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Feenstra, Kind Introduce ECORA Legislation

Media Center:Feenstra, Kind Introduce ECORA Legislation

Last Updated: 3/18/2021 4:37 PM

Feenstra, Kind Introduce ECORA Legislation

This week, Reps. Randy Feenstra (R-Iowa), left, and Ron Kind (D-Wisconsin), right, introduced the Enhancing Credit Opportunities for Rural America legislation in the U.S. House.

ECORA removes the taxation on income from farm real estate loans, leveling the playing field with the Farm Credit System and allowing bankers to pass savings on to farm customers. This concept recently passed the Kansas Legislature with bipartisan support. Bankers across the state were able to thank Feenstra on the day of introduction in a meeting held in conjunction with the American Bankers Association’s Virtual Washington Summit.

In addition to the meeting with Feenstra, Iowa bankers met this week with Sens. Chuck Grassley and Joni Ernst, as well as legislative staff for Reps. Cindy Axne, Ashley Hinson and Mariannette Miller-Meeks. Bankers provided updates on the Paycheck Protection Program and thanked Iowa’s House members for their support. They also urged Iowa senators to support the PPP Extension Act of 2021, which extends the PPP application period to May 31, 2021. Other issues discussed include tax equity with credit unions and the Farm Credit System, FedAccounts, postal banking and protecting the payments system.

Thank you to those Iowa bankers who participated and spent time advocating on behalf of Iowa’s banking industry — your efforts are greatly appreciated.

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