House passes NAFCU-backed reg relief bills; vote on ADA bill today
The House yesterday advanced two NAFCU-backed regulatory relief bills – one amending various banking laws and another adjusting the CFPB's TILA/RESPA integrated mortgage disclosures (TRID) rule. The bills now await Senate action.
"We thank members of the House for supporting bills that will provide credit unions with much-needed regulatory relief," said NAFCU Vice President of Legislative Affairs Brad Thaler. "NAFCU and its members especially thank Representatives Patrick McHenry, Gregory Meeks and French Hill for introducing these bills and responding to the needs of the credit union industry."
The two bills passed by the House Wednesday include:
- The Protecting Consumers' Access to Credit Act (H.R. 3299), introduced by McHenry, R-N.C., and Meeks, D-N.Y., would amend various banking laws, including the Federal Credit Union Act, to provide that federal interest rate preemption applies "regardless of whether the loan is subsequently sold, assigned, or otherwise transferred to a third party," including a non-bank purchaser.
- The TRID Improvement Act (H.R. 3978), introduced by Hill, R-Ark., would amend the CFPB's TRID rule, specifically how fees are presented on loan estimates and closing disclosure forms.
The House today is expected to vote on and pass NAFCU-supported legislation to address public accessibility concerns under the Americans with Disabilities Act (ADA). NAFCU has engaged with lawmakers for months on this issue to try to expand some of the bill's protections to help curb the meritless lawsuits filed against credit unions for website accessibility under the ADA.
The ADA Education and Reform Act (H.R. 620), introduced by Rep. Ted Poe, R-Texas, applies to brick and mortar businesses and would set conditions for filing civil actions over the failure to remove an architectural barrier to an existing public place, among other things. NAFCU has engaged with Poe and other representatives to try to expand some of the bill's protections as credit unions and other financial institutions have faced a rash of lawsuits over the past year related to website accessibility requirements.
Resources for dealing with the ADA issue, including an updated FAQ document, can be found here.
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