The House of Representatives passed H.R. 4173, Wall Street Reform and Consumer Protection Act, by a vote of 223 to 202 after an amendment that would have changed the bankruptcy code to permit judicial mortgage modification in Chapter 13 bankruptcy proceedings was defeated.

 

The provisions of H.R. 4173, if passed into law, would provide sweeping reforms to the financial regulatory landscape and would address financial stability, over-the-counter derivatives, and capital markets. The legislation also proposes the creation of a Consumer Financial Protection Agency.

 

While the Credit Union National Association (CUNA) recognizes the need for Congress to take steps to help keep people in their homes, CUNA was "deeply concerned" that adoption of the amendment offered by Representative John Conyers (D-Mich.), which failed by a vote of 188 to 241, would "upset the balance" achieved in H.R. 4173.

 

The Senate is expected to take up financial regulatory reform early next year, and Senate Banking Committee Chairman Chris Dodd (D-Conn.) is reportedly revising his own regulatory reform proposals after some colleagues criticized his proposals. Dodd has been unable to earn support from Republicans and some Democrats with ties to industry groups affected by the bill.

 

 

Despite freezing temperatures, hundreds of volunteers, including many from area credit unions, joined the Homes for Our Troops “Build Brigade” on the weekend of December 11-13 in Middleboro, MA, to build a specially adapted home for Army SSG Michael Downing and his family. SSG Downing lost his legs in combat in Afghanistan during his second tour of duty there in 2008. The announcement that the Downing’s home would be the next one built by Homes for Our Troops was made at the Homes for Our Troops Annual Gala in Boston this past June. The Massachusetts and New Hampshire Credit Union Leagues and Credit Union Association of Rhode Island were the title sponsors of that event.

 

Homes for Our Troops has built 40 homes for severely injured veterans and has nearly 30 more projects in process. This organization demonstrates tremendous energy, generosity and know-how! The “Build Brigade” is a special event that started with just a foundation and -- with the help of skilled tradesmen, enthusiastic unskilled volunteers, and lots of elbow grease -- the home was framed, windows and doors were installed, and siding and the roof were put on making the structure weather-tight in just three days. Workers will complete the home throughout the winter, outfitting it to meet the needs of SSG Downing and his family who plan to move in sometime in the spring of 2010. 

 

Prior to raising the first wall, an opening ceremony was held with a color guard, National Anthem, and speakers including John Gonsalves, founder and president, Homes for Our Troops; Daniel F. Egan, Jr., president, Massachusetts and New Hampshire Credit Union Leagues and Credit Union Association of Rhode Island; Colonel Jack Hammond, chief of staff, Massachusetts National Guard; Lt. Colonel Art Elfman, Massachusetts National Guard.

 

 

The U.S. Senate recently passed H.R. 3288, an appropriations bill that will, among other things, remove the borrowing cap on the National Credit Union Administration's (NCUA) Central Liquidity Facility (CLF) funds and increase the amount of funding available to the NCUA's Community Development Revolving Loan Fund (CDRLF).

 

The House approved the same appropriations package by a very narrow 219-208 vote in July of this year.

 

Under the legislation, the CLF will be given $43.8 billion in contingent liquidity to lend to eligible credit unions. These funds will be available until September 30, 2010. The amount of funding given to the CDRLF tops off at $1.25 million for the 2010 fiscal year, a $250,000 increase from the amount of funding provided in fiscal 2009.

 

The CDRLF, which was established by Congress in 1979, makes non-member deposits and loans at a rate of 1% for five-year terms.

 

Responding to the developments, National Credit Union Administration Chairman Debbie Matz said the passage of the appropriations bill was "a continuing sign that Congress is committed to working with NCUA to mitigate the effects of the economy on credit unions and their 90 million members."