March 22, 2013

House Financial Services eyes reg relief post-recess

March 25, 2013 – As Congress heads into a two-week recess, NAFCU is urging members to contact lawmakers to help advance key priorities addressed in NAFCU's five-point plan for broad-based regulatory relief, which could get further examination when lawmakers reconvene.

2012 Caucus - Jeb Hensarling (sm)
House Financial
Services Chairman
Jeb Hensarling says
hearings are set for
April on reg relief for
small community

Last week, House Financial Services Chairman Jeb Hensarling, R-Texas, announced a post-recess schedule that includes Financial Institutions Subcommittee hearings April 10 and 16 on regulatory relief for small community financial institutions. NAFCU lobbyists indicate that they are optimistic that regulatory relief for credit unions will be addressed in these discussions.

"The recess will give credit unions a great opportunity to talk to their elected officials about the need for regulatory relief," said NAFCU Vice President of Legislative Affairs Brad Thaler.

During lawmakers' time in home districts, NAFCU is urging members to share their own stories of regulatory burden. Additionally, members are urged to press lawmakers to support several key bills that would help further the objectives of NAFCU's five-point plan for broad-based regulatory relief. They are:

  • H.R. 688, the "Credit Union Small Business Jobs Creation Act," which would raise the credit union member business lending cap;
  • H.R. 719, the "Capital Access for Small Businesses and Jobs Act," which addresses supplemental capital for credit unions; and
  • S. 635, the "Privacy Notice Modernization Act," companion legislation to the House-approved H.R. 749, the "Eliminate Privacy Notice Confusion Act" – both aimed at eliminating a redundant requirement to mail annual privacy notices when policies are unchanged.

Credit unions are encouraged to contact their senators and representatives to seek their support for these bills via NAFCU's grassroots action center.