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A multi-year transportation bill (H.R. 22) overwhelmingly approved by the House Thursday includes an amendment from House Financial Services Chairman Jeb Hensarling, R-Texas, that advances some NAFCU-supported credit union regulatory relief measures.

The transportation bill passed the House on a vote of 363-64 and is headed to a House-Senate conference, where lawmakers will seek to resolve differences between that and the Senate-passed bill.

Hensarling's amendment includes H.R. 601, the "Elimination Privacy Notice Confusion Act," which addresses a part of NAFCU's five-point plan for regulatory relief by clarifying that consumers will receive privacy notices after opening a new account and when their provider's privacy policies change; this would be a change from the current requirement for annual notices. This measure was approved by the House Financial Services Committee by a vote of 57-0; it cleared the full House this April on a voice vote.

The amendment from Hensarling, and included in the House-passed transportation bill, also includes H.R. 299, the "Capital Access for Small Community Financial Institutions Act"; it allows privately insured, state-chartered credit unions to apply for membership in the Federal Home Loan Bank System. The Financial Services Committee approved the bill by a vote of 56-1. The bill passed the House with a voice vote in April.

NAFCU will continue to follow the progress of H.R. 22 in conference.