Bill Overview

Bill: H.R. 5189

Sponsor* NY co-sponsors: Rep Gonzalez (D-Tx)*

Assigned Committees: House Financial Services

Legislative Details: Increases credit union flexibility to provide loans within member business lending cap (MBL Cap):

• raises threshold {from $50,000 to $100,000) above which loans must be counted against the MBL Cap

• expands authority to provide loans with maturities in excess of 15 years

• increases the amount a credit union can invest in the Home Loan Banking System

Credit Union Ask:

Lift arbitrary business lending caps. Removing the arbitrary member business lending cap would allow credit unions to further their mission of helping local businesses.

Lifting the cap would inject $5.5 billion in capital and create more than 50,000 jobs in the first year.

Support H.R. 5189

Bill: S.762

Sponsor* NY co-sponsors: Sen Scott (R-SC)*

Assigned Committees: Senate Banking, Housing, and Urban Affairs

Legislative Details: allows the National Credit Union Administration {NCUA) Board to increase the federal credit union loan maturity cap from 15 to 20 years

Credit Union Ask:

Congress should pass 5.762 to empower the NCUA to lengthen maturity terms to create better student, agricultural, and business loans.

Support S.762

Bill: H.R. 2311, s. 1767

Sponsor* NY co-sponsors:  Rep Emmer {R-Mn)* Rep Delgado {D-NY) Sen Smith {D-Mn)*

Assigned Committees:  House Financial Services, Senate Banking, Housing, and Urban Affairs

Legislative Details: Grants federal credit unions more flexibility to expel dangerous and/or abusive members

Credit Union Ask: 

Support S. 1767 to protect employees and members from dangerous or abusive individuals as has already been done successfully on the state level

Bill: H.R. 1996, s. 910

Sponsor* NY co-sponsors: 

Rep Perlmutter (D-Co) *

Rep Velazquez (D-NY)

Rep Maloney {D-NY)

Rep Espaillat {D-NY)

Rep Clarke {D-NY)

Rep Meeks (D-NY) Rep Tonka {D-NY) Rep Rice {D-NY)
Rep Higgins {D-NY) Rep Morelle {D-NY) Rep Jones {D-NY) Rep Jeffries (D-NY) Rep Torres (D-NY) Rep Delgado {D-NY) Rep Bowman (D-NY) Rep Meng {D-NY) Sen Merkley*

Sen Gillibrand {D-NY)

Assigned Committees: 

House Financial Services - House Judiciary - Senate Banking, Housing, and Urban Affairs

Legislative Details: Allows financial institutions to provide banking services to marijuana businesses in states where it has been legalized

Credit Union Ask:

Thank you for passing the SAFE Banking Act

in the House to provide securing banking

services to legal businesses. The Senate should follow suit to ensure legal businesses and entrepreneurs have access to quality financial services.

Support S. 910

Bill: H.R. 2068 S. 2742

Sponsor* NY co-sponsors: Rep. Velazquez (D-NY)*, Sen. Menendez (D-NJ)*

Assigned Committees: House Financial Services - Senate Banking, Housing and Urban Affairs

Legislative Details: 

• Allows insurers to provide coverage to a state sanctioned and regulated cannabis business, or associated business
• Expands the definition of "cannabis-related business" and "financial services"
• Includes a requirement to study and report on access to financial services for potential and existing minority owned and women owned cannabis-related legitimate businesses.

Credit Union Ask:

Legal businesses are being denied basic business protections. Support H.R.2068/S.2742 to let legal marijuana and ancillary businesses thrive with accessible specialty policies without fear of prosecution or penalties from the Controlled Substances Act

Bill: S.2116

Sponsor* NY co-sponsors: Sen Gillibrand (D-NY)*

Assigned Committees: Senate Commerce, Science, and Transportation

Legislative Details: 

• Increases public awareness of fraud schemes targeting seniors
• The FTC would aggregate and disseminate information about safe financial practices
• Makes available a live hotline to assist seniors with avoiding fraud or report instances of fraud

Credit Union Ask:

Fraudulent schemes target our most vulnerable population - senior citizens - is ever salient. Support S.2116 to empower and protect our senior citizens from fraudsters

Bill: -

Sponsor* NY co-sponsors: -

Assigned Committees: - 

Legislative Details: Data breaches are often caused by a negligent third-party but financial institutions, subject to the Gramm-Leach-Bliley Act, and the ones to shoulder the financial burden and reputational damage.

Credit Union Ask:

Support one comprehensive national data security standard for all entities handling consumer information and hold negligent parties liable in instances of breaches resulting from institutional failures