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NAFCU Vice President of Legislative Affairs Brad Thaler urged the leaders of a House Financial Services subcommittee to support the bipartisan, NAFCU-backed H.R. 2287, the "NCUA Budget Transparency Act," and several other regulatory relief measures slated for discussion today.

Thaler wrote Subcommittee on Financial Institutions and Consumer Credit Chairman Randy Neugebauer, R-Texas, and Ranking Member Lacy Clay, D-Mo., in advance of the subcommittee's hearing today titled "Examining Legislative Proposals to Preserve Consumer Choice and Financial Independence."

"Given that credit unions fund the agency through various assessments, NAFCU supports gaining a clear picture of the agency's expenditures through this simple act of transparency," Thaler wrote. "Importantly, holding a public hearing on the budget was standard practice at the NCUA until 2009. It is also worth noting that nothing is this measure would prevent NCUA from obtaining the funds necessary to carry out its mission to, through regulation and supervision, provide a safe and sound credit union system."

Thaler also urged lawmakers to support other NAFCU-backed legislation being discussed during today's hearing, including:

• "The Financial Product Safety Commission Act," H.R. 1266, which was introduced by Neugebauer and would alter CFPB's structure from having a single director to being led by a bipartisan commission;
• "The Financial Institutions Examinations Fairness and Reform Act," H.R. 1941, which would improve the clarity and consistency of the credit union examination process;
• "The Financial Institution Customer Protection Act," H.R. 766, which would require any federal banking regulator's suggestion to terminate a customer's account in relation to the Justice Department's "Operation Choke Point" to be put in writing;
• "The Portfolio Lending and Mortgage Access Act," H.R. 1210, which would allow residential mortgage loans held in portfolio by credit unions to qualify for CFPB's qualified mortgage safe harbor; and,
• H.R. 2213, from Subcommittee Vice Chairman Stevan Pearce, R-N.M., and Rep. Brad Sherman, D-Calif., which would introduce a reasonable hold-harmless period for the enforcement of CFPB's Truth in Lending Act/Real Estate Settlement Procedures Act Integrated Disclosure rule.

NAFCU staff today will also monitor a House Appropriations Subcommittee on Financial Services and General Government mark-up for any impact on credit unions.