CU outreach urged as action expected on NAFCU-backed reg relief bill
The Senate yesterday moved one step closer to debate on a NAFCU-backed regulatory reform bill that includes member business lending (MBL) and certain Home Mortgage Disclosure Act (HMDA) relief provisions. This action sets up a potential procedural vote on the bill early next week, which could pave the way for Senate passage of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) by the end of next week.
With the tables now set for Senate action, NAFCU's Vice President of Legislative Affairs Brad Thaler urged all credit unions to reach out to their senators ahead of next week's vote to urge them to support the bill. "We have a real opportunity to advance this bipartisan regulatory relief measure," Thaler said. "The time to reach out and urge senators to support the bill is now."
Resources on the legislation and information to contact senators are available through NAFCU's Grassroots Action Center.
The bill includes:
- 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.
Two credit union-relevant provisions were also added when the bill passed out of the Senate Banking Committee in December: One that would require the NCUA to publish a detailed budget and hold a public hearing to receive comments from the public on its budget annually, and another that would clarify and streamline the process for establishing online banking accounts.
NAFCU lobbyists will continue to engage with lawmakers to ensure they understand the benefits this legislation would provide to the nation's credit unions and consumers.
Get daily updates.
Subscribe to NAFCU today.