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FOR IMMEDIATE RELEASE

NAFCU Statement on Inclusion of Privacy Notice in Highway Bill

Washington (Dec. 1, 2015) - National Association of Federal Credit Unions (NAFCU) President and CEO Dan Bergerissued the following statement today in response to theNAFCU-sought privacy notice and certain qualified-mortgage relief for credit unions being included in the highway bill reported out today by House and Senate conferees. This action helps pave the way for final passage in the House and Senate as a Friday deadline for enactment nears.

"NAFCU and our members appreciate House Financial Services Committee Chairman Jeb Hensarling's (R-Texas) commitment and leadership efforts to advance regulatory relief for credit unions," said Berger. "We thank the conferees for including these important provisions and look forward to continuing our work with Congress to champion regulatory relief for credit unions."

An amendment in the House-passed version of the multi-year transportation bill, H.R. 22, by Hensarling, included the text of H.R. 601, the "Elimination Privacy Notice Confusion Act."

H.R. 601 would clarify that consumers will receive privacy notices after opening a new account and when their providers' privacy policies change. This would be a change from the current requirement for annual notices and addresses a part of NAFCU's five-point plan for regulatory relief.

After passing both the House and Senate, the transportation bill headed to a House-Senate conference last month where lawmakers resolved differences in the bills. H.R. 601 already passed the House in April by a voice vote.

Also included in the highway bill package is H.R. 1259, the "Helping Expand Lending Practices in Rural Communities Act." This NAFCU-backed bipartisan legislation introduced by Reps. Andy Barr, R-Ky., and Ruben Hinojosa, D-Texas, would be helpful to credit unions as they deal with the Consumer Financial Protection Bureau's (CFPB) definition "rural area," particularly as it relates to the ability-to-repay rule.

After the bill clears the House and Senate, it heads to the president, who is expected to sign the measure.

The National Association of Federal Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation's federally insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. www.nafcu.org.

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