October 12, 2017

House panel expected to act on NAFCU-backed reg relief bills today

A House Financial Services Committee mark-up that began Wednesday is expected to conclude today on several NAFCU-supported regulatory relief bills, including measures related to Home Mortgage Disclosure Act improvements and tailoring of regulations to limit burdens on affected institutions.

After review of the bills, the committee will vote on the measures sending those that pass to the full House for action.

NAFCU Vice President of Legislative Affairs Brad Thaler highlighted 10 of the bills in a letter to committee leaders Wednesday and noted how they would help credit unions.

Included in the mark-up, among others, is the Taking Account of Institutions with Low Operation Risk (TAILOR) Act of 2017 (H.R. 1116), which would ensure that the NCUA, CFPB and other regulators do not use a one-size-fits-all approach to rulemaking.

NAFCU also supports a managers amendment on the Home Mortgage Disclosure Adjustment Act (H.R. 2954), a bill that would ease the compliance burden for credit unions by exempting depository institutions that have originated fewer than 500 open-end lines of credit and 500 closed-end mortgages in the previous two years from HMDA's reporting and recordkeeping requirements. The amendment would align the bill with bipartisan legislation pending in the Senate.

NAFCU will keep credit unions informed of the committee's actions on the bills.