Senate poised to pass NAFCU-backed reg relief bill
The NAFCU-backed Senate regulatory relief bill (S. 2155) is being prepped for passage in the Senate this week. Meanwhile, the House is already identifying bipartisan relief measures it may want to add to the bill before a House vote. NAFCU is engaging with both the House and Senate as this bill works its way through the legislative process.
Senate Banking Committee Chairman Mike Crapo, R-Idaho, chief sponsor of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), has filed a substitute amendment to be added to the bill that already includes eight uncontroversial bills from the House Financial Services Committee largely dealing with easing securities laws. The Senate is expected to advance these changes, with final passage of the bill expected as early as today.
House Financial Services Committee Chairman Jeb Hensarling, R-Texas, has indicated that he would like to see more regulatory relief provisions added to the final bill. NAFCU lobbyists continue to advocate for action on additional credit union regulatory relief measures.
As it stands, the legislation includes relief related to member business lending (MBL) and the Home Mortgage Disclosure Act (HMDA) that would positively impact the credit union industry.
NAFCU-supported provisions include:
- 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.
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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