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NAFCU President and CEO Dan Berger met Tuesday with Senate Banking Chairman Richard Shelby, R-Ala., to discuss regulatory relief and other top issues for credit unions.

NAFCU is closely monitoring discussions in both the House and Senate on regulatory relief. It is pushing for action on measures such as those contained in S. 1484, authored by Shelby and passed by the Senate Banking Committee this May. The bill includes 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.

"We appreciate Chairman Shelby's leadership in pushing for credit union regulatory relief," said Berger. "NAFCU remains committed to working with lawmakers to secure meaningful relief and ensure a favorable regulatory environment for credit unions."

S. 1484 would also 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 and other financial industry trades wrote Senate leaders urging action on the bill in September. The above-noted provisions are also included in a financial services appropriations bill reported out this July.