halt the Latest Credit Union Power Grab

August 3, 2015

The National Credit Union Administration (NCUA), in an unprecedented move, recently proposed to significantly loosen constraints on member business lending for tax-exempt credit unions, completely sidestepping the statutory cap of 12.25 percent established by the United States Congress.

CBAI urges community bankers to send a customizable letter to Congress and the NCUA to express opposition to this plan, which would expand credit union more business lending authority and siphon loans from taxpaying community banks. Contact Congress and the NCUA Today.

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Community Bank Regulatory Relief Bills Advance in House Financial Services Committee

July 29, 2015 - The House Financial Services Committee advanced bipartisan legislation to relieve community banks from excessive regulation which will promote local economic growth. The six approved measures include provisions from ICBA’s Plan for Prosperity, a community bank regulatory relief platform backed by CBAI.

CBAI strongly supports efforts to advance bipartisan legislation which will relieve community bank overregulation for the benefit of their local customers and communities. Regulations that are tiered to bank size and complexity will help community banks make more loans, promote economic growth and create jobs in their local communities.

The following CBAI/ICBA-advocated bills were approved by the Committee:

  • Financial Institution Customer Protection Act (H.R. 766) – Protects financial institutions and their customers from Operation Choke Point. The bill passed on a vote of 35-19.
  • Portfolio Lending and Mortgage Access Act (H.R. 1210) – Gives Qualified Mortgage (QM) treatment to loans held in portfolio by the originator. The bill passed on a vote of 38-18.
  • Small Bank Exam Cycle Reform Act (H.R. 1553) – Provides an 18-month exam cycle for community banks with $1 billion or less in assets. The bill passed on a vote of 58-0.
  • Reforming CFPB Indirect Auto Financing Guidance Act (H.R. 1737) – Reforms the CFPB indirect auto lending compliance and the Equal Credit Opportunity Act. The bill passed on a vote of 47-10.
  • Financial Institutions Examination Fairness and Reform Act (H.R. 1941) – Creates a workable exam appeals process and common-sense standards for classifying loans. This legislation passed on a vote of 45-13.
  • Homebuyers Assistance Act (H.R. 3192) – Provides for a TILA-RESPA Integrated Disclosure safe harbor. This legislation passed on a vote of 45-13. 

CBAI and the ICBA will now focus on moving these bills to the House floor and pursuing House approval so they can then go to the Senate. CBAI appreciates the work and support of the House Financial Services Committee.

These positive actions are the result of intense efforts by CBAI and ICBA lobbyists and grassroots involvement of community bankers across America. They demonstrate that many lawmakers support regulatory relief for community banks, and momentum is growing for ultimate adoption and implementation.

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State Treasurer Releases New RFP for Medical Cannabis Cash Collection

The Office of the Treasurer issued a new RFP for servicing the cash collection portion of the “Compassionate Use of Medical Cannabis Pilot Program”. The RFP was released on July 24 with a mandatory bidders conference on August 4 and a final response due date of August 17. Interested bankers can find the “Banking Services for Cash Processing” RFP on the State Treasurer’s website. Visit Website.

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CBAI Urges a Grace Period in TRID Implementation

July 2, 2015

The Consumer Financial Protection Bureau (CFPB) has proposed a delay in the implementation of the new TILA-RESPA Integrated Disclosure (TRID) for two months until October 3, 2015. In a July 2, 2015 comment letter to the CFPB the CBAI supported a delay in the TRID implementation and also urged a period of restrained enforcement and liability (a clearly-defined grace period) for banks attempting to comply in good faith with the regulations between the proposed new effective date (October 3, 2015) through January of 2016. Read CBAI Comment Letter.

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Congressman Quigley Supports Community Bank Input in Policymaking

June 30, 2015 

Strengthening the voice of community banks in federal policymaking is a policy priority for the Community Bankers Association of Illinois (CBAI). For too long Wall Street insiders have dominated this arena which is ill-advised as they represent a narrow, and often times flawed and biased perspective.MQuigley

Illinois Congressman Mike Quigley (D-5), a member of the U. S. House Appropriations Committee’s Subcommittee on Financial Services & General Government, included the following requirement in a bill which recently passed the Appropriations Committee.

"The Committee is very interested in the Treasury’s efforts to collaborate with community banks that have less than $10 billion in total assets on relevant legislative and regulatory policy making decisions. The Department is directed to submit a report to the Committees on Appropriations of the House and Senate within 120 days of enactment of this Act detailing these efforts, as well as efforts to hire employees with a background and understanding of community banking."

CBAI appreciates Congressman Quigley’s support and looks forward to working with him on this and other issues of importance to Illinois community banks.