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FOR IMMEDIATE RELEASE

NAFCU Statement In Response to Sen. Shelby's Introduction of Regulatory Relief Legislation

Washington (May 12, 2015) - National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement in response to the release by Senate Banking Committee Chairman Richard Shelby's, R-Ala., of a draft regulatory relief bill today.

"We thank Chairman Shelby for his leadership and commitment to regulatory relief. We are pleased that the discussion draft of the Financial Regulatory Improvements Act unveiled today has a number of provisions to provide regulatory relief to credit unions," said Berger. "We are continuing to review it and look forward to working with the chairman and committee members prior to next week's mark-up to help advance NAFCU's priorities for credit union regulatory relief."

Credit unions would see several measures of regulatory relief, many of them supported by NAFCU, under the financial reform package unveiled today.

More than 200 pages long, the package contains several NAFCU-backed initiatives such as a requirement for public National Credit Union Administration (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, the bill would require NCUA to study the impact of RBC2 (the agency's latest risk-based capital proposal) 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.

The Senate Banking Committee is scheduled to hold a mark-up of the package, titled "The Financial Regulatory Improvement Act of 2015," on May 21.

The National Association of Federal Credit Unions is the only national trade association that exclusively represents the interests of federally chartered credit unions before the federal government and the public.

Contact: Patty Briotta | 703-842-2820 | pbriotta@nafcu.org