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NAFCU, with three other financial trade groups, yesterday urged leaders of the Senate Banking Committee to enact "comprehensive bipartisan financial regulatory relief" so financial institutions can continue serving their millions of members and consumers within their communities.

"We have continually heard senators on both sides of the aisle express support for helping our nation's community financial institutions," the letter, addressed to Senate Banking Committee Chairman Richard Shelby, R-Ala., and Ranking Member Sherrod Brown, D-Ohio, stated. "While no single piece of legislation is perfect, measures, such as S. 1484, the ‘Financial Regulatory Improvement Act of 2015,' are a step in the right direction."

The NAFCU-backed S. 1484, authored by Shelby, 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. The bill was approved by the committee in May.

"With limited time remaining in this congressional session, it is imperative that lawmakers work together and pass a legislative product that is bipartisan and provides meaningful relief for community institutions and consumers throughout this country," states the letter, which is signed by NAFCU, CUNA, the Independent Community Bankers of America and the American Bankers Association.

The letter was also copied to all members of the Senate, including Senate Majority Leader Mitch McConnell, R-Ky., and Senate Minority Leader Harry Reid, D-Nev.