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Credit union attendees at NAFCU's Congressional Caucus Thursday heard from their lawmakers in the House and Senate about a wide range of issues important to them, including member business lending, NCUA's risk-based capital proposal, regulatory relief and serving marijuana-related businesses.

House Financial Services Subcommittee on Financial Institutions and Consumer Credit Chairman Shelley Moore Capito, R-W.Va., and Ranking Member Gregory Meeks, D-N.Y., both highlighted NCUA's risk-based capital proposal. Meeks, along with Rep. Peter King, R-N.Y., spearheaded a letter to NCUA Chairman Debbie Matz, which garnered 324 signatures from members of Congress expressing concerns about the proposal.

Ranking Member Gregory Meeks, D-N.Y., spoke Thursday to NAFCU Congressional Caucus attendees. (Dietsch photo)

Meeks acknowledged that credit unions did not participate in the bad lending practices that led to the financial crisis and said that to get out of this recession completely, everyday Americans need their credit unions. "That's why we've got to make sure all federal regulations support you, because you support all people of the United States of America," Meeks said.

House Financial Services Committee member Bill Huizenga, R-Mich., discussed the bill he introduced with Meeks – H.R. 3211, the "Mortgage Choice Act" – and which passed the House in June. He said "we've made some significant progress" but said the bill is expected to remain stalled in the Senate through election season this fall.

Also on Thursday:

• Sen. Mike Johanns, R-Neb., a member of the Senate Banking Committee, discussed his legislation, S. 494, the "Consumer Mortgage Choice Act," which would change the definition of "points and fees" under CFPB's qualified mortgage/ability-to-repay rule, in turn reducing financial institutions' regulatory burden.
• Rep. Ed Royce, R-Calif., member of the House Financial Services Committee and chairman of the House Foreign Affairs Committee, said it is about time credit unions were "unleashed" from their MBL cap. He discussed two of his bills, H.R. 688, the "Credit Union Small Business Jobs Creation Act," which would raise the credit union MBL cap from 12.25 percent of assets to 27.5 percent; and H.R. 4226, the "Credit Union Residential Loan Parity Act," which would remove loans to purchase non-owner-occupied, one-to-four-unit dwellings from the MBL calculation.
• Rep. Ed Perlmutter, D-Colo., also a member of the House Financial Services committee, discussed the rules and guidance available to financial institutions serving marijuana-related businesses. "Take a good look at the guidance, work with your lawyers and keep an eye on this subject," Perlmutter told Caucus attendees.