Legislative Affairs/113th Congress, significant actions

NASCUS is dedicated to providing focused and incisive advocacy on behalf of the state-chartered credit union system, with a strong voice on Capitol Hill extolling the benefits of the dual charter. NASCUS generally comments only on federal legislation which: affects the dual chartering system, impacts state-chartered credit unions, touches on state-chartered credit union share insurance requirements, or infringes upon state regulatory authority.

114th Congress, significant legislative actions

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113th Congress




S 1217: Housing Finance Reform and Taxpayer Protection Act of 2014

Introduced 12/09/14; no further action.

Directs the Federal Mortgage Insurance Corporation (FMIC) established under Act to take all steps necessary to dissolve and eliminate the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Revokes the charters for Fannie Mae and Freddie Mac.

HR 688: Credit Union Small Business Jobs Creation Act

Related Bill: S 968

Introduced 02/14/13; no further action.

Amends the FCUA to prohibit an insured credit union from making any member business loan that would result in the total amount of such loans outstanding at that credit union at any one time exceeding either: (1) 1.75 times the actual net worth of the credit union, or (2) 12.25% of the total assets of the credit union.
Authorizes the NCUA Board to approve an application by an insured credit union to make one or more member business loans that would result in a total amount of such loans outstanding at any one time of up to 27.5 % of the total assets of the credit union, if the credit union meets specified safety and soundness criteria. Prohibits an insured credit union that has made such a member business loan but that is not well capitalized from making any new member business loans until it becomes well capitalized and obtains Board approval.
Directs the Board to develop a tiered approval process, including lending standards, under which an insured credit union gradually increases the amount of member business lending in a manner consistent with safe and sound operations.
Directs the Comptroller General to study the status of member business lending by insured credit unions.

HR 2639/ S 1013: Patent Litigation and Innovation Act (Patent Troll)

*Related Bill: S 1013

Introduced 09/13/13; no further action.

Modifies standards for court pleadings, joinder of parties, and stays of action/discovery in civil actions when a party is alleging infringement. 

HR 2673: Portfolio Lending and Mortgage Access Act

*Related Bill: S 2641

Introduced 07/11/13; Hearing held by Committee on Banking, Housing & Urban Affairs on 09/16/14.

Amends the Truth in Lending Act with respect to the permission that a creditor may presume that a residential mortgage loan has met the requirement that, at the time the loan is consummated, the consumer has a reasonable ability to repay it, if the loan is a qualified mortgage.
Treats as a qualified mortgage any residential mortgage loan made by a creditor so long as it appears on the creditor's balance sheet (held on portfolio).

HR 3211: Mortgage Choice Act of 2013


*Related Bills: S 1577, S 949 and HR 1077.

Introduced 09/28/13; passed House 06/09/14; received by Senate on 06/10/14.

Amends the Truth in Lending Act with respect to requirements for disclosure to a consumer of points and fees information about a consumer credit transaction, secured by the consumer's principal dwelling, but which is not a residential mortgage transaction, a reverse mortgage transaction, or a transaction under an open end credit plan, when the total points and fees the consumer must pay at or before closing will exceed 8% of the total loan amount or $400, whichever is greater.
Excludes from the computation of such points and fees any escrow for future payment of insurance.
Modifies the criteria for exclusion from the computation of points and fees of certain reasonable charges elsewhere exempted from the computation of the finance charge in extensions of credit secured by an interest in real property. Excludes from points and fees any such reasonable charges even though a creditor receives compensation, but only in so far as the creditor or its affiliate retains the compensation as a result of their participation in an affiliated business arrangement.
Revises the additional requirement that such a reasonable charge be paid to a third party unaffiliated with the creditor. Requires the charge to be: (1) a bona fide third party charge not retained by the mortgage originator, creditor, or an affiliate; or (2) a fee or premium for title examination, title insurance, or similar purposes; and Modifies the conditions under which federal departments and agencies may exempt refinancing under a streamlined refinancing from an income verification requirement that, at the time a refinancing is consummated, the consumer has a reasonable ability to repay the loan and all applicable taxes, insurance, and assessments. Repeals the exception for bona fide third party charges not retained by the mortgage originator, creditor, or an affiliate from the requirement that total points and fees not exceed 3% of the total new loan amount. (Thus subjects such charges to the same 3% ceiling.)