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After several meetings with interested parties including other consumer advocates, members of the judicial branch and legislators, your League continues to work on revisions to an amendment that would offer expedited foreclosures as an option. Your League's Legislative Counsel, Attorney Ben Marcus of Drummond Woodsum, is working diligently on making changes suggested by the Judiciary Branch and others ahead of an anticipated work session by the Judiciary Committee this coming week to consider the amendment and other foreclosure bills. In addition, your League's Legislative Team is continuing to have conversations with Committee members and other stakeholders to pursue a positive outcome.
"We believe we have built up considerable momentum to make some changes to the current foreclosure law that will benefit credit unions and consumers. Our efforts remain focused on moving our updated amendment forward with the Committee and then the full Legislature, and we are committing significant resources to this effort," stated your League's President John Murphy.
The issue of foreclosure, especially with regard to the length of the process and the lack of an expedited foreclosure option, has been a frequent complaint by credit unions and other financial institutions, as well as some consumers, for a number of years. "Making changes that will work the majority of those involved takes time, and your League is working tirelessly to find a solution that can expedite foreclosure in certain circumstances. This would provide much-needed relief to credit unions in cases where the foreclosure process is unnecessarily long, which is costly and time-consuming for all involved. We will continue to pursue all avenues in our effort to offer an amendment that can pass with strong support," added Murphy.