WASHINGTON—With only the Senate in session this week, both NAFCU and CUNA are focused on the hearing by that body’s Judiciary Committee on patent reform, which takes place on Thursday.
Both CU trade associations said they will watch that hearing closely and each will likely file a statement.
NAFCU VP of legislative affairs Brad Thaler emphasized the importance of CUs’ voices being heard by the committee, as “the impact of patent demand letters is a big issue for credit unions and has been a big issue for us.”
NAFCU and CUNA said they also plan to follow up with Capitol Hill on H.R. 2213, introduced Friday by Reps. Steve Pearce (R-N.M.) and Brad Sherman (D-CA), which would limit lawsuits and enforcement (so long as a good-faith effort is made to comply) of integrated disclosure requirements for mortgage loan transactions under the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA) until Jan. 1, 2016.
“NAFCU appreciates the bipartisan leadership shown by Representatives Pearce and Sherman in proposing a bill that would allow credit unions and other financial institutions a grace period for enforcement and liability for institutions striving to make good-faith efforts to comply with the new TILA/RESPA regulations,” said Thaler. “This legislation will allow credit unions to make a good-faith effort to comply with the regulation without the fear of potential enforcement actions or lawsuits without creating any delays in implementation.”
Ryan Donovan, SVP-legislative affairs, noted that CUNA has expressed its concerns about the ability of credit unions and banks to come into compliance with the new TILA/RESPA regulations’ August compliance deadline, and has been asking Washington for a small delay to assist CUs that are in good faith trying to comply.