The financial services industry has been vocal about several provisions included in the congressional budget package. But there are other legislative pieces and policy proposals on the radar of bankers and credit union officials as well. Learn about a few of these in this roundup:
MBA reports uptick in mortgage applications
The Mortgage Bankers Association reported a 2.7 percent increase in mortgage applications for the week ending June 27. The Market Composite Index, which measures mortgage loan application volume, increased 2.7 percent on a seasonally adjusted basis and 13 percent on an unadjusted basis compared with the previous week. The Refinance Index saw a 7 percent increase from the previous week and was 40 percent higher than the same week one year prior. The seasonally adjusted Purchase Index was up 0.1 percent from the previous week and up 10 percent on an unadjusted basis. Read more here.
Trade groups call for Treasury to phase out paper checks
The Bank Policy Institute, The Clearing House Association and the Consumer Bankers Association submitted joint comments to the U.S. Treasury Department, urging the agency to fully transition away from using paper checks. Instead, the trade groups encouraged the Treasury to utilize secure, modern electronic payment methods. The letter was submitted in response to a Treasury request for information relating to an executive order on modernizing payments. The trade groups emphasized the importance of eliminating paper checks from government disbursements to reduce risk and ensure all recipients benefit from faster, more reliable payment delivery. Read more here.
ICBA supports Modernizing Agricultural and Manufacturing Bonds Act
The Independent Community Bankers of America expressed support for bipartisan Senate legislation proposing reforms to small-issue bond programs intended to support first-time farmers and manufacturing companies. Specifically, the trade group supports provisions of S. 2100 that would: raise the threshold amount which can be used for land and equipment acquisition by a first-time farmer from $450,000 to $1 million and index that amount to inflation; expand the types of manufacturing facilities that qualify for qualified small issue bonds; and increase the maximum bond size limitation for manufacturing to $30 million. Learn more here.
Credit unions support bill to extend loan maturity limit
Credit union advocates noted their support for legislation introduced to the House aimed at extending the credit union loan maturity limit to 20 years. The Expanding Access to Lending Options Act also would give the National Credit Union Administration authority to extend loan maturity even longer for certain loans. The bill combines provisions from two bills supported by America’s Credit Unions that were introduced last Congress. The bill was introduced by Rep. Scott Fitzgerald (R-Wis.) with a bipartisan coalition of cosponsors. Learn more here.