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The Senate Banking Committee is set for a Thursday mark-up the "Financial Regulatory Improvement Act," a draft bill released last week by Chairman Richard Shelby, R-Ala., and NAFCU lobbyists will be in close contact with committee members and staff to push credit unions' concerns as that date nears.

The package, which Shelby released last Wednesday, includes several NAFCU-backed provisions for credit union relief and transparency at NCUA.

NAFCU, CUNA, the Independent Community Bankers of America and the American Bankers Association jointly wrote Shelby and the committee's ranking member, Sen. Sherrod Brown, D-Ohio, to lodge their support for the legislation Friday.

"The draft is an important step toward addressing the statutory and regulatory obstacles that stymie banks and credit unions from more fully serving the diverse financial needs of American consumers," the groups wrote. "We strongly urge bipartisan agreement and Congressional action that will result in a genuine focus on real-world issues financial institutions face as they serve their communities."

More than 200 pages long, the package contains NAFCU-backed initiatives such as a requirement for public NCUA budget hearings, statutory relief from annual privacy notice requirements and granting of safe harbor qualified-mortgage (QM) status for certain loans held in portfolio.

Additionally, it 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.

NAFCU will continue to closely monitor the bill's progress. A summary and the full text of the bill are available online.