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The Senate took an important procedural vote yesterday that sets the stage for the bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) to pass the Senate, possibly by the end of the week. NAFCU continues to encourage all credit unions to reach out to their senators ahead of the vote to urge them to support the bill.

NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt yesterday sent a letter to Senate Majority Leader Mitch McConnell, R-Ky., and Senate Minority Leader Chuck Schumer, D-N.Y., urging senators to support the bill – which includes regulatory relief measures related to member business lending (MBL) and the Home Mortgage Disclosure Act (HMDA) – as it would positively impact the credit union industry.

The association also ran an ad campaign in Tuesday's National Journal, urging support for the bill. Creating a positive regulatory environment for credit unions with appropriate and tailored regulations is part of NAFCU's 2018 advocacy priorities.

NAFCU supports numerous provisions within the bill and has advocated for its passage since it was introduced by Senate Banking Committee Chairman Mike Crapo, R-Idaho, in November. NAFCU-supported provisions include:

• The Credit Union Residential Loan Parity Act, which would allow credit unions to treat loans for one-to-four-unit, non-owner-occupied dwellings that qualify for the MBL exemption as residential loans with lower interest rates – similar to how banks make these loans to small businesses.
• A provision to provide a safe harbor from certain qualified mortgage requirements for residential mortgage loans held on a mortgage originator's portfolio.
• Language that would provide certain credit unions relief from new HMDA reporting requirements.

NAFCU lobbyists remain engaged on Capitol Hill and will keep credit unions updated on the bill's status and any adopted amendments.