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This week in Congress: CUNA-backed CU relief takes center stage
WASHINGTON (5/6/14)--The U.S. House returns today and, as reported by News Now, it will consider several bills under suspension of the rules, including the CFPB Rural Designation Petition and Correction Act(H.R. 2672), the Credit Union Share Fund Insurance Parity Act (H.R. 3468), and the Capital Access for Small Community Financial Institutions Act of 2013 (H.R. 3584).
Use the resource link to read more about these Credit Union National Association-backed bills that will bring regulatory relief to credit unions, if passed.
CUNA sent a letter to all members of the House Monday urging passage of the legislation. Regulatory relief for credit unions is a top CUNA legislative and regulatory priority.
CUNA also has stated its strong support for additional credit union relief bills to be considered Wednesday at the committee level. The House Financial Services Committee is scheduled to vote on a series of bills, including:
  • The Financial Regulatory Clarity Act (H.R. 4466), which would fight duplicative federal rules;
  • The Portfolio Lending and Mortgage Access Act (H.R. 2673), which would treat mortgages held in portfolio at credit unions and other mortgage lenders as qualified mortgages for purposes of the Consumer Financial Protection Bureau mortgage lending rules;
  • The Mortgage Choice Act (H.R. 3211), which addresses some credit union concerns regarding point and fee definitions in the CFPB's amended final "Ability to Repay" rule; and,
  • The Community Institution Mortgage Relief Act (H.R. 4521), which would exempt credit unions under $10 billion in assets from a Dodd-Frank Act requirement that mortgage lenders must hold an escrow account for five years for higher priced, first-lien mortgages secured by borrower's principal dwelling.
The markup could extend over days.
Also important to credit unions, the Senate Judiciary Committee has rescheduled its markup on the Patent Transparency and Improvements Act of 2013 (S. 1720), which was postponed last week. CUNA and credit unions are strong proponents of this bill intended to help credit unions and other businesses fight predatory practices of patent "trolls" who manipulate the patent system for their own gain.
CUNA also is closely monitoring the Housing Finance Reform and Taxpayer Protection and when the Senate Banking Committee reschedules its delayed vote on the bill.
Also on CUNA's radar this week:
  • On Wednesday, the Senate Appropriations Committee Homeland Security Subcommittee will hold a hearing on "Investing in Cybersecurity: Understanding Risks and Building Capabilities for the Future" and,
  • The Senate Banking, Housing and Urban Affairs Committee Economic Policy Subcommittee will conduct a hearing on "Drivers of Job Creation."
  • On Thursday, the House Homeland Security subcommittee on counterterrorism and intelligence will hold a hearing on "Assessing Persistent and Emerging Cyber Threats to the U.S. Homeland" and
  • The House Financial Services Committee will hold a full committee hearing on the state of the international financial system.
Use the first resource link to access CUNA's most recent letters of support for this week's regulatory relief bills.

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