Your League is in the thick of legislative sessions in both Nashville and Washington as the temperatures outside begin to warm up a bit from winter. Here’s a look at what we’re working on in the two capitals.
Federal
Tax Status
On the tax fight, we’re engaged at every step of the process, working with our delegation and communicating with other leagues to make sure we keep Congress from removing credit unions’ tax exempt status. There will be another round of meetings next week for Republicans on the House Ways and Means Committee, and we expect them to get more serious talking about pay-fors.
Board Modernization
Board modernization has already passed the House and our goal is to get the bill hotlined in the Senate. We continue to work and try to add co-sponsors for this bipartisan bill, sponsored by Tennessee Senator Bill Hagerty.
Currency Transaction Reporting Modernization
We are also continuing efforts to modernize the Bank Secrecy Act’s Currency Transaction Reporting threshold, which has not changed since implementation in 1972. Congressman Barry Loudermilk (R-GA) has introduced a bill to raise the threshold from $10,000 to $30,000. Congressman John Rose (R-TN) is a co-sponsor and others are looking to sign on, as well.
State
The Tennessee General Assembly is furiously driving towards a targeted recess date of April 17. Whether they make their goal or not, this stretch right now is critical.
Public Notice Process Surrounding Foreclosures
We are actively supporting legislation to modernize the public notice process around foreclosures. A bill just passed in Senate Commerce this week that would reduce the number of foreclosure notices required to be placed in a print newspaper from 3 to 1, with an additional notice required at an approved third-party website. The bill will begin its journey in the House Civil Justice subcommittee next week.
As always, we are grateful for the advocacy work that YOU ALL do. None of what we do is possible without you.
