Newsroom
July 23, 2015
Senate Appropriations approves bill with reg relief
Voting 16-14 along party lines, the Senate Appropriations Committee on Thursday marked up and favorably reported the Financial Services and General Government appropriations bill-related spending for fiscal 2016.
The mark-up was chaired by Sen. Thad Cochran, R-Miss. Sen. Richard Shelby, R-Ala, chairman of the Senate Banking Committee, also serves on the appropriations committee. The text of S. 1484, the Financial Regulatory Improvement Act, authored by Shelby, that would provide several NAFCU-backed regulatory relief measures, was included in the spending bill that was reported to the full committee on Wednesday.
Among the amendments approved during the mark-up were Sen. Jeff Merkley's, D-Ore., amendment prohibiting financial regulators from penalizing banks that engage in marijuana commerce if legal in their state or locality. Sen. James Lankford, R-Okla., withdrew an amendment advocating a transition from regulation based on asset size to activity-based standards, and said he continue to work with Sen. Shelby for a solution.
NAFCU Vice President of Legislative Affairs Brad Thaler responded in a statement, "We appreciate Sen. Shelby's steadfast efforts to advance regulatory relief for community financial institutions such as credit unions. We are pleased to see Chairman Boozman, Chairman Cochran and the Senate Appropriations Committee support this effort and include NAFCU-backed language from the Financial Regulatory Improvement Act in the Financial Services and General Government appropriations bill that was reported to the full Senate. We look forward to continuing our work with the Senate to advance regulatory relief for credit unions."
Shelby's regulatory relief package, S. 1484, was approved by the Senate Banking Committee in May. Among the NAFCU-backed provisions is a requirement for public NCUA budget hearings, statutory relief from annual privacy notice requirements and granting of safe harbor qualified-mortgage status for certain loans held in portfolio.
S. 1484 also would require NCUA to study the impact of RBC2 on mortgage servicing assets, require the Federal Housing Finance Agency to withdraw its proposed rule revising Federal Home Loan Bank membership requirements while GAO studies the issue, and grant credit unions parity with community banks in the definition of community financial institution under the Federal Home Loan Bank Act.
The mark-up was chaired by Sen. Thad Cochran, R-Miss. Sen. Richard Shelby, R-Ala, chairman of the Senate Banking Committee, also serves on the appropriations committee. The text of S. 1484, the Financial Regulatory Improvement Act, authored by Shelby, that would provide several NAFCU-backed regulatory relief measures, was included in the spending bill that was reported to the full committee on Wednesday.
Among the amendments approved during the mark-up were Sen. Jeff Merkley's, D-Ore., amendment prohibiting financial regulators from penalizing banks that engage in marijuana commerce if legal in their state or locality. Sen. James Lankford, R-Okla., withdrew an amendment advocating a transition from regulation based on asset size to activity-based standards, and said he continue to work with Sen. Shelby for a solution.
NAFCU Vice President of Legislative Affairs Brad Thaler responded in a statement, "We appreciate Sen. Shelby's steadfast efforts to advance regulatory relief for community financial institutions such as credit unions. We are pleased to see Chairman Boozman, Chairman Cochran and the Senate Appropriations Committee support this effort and include NAFCU-backed language from the Financial Regulatory Improvement Act in the Financial Services and General Government appropriations bill that was reported to the full Senate. We look forward to continuing our work with the Senate to advance regulatory relief for credit unions."
Shelby's regulatory relief package, S. 1484, was approved by the Senate Banking Committee in May. Among the NAFCU-backed provisions is a requirement for public NCUA budget hearings, statutory relief from annual privacy notice requirements and granting of safe harbor qualified-mortgage status for certain loans held in portfolio.
S. 1484 also would require NCUA to study the impact of RBC2 on mortgage servicing assets, require the Federal Housing Finance Agency to withdraw its proposed rule revising Federal Home Loan Bank membership requirements while GAO studies the issue, and grant credit unions parity with community banks in the definition of community financial institution under the Federal Home Loan Bank Act.
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