The Point: Aug. 19, 2013
Don't Tax My Credit Union Week kicks off today
Today marks the first day of the Credit Union Association of New York's Don't Tax My Credit Union Week. Throughout the week, credit unions across the state are encouraged to engage their staff and members in contacting Congress with the "Don't Tax My Credit Union" message.
Campaign information and communication resources are available on the Association's website and video to posting #DontTaxMyCU messages on social media, there are countless opportunities for credit unions to spread the word. With almost 5 million credit union members statewide, New York can make a powerful impact through grassroots advocacy.
To build additional awareness, a Don't Tax My Credit Union Rally will be held at Association headquarters this Thursday. Beginning at 10:30 a.m., several area leaders will speak about the importance of the credit union tax exemption. Among the speakers are Association President/CEO William Mellin; Paula Stopera, president/CEO of CAP COM FCU; Curt Cecala, CEO of TCT FCU; Lucy Halstead, SVP/COO of First New York FCU; and Michael Tobler, president/CEO of Albany Firemen's FCU. All credit union professionals, volunteer leaders and members are invited to attend the event.
The Association is also coordinating a statewide Don't Tax My Credit Union postcard campaign, and nearly 100 credit unions will be collecting staff/member signatures on postcards over the next several days. The postcards will be hand-delivered by the Association to the offices of Sens. Charles Schumer and Kirsten Gillibrand.
Credit unions are asked to share their Don't Tax My Credit Union efforts with the Association by emailing firstname.lastname@example.org.
New compliance guide available for Ability-to-Repay/Qualified Mortgage rule
The CFPB has published an updated small entity compliance guide for the Ability-to-Repay and Qualified Mortgage (ATR/QM) rule to incorporate clarifications and amendments to the ATR/QM rule issued May 29 and July 10.
Changes made in the May 29 amendments include:
- the creation of a transitional period when small lenders can make balloon mortgage loans under certain conditions. These balloon mortgage loans would still qualify as QM loans; and
- the extending of QM status to held loans made by credit unions and community banks that have less than $2 billion in assets and make 500 or fewer first-lien mortgages annually, even if the borrower's debt-to-income ratio exceeds the rule's 43-percent QM threshold.
The July 10 amendments addressed servicing provisions, implementation dates for adjustable-rate mortgage servicing, exclusions from requirements on higher-priced mortgage loans, some small servicer exemptions and other issues.
The ATR/QM rule is scheduled to go into effect in January 2014.
To review all CFPB mortgage rules and compliance resources, visit the CFPB website.
Association collecting CU stories for MORE Report
Credit unions are encouraged to submit information about their recent outreach efforts and initiatives for inclusion in the Credit Union Association of New York's 2013 MORE Report. The report will be distributed to all New York credit unions and legislators next spring, and highlights will also be shared with the media.
Using the Association's online reporting form, credit unionists can submit information in the areas of: adult financial education; community investment and outreach; customized products and services; financial counseling; immigrant outreach; Volunteer Income Tax Assistance (VITA); and youth financial education.
For additional information about the MORE program, visit the Association website.
CUNA Regulatory Advocacy Report (CUNA member log-in/registration required.)
CUNA Legislative Update (CUNA member log-in/registration required.)