FOR IMMEDIATE RELEASE | December 03, 2015

NAFCU Applauds House Passage of Highway Bill With Inclusion of Privacy Notice


NAFCU Applauds House Passage of Highway Bill With Inclusion of Privacy Notice

Washington (Dec. 3, 2015) - National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement today applauding the House vote this morning which passed H.R. 22, a transportation authorization bill that includes NAFCU-sought privacy notice and some qualified-mortgage relief for credit unions. The measure now awaits Senate action.

"NAFCU and our members greatly appreciate House Financial Services Committee Chairman Jeb Hensarling's steadfast dedication to secure much-needed regulatory relief for credit unions," said Berger. "We thank the members of the House for including these vital provisions in the final legislation and look forward to continuing our work with the Senate to make this regulatory relief a reality for credit unions."

H.R. 22 includes an amendment by Hensarling, (R-Texas), that contains the text of H.R. 601, the "Eliminate Privacy Notice Confusion Act." The bill would clarify that consumers will receive privacy notices after opening a new account and when their providers' privacy policies change. This would be a change from the current requirement for annual notices and addresses a part of NAFCU's five-point plan for regulatory relief.

Also in this package is the NAFCU-backed H.R. 1259/S. 871 the "Helping Expand Lending Practices in Rural Communities Act." This bill which would be helpful to credit unions as they deal with the CFPB's definition "rural area," particularly as it relates to the ability-to-repay mortgage rule.

The measure also:

- gives authority for privately insured credit unions to become a member of a Federal Home Loan Bank and requires a Government Accountability Office report that looks at private insurance;

- authorizes FDIC to do 18-month exam cycles for well-run community banks, something NAFCU is encouraging NCUA to implement for low-risk credit unions; and

- removes a provision calling for the use of Fannie Mae and Freddie Mac credit-risk guarantee fees, or g-fees, for highway funding.

The National Association of Federal Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation's federally insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance.


Patty Briotta
Director of Public Relations