Jan. 27, 2012 – H.R. 3461, the financial institutions examination reform measure that is slated for a House subcommittee hearing Feb. 1, gained four more cosponsors Thursday.
Jeanne Kucey, president and CEO of JetStream FCU in Miami Lakes, Fla., and a NAFCU Board member, will testify during that Feb. 1 hearing of the House Financial Institutions Subcommittee on Financial Institutions and Consumer Credit. H.R. 3461 was introduced earlier this month by panel Chairman Shelley Moore Capito, R-W.Va., with Ranking Member Carolyn Maloney, D-N.Y., as its chief Democratic cosponsor.
H.R. 3461, supported by NAFCU, would create a new standard for financial institution examinations and establish another path for institutions to appeal supervisory determinations. It applies to exams by NCUA, the Consumer Financial Protection Bureau and other federal financial institution regulators.
With Thursday’s addition of Reps. Kay Granger, R-Texas, Mark Amodei, R-Nev., Chuck Fleischmann, R-Tenn., and Patrick Meehan, R-Pa., the bill has 78 cosponsors.
This week also brought a new cosponsor to S. 509, the NAFCU-backed credit union member business lending cap lift bill introduced last year by Sen. Mark Udall, D-Colo. The addition Wednesday of Sen. Mark Begich, D-Alaska, leaves that bill with 22 cosponsors. The identical H.R. 1418, introduced by Rep. Ed Royce, R-Calif., has 114 cosponsors.
If enacted, the legislation, titled the Small Business Lending Enhancement Act, would allow an increase from 12.25 percent of assets to 27.5 percent in the MBL cap for business-lending credit unions meeting strict safety-and-soundness requirements.