From the Archives: December 2012

TAG Fails, Privacy Notice, ATM Legislation 

MBL Discussion Continues as TAG Vote Fails in Senate
As the fiscal cliff approaches in the final weeks of Congressional session, U.S. Senate leadership and the MBL bill’s supporters continue to discuss legislation to increase the business lending authority of credit unions. Last week, the U.S. Senate considered a two-year extension of the banker-supported TAG program, which was one of several possible vehicles of which MBL language could have been attached. As standalone legislation, the TAG legislation failed to reach the necessary 60 votes. From Michigan, Sens. Debbie Stabenow, D-Lansing, and Carl Levin, D-Detroit, are both cosponsors of S. 2231, MBL legislation sponsored by Sen. Mark Udall, D-Colo. In the U.S. House, 10 of Michigan’s 15 U.S. representatives have co-sponsored the legislation. The league recently received word that Congressman David Curson, D-Belleville, who is serving the remainder of Rep. Thad McCotter’s term following his resignation last summer, has added his name as a cosponsor. Support for MBL legislation continues to be at an all-time high. As the “fiscal cliff” and other major issues are considered in the final days of the session, CUNA continues to work on identifying a vehicle that would permit the bill’s passage in the U.S. Senate. To access the MCUL’s MBL CapWiz alerts for both the House and Senate, click here.

Privacy Notice Legislation Passes House, Senate Enrolls ATM Legislation
While MBL remains a top priority for CUNA and the MCUL, additional pro-active bills are seeing action during Congress’ lame duck session. Earlier this year, the full House of Representatives passed H.R. 4367, MCUL-supported legislation to eliminate duplicative physical ATM fee disclosures. Two weeks ago, Senate Banking Committee leadership combined a Senate version of the ATM bill with a piece of legislation designed to protect the privilege of information submitted to the CFPB.  This combined legislation (S. 3394) was previously blocked by Sen. DeMint, R-S.C., for reasons unrelated to either issue. Following discussions from several House supporters of H.R. 4367, Sen. DeMint released his hold on the combined ATM/CFPB privilege legislation. Standalone bills were introduced and passed the chamber last week with no objections. The MCUL & Affiliates are pleased to report that the ATM legislation is finally heading to the President’s desk for his consideration. Last week the House passed H.R. 5817, the Eliminate Privacy Notice Confusion Act. This legislation would amend the Gramm-Leach-Bliley Act to require financial institutions to send privacy notification to consumers only when their privacy policy has changed.  The House legislation had 33 co-sponsors, including a nation-leading six from Michigan (Reps. Benishek, Miller, Peters, Huizenga, Camp, and Walberg). The MCUL and CUNA are now urging Senate leadership to consider the privacy notice legislation in the remaining session days.

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