Pub. 14 2017 Issue 1

O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G N E W M E X I C O R E A L I Z E D R E A M S Issue 1 • 2017 11 actions by ensuring that banks receive both timely examination reports and the rationale for the decisions of the examiners. It also established an Office of Independent Examination Review to create a fair process for banks to appeal examinations. • We support legislation that imposes a strong national standard for data security and breach notification. Accordingly, we sup- port the reintroduction and enactment of the Data Security Act, which would ensure that all involved in the payments system are protecting customers’ personal information. While banks must comply with federal requirements to protect data and no- tify customers of breaches, merchants are not subject to compa- rable requirements. • We support the Portfolio Lending and Mortgage Access Act, which would treat any loan made by an insured depository and held in that lender’s portfolio as compliant with the Ability to Repay andQualifiedMortgage requirements andwould provide an important and much needed correction to the unnecessarily restrictive standards that now exist. • We support the removal of the credit union exemption fromfed- eral income tax. In the alternative, we support the legislation that would provide banks tax free status for certain commercial loan products. Presidential Executive Order: On February 3, President Trump issued an executive order directing the Secretary of Treasury to report within 120 day on whether government rules and policies promote or inhibit the order’s core principles for financial regulation: Those principles include: • Empower Americans to make independent financial decisions and informed choices in the marketplace, save for retirement, and build individual wealth; • Prevent taxpayer-funded bailouts; • Foster economic growth and vibrant financial market through more rigorous regulatory impact analysis that addresses systemic risk and market failures, such as moral hazard and information asymmetry; • Enable American companies to be competitive with foreign firms in domestic and foreign markets; • Advance American interests in international financial regulatory negotiations and meetings; • Make regulation efficient, effective, and appropriately; and • Restore public accountability within Federal financial regulatory agencies and rationalize the Federal financial regulatory framework. It is not clear what impact the executive order will have on Dodd-Frank. Congress is not likely to repeal Dodd-Frank. On the other hand, Congress is likely to amend specific aspects of Dodd-Frank and soon to be Trump-appointed regulators may change a broad range of financial regulations.  L A W Y E R A D V E R T I S E M E N T LEGAL EXPERTISE YOU CAN BANK ON Your stockholders demand growth. Your customers demand strength. You need a law firm with the banking and financial experience that can help you achieve these goals. Year after year, the attorneys at Miller Stratvert are continually recognized by their peers for their banking expertise in The Best Lawyers in America . To find out how you can put one on your team, we invite you to call us for a consultation. Gordon S. Little James J. Widland Kirk Allen Tyler Denning Billy Jimenez Dylan O’Reilly ALBUQUERQUE 505.842.1950 ~ LAS CRUCES 575.523.2481 FARMINGTON 505.326.4521 ~ SANTA FE 505.989.9614 www.mstlaw.com 2017 BANKING & FINANCE “LAWYERS OF THE YEAR”