March 06, 2018

NAFCU-backed CU reg relief bills pass House, await Senate action

The House yesterday advanced several NAFCU-backed bills that would provide some regulatory relief to credit unions, including easing certain qualified mortgage requirements. The bills now await action by the Senate.

"NAFCU and its members thank the sponsors of these regulatory relief bills and all those lawmakers who supported them for recognizing the value and needs of credit unions," said NAFCU Vice President of Legislative Affairs Brad Thaler. "We look forward to working with the Senate on these bills so true regulatory relief can be realized for the credit union industry."

The bills passed by the House include:

  • the Comprehensive Regulatory Review Act (H.R. 4607), which aims to improve and expand the Economic Growth and Regulatory Paperwork Reduction Act's review process; and
  • the Portfolio Lending and Mortgage Access Act (H.R. 2226), which would provide a safe harbor from certain qualified mortgage requirements for residential mortgage loans held on a mortgage originator's portfolio.