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The Senate Banking Committee today will mark up a NAFCU-backed regulatory reform bill that includes provisions offering relief under the member business lending cap and certain Home Mortgage Disclosure Act (HMDA) disclosure requirements.

NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt sent a letter to the committee ahead of the hearing in support of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155).

Hunt commended the legislation's bipartisan support and inclusion of consumer protections while also reducing the regulatory burden credit unions face.

The mark-up, which will also include a vote to advance the Fed chair nomination of Jerome Powell to the full Senate, begins at 10 a.m. Eastern.

In her letter, Hunt outlined several of the provisions in the regulatory relief package which NAFCU supports, including:

• 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.
• The Home Mortgage Disclosure Adjustment Act, which would exempt depository institutions that have originated fewer than 500 open-end lines of credit and closed-end mortgages in the previous two years from certain HMDA reporting and recordkeeping requirements.

Additional NAFCU-supported provisions in Title I of the package would provide credit unions with regulatory relief from various Truth in Lending Act (TILA) and TILA/Real Estate Settlement Procedures Act (RESPA) integrated mortgage disclosure rule provisions.

NAFCU continues to advocate for regulatory relief for credit unions, including on its principle of seeking a regulatory environment that allows credit unions to grow, such as modernizing capital standards and seeking congressional action to provide credit unions relief from the NCUA's risk-based capital rule.