NAFCU eyes the House as Senate prepares to pass reg relief
NAFCU's legislative affairs team is meeting with House leaders to discuss credit union regulatory relief measures related to the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) as the bill approaches the finish line in the Senate. Once the Senate passes S. 2155, the bill heads to the House for consideration. The House Financial Services Committee has taken a broader approach to regulatory relief and is expected to include additional provisions in the measure before the House passes the bill.
The legislation includes regulatory relief measures related to member business lending (MBL) and the Home Mortgage Disclosure Act (HMDA) that would positively impact the credit union industry. NAFCU lobbyists continue to advocate for the inclusion of even more credit union regulatory relief provisions.
The Senate is working through a series of procedural votes early this week that should lead to the final debate and passage of S. 2155 before the end of the week.
The bill contains numerous NAFCU-supported provisions, including:
- The Credit Union Residential Loan Parity Act, which would allow credit unions to treat loans for one-to-four-unit, non-owner-occupied dwellings that qualify for the MBL exemption as residential loans with lower interest rates – similar to how banks make these loans to small businesses.
- A provision to provide a safe harbor from certain qualified mortgage requirements for residential mortgage loans held on a mortgage originator's portfolio.
- Language that would provide certain credit unions relief from new HMDA reporting requirements.
The association has advocated for the bill's passage since it was introduced by Senate Banking Committee Chairman Mike Crapo, R-Idaho, in November. Last week, NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt sent a letter to Senate Majority Leader Mitch McConnell, R-Ky., and Senate Minority Leader Chuck Schumer, D-N.Y., urging senators to support the bill.
NAFCU continues to encourage all credit unions to reach out to their senators ahead of a final vote to urge them to support the bill.
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