November 30, 2016

Crapo, presumptive Senate Banking chairman, eyes reg burden

Sen. Mike Crapo, R-Idaho, the presumptive leader of the Senate Banking Committee come January, expects housing market reforms, changes to Dodd-Frank and the reduction of credit unions' and community banks' regulatory burdens to be addressed by the committee in the coming year.

Crapo's comments were reported in a recent article by the Twin Falls Times-News.

In 2014, Crapo and then-Senate Banking Committee Chairman Tim Johnson, D-S.D., released a housing reform package that would have wound down Fannie Mae and Freddie Mac and made other housing finance reforms. The package was approved in committee but received no action in the full Senate.

In any housing finance reforms, NAFCU wants Congress to ensure government-guaranteed access for credit unions to the secondary mortgage market and pricing based on loan quality, rather than quantity.

Regarding regulatory relief, Crapo introduced legislation last year that would ensure all NCUA, CFPB and Dodd-Frank Act rules are evaluated in the 10-year regulatory review process under the "Economic Growth and Regulatory Paperwork Reduction Act," which seeks to identify rules that are unnecessary, outdated and overly burdensome.

NAFCU supported the measure and Crapo's efforts to address credit unions' ever-increasing regulatory burden.

Crapo has also been outspoken about his opposition to provisions within the Dodd-Frank Act. In the Twin Falls Times-News article, he is quoted as saying he has been working to reform "its excesses for a long time." President-elect Donald Trump has also noted support for reforming the law and replacing it with new policies.