Mortgage Bankruptcy Bill Threatens Affordable Mortgage Credit
The League opposes H.R. 3609 and S. 2636 since they would add significant risk and uncertainty to the housing market by making major changes in our bankruptcy system. 

Credit Union Regulation & Taxation
The League is opposed to the Credit Union Regulatory Improvements Act of 2007 (H.R. 1537). The League urges that credit unions that want to provide bank-like services be subject to taxation and regulation on the same basis as banks.  Credit unions that wish to convert to a savings bank charter should be able to do so without interference from the NCUA.

Industrial Loan Companies
The League supports legislation (S.1356) that would prohibit commercial firms from prospectively chartering or acquiring an ILC and will establish a bright-line test regarding who may own an ILC in the future. Banking and commerce must be kept separate.

Mortgage Reform Bill /  Subprime / Predatory Lending
The League urges that any mortgage reform legislation not impair the availability of credit to credit-worthy borrowers. The League has concerns with H.R. 3915, Mortgage Reform and Anti-Predatory Lending Act of 2007.

Data Security
The League strongly supports comprehensive data security legislation that creates a national standard, exempts institutions subject to existing GLBA data security requirements, maintains functional regulation, and provides full reimbursement of costs to protect consumers by those responsible for security breaches.

Regulatory Relief
The League strongly supports efforts to reduce the regulatory burden on depository institutions without impairing safety and soundness.

Regulation of Government Sponsored Enterprises: Freddie Mac and Fannie Mae
A new, independent regulator is needed to oversee the operations of Freddie Mac and Fannie Mae. These GSE entities must not engage in primary market activities. 

Thrift Charter and Independence of the Office of Thrift Supervision
The federal thrift charter and unitary thrift holding company structure should be preserved. The authority of the states to design an array of state charters including state thrifts should be preserved.  The Office of Thrift Supervision should remain independent within the Treasury Department.

Federal Home Loan Bank System
The Federal Home Loan Bank System must maintain its cooperative nature with a primary mission of providing community banks with access to advances for housing and community development lending.

Preserve the Mutual Charter
Preserving the mutual charter is extremely important to New Jersey savings institutions. Neither Congress nor federal regulatory agencies should take actions that would directly or indirectly force companies to abandon the traditional thrift charter or the mutual holding company (MHC) form of ownership. 

Secret Ballot and Card Check
The League opposes H.R. 800, which would effectively do away with secret ballot elections by permitting the waiver of elections after a majority of employees sign authorization cards.