Removing Barriers Blog

CUNA Sends Letter to House Financial Services Committee in Support of Regulatory Relief Measures
Posted December 07, 2017 by CUNA Advocacy

This afternoon, CUNA sent a letter to Chairman Hensarling and Ranking Member Waters to express support for three regulatory relief measures that will be discussed before the Committee today. 

In the letter, CUNA wrote in support of: 

  • H.R. 4464, the Common Sense Credit Union Capital Relief Act of 2017, which would repeal NCUA’s risk-based capital rule 
  • H.R. 3746, the Business of Insurance Regulatory Reform Act of 2017, which clarifies Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act to ensure that the regulation of insurance is done at the state level 
  • The Comprehensive Regulatory Review Act of 2017 amends the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA) to require the Federal Financial Institutions Examination Council and federal financial regulators, including the CFPB and NCUA, to review all existing regulations once every five years. While we support this bill and the timely review of regulations, we acknowledge NCUA’s effective regulatory review and do not wish to see that affected by any legislation. 

On behalf of America’s credit unions and their 110 million members, CUNA appreciates the Committee taking the time to discuss these important issues.  Additionally, CUNA will continue to work closely with the Committee to ensure these regulatory relief measures move through the legislative process and are signed into law.