lobbying_activities: 2676972
Data license: Public Domain (U.S. Government data) · Data source: Federal Register API & Regulations.gov API
This data as json
| id | filing_uuid | filing_type | registrant_name | registrant_id | client_name | filing_year | filing_period | issue_code | specific_issues | government_entities | income_amount | expense_amount | is_no_activity | is_termination | received_date |
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| 2676972 | e94ecf25-7c0f-4ed7-acf9-fdbc059cc266 | Q3 | MICHIGAN CREDIT UNION LEAGUE | 25157 | MICHIGAN CREDIT UNION LEAGUE | 2021 | third_quarter | FIN | Lapses by the retail industry/merchants in securing consumer information continue to be extremely problematic and costly to consumers and financial institutions. MCUL is advocating that Congress hold retailers to the same or similar data security standards as the financial service industry has to abide by and require retailers notify credit unions sooner once a breach occurs. We support legislation that ensures all businesses, institutions and organizations that collect, use or share personal data are subject to national standards, to include language that preempts state requirements, among other things. MCUL supports modernizing the Federal Credit Union Act (FCUA). The financial service industry is rapidly changing. Advancements in technology, including high speed internet connectivity, have significantly change our society and how financial institutions do business. Updating the FCUA has become necessary to ensure federally chartered credit unions have the powers and flexibility to be competitive and members can benefit from new technology. We are currently supporting S.762, to eliminate the restriction on federal credit union loan maturity. Additionally, as a result of the ongoing COVID-19 crisis, Rep. Brad Sherman (D-CA-30) introduced legislation we are supporting, H.R. 6550, the Access to Credit for Small Businesses Impacted by the COVID-19 Crisis Act. The bill would exempt credit union loans related to the pandemic from the MBL for a period of three years. MCUL supports H.R. 2311, the Credit Union Governance Modernization Act of 2021 makes updates to how federal credit unions can handle violent members or members that have or seek to commit fraud against the credit union. The bill provides an important update to the FCUA and prioritizes member and credit union staff safety. Lastly, we support passage of the Expanding Finance Access for Underserved Communities Act which would allow federal credit unions to add underserved communities to their fields of membership, exempt business loans by FCU's in underserved areas from the member business lending cap and expand the definition of an underserved area to include areas that are more than 10 miles from the nearest financial institution branch. MCUL is monitoring developments for GSE/housing finance reform and will advocate to make sure any reforms reflect the significant role credit unions play in the secondary mortgage market and we will defend against anything that is potentially harmful to credit unions and our members. MCUL supports congressional efforts, including H.R. 2040, to reform bank secrecy act/anti-money laundering reforms and provide financial institutions relief from unnecessary, duplicate and burdensome rules. H.R. 2040 would increase the CTR threshold from $10,000 to $30,000 and adjust the SAR threshold from $5,000 to $10,000 for most financial institutions. MCUL will educate members of the Michigan congressional delegation on the importance of voluntary overdraft protection services/products for members and member support for the services/products. We will oppose legislative efforts to limit the ability of financial institutions to offer these voluntary/opt in services. MCUL stands opposed to a proposal by the U.S. Treasury Department that would require financial institutions to report on an annual basis, the gross inflows and outflows, for member accounts (businesses and individuals). We have been educating our congressional delegation on the issue and urging them to reject including the proposal in legislation. Lastly, credit unions are not-for-profit member-owned financial institutions, owned by members they service. Credit unions consumer-focused model is self-regulating and a principle reason why credit unions are not covered by the Community Reinvestment Act (CRA). MCUL will educate members of the delegation of the work credit unions are doing to serve low/moderate-income, diverse communities and the negative impacts of including credit unions in the CRA. We will oppose efforts that would result in credit unions of any size being included in the CRA. | HOUSE OF REPRESENTATIVES,SENATE | 10000 | 0 | 0 | 2021-10-07T13:14:36.360000-04:00 |