Removing Barriers Blog

CUNA Sends Letter to Financial Services Subcommittee Prior to Hearing
Posted September 06, 2017 by CUNA Advocacy

Tomorrow the House Financial Services Subcommittee on Financial Institutions and Consumer Credit will hold a hearing entitled, “Legislative Proposals for a More Efficient Federal Financial Regulatory Regime.”  Prior to the hearing, CUNA sent a letter to Chairman Luetkemeyer and Ranking Member Clay outlining CUNA’s position on a number of the bills expected to be discussed during the hearing. 

In the letter, CUNA reiterates the need for common sense regulation rather than the one-size-fits-all regulation currently imposed on credit unions, small banks, and the members and consumers they serve.  The letter thanks the Subcommittee for considering legislation that would provide regulatory relief, allowing credit unions to more fully serve their members with safe and affordable products and services.   

  • H.R. 2359, the “FCRA Liability Harmonization Act” – This legislation would create a more appropriate balance by capping the amount of FCRA statutory damages, which would align them with many other financial consumer protection laws.   

  • The “Community Institution Mortgage Relief Act of 2017” – The proposal would exempt mortgage loans made by financial institutions under $50 billion in assets from RESPA’s escrow requirements; and, the legislation would also exempt mortgage servicers that service fewer than 30,000 mortgages annually from the requirements of Section 6 of RESPA. 

  • The “TRID Improvement Act of 2017” – This proposal would provide a reasonable hold- harmless period for enforcement of the CFPB’s TILA-RESPA Integrated Disclosures (TRID) rule for those that make good-faith efforts to comply.   

Local member-owned credit unions know their members better than Washington bureaucrats, which is why now is the time for Congress to enact regulatory reform that works for credit union members.  CUNA appreciates the Subcommittee’s interest in reducing the regulatory burden faced by credit unions and other small financial instructions and will continue to urge Congress to enact meaningful regulatory reform.