Removing Barriers Blog

CUNA Writes to Senate Banking Committee Prior to Hearing on S. 2155 Implementation
Posted October 02, 2018 by CUNA Advocacy

CUNA wrote to Chairman Crapo and Ranking Member Brown prior to the Senate Banking Committee's hearing entitled, "Implementation of the Economic Growth, Regulatory Relief, and Consumer Protection Act."

On behalf of America's credit unions, CUNA strongly supported S. 2155 during the legislative process and applauded its enactment into law in May.   

In the letter, CUNA requested guidance on the consumer protection-related provisions to be fulfilled by the Bureau of Consumer Financial Protection, specifically relating to the Home Mortgage Disclosure Act, the Truth in Lending Act Qualified Mortgage requirements, and the Truth in Lending Act-Real Estate Settlement Procedures Act (TILA-RESPA) Integrated Disclosures (TRID).

Also noted in the letter:

  • CUNA applauds NCUA for its quick implementation of the removal of one-to-four-unit non-owner occupied residential loans from credit unions' member business lending cap; 
  • As S. 2155 provisions comparing what was the Making Online Banking Initiation Legal and Easy (MOBILE) Act relating to data privacy and record retention are implemented by federal banking agencies, CUNA expects some degree of guidance from NCUA about how it may impact credit union examinations; and
  • CUNA continues to oppose NCUA’s efforts to seek additional authority to examine and regulate credit union service organizations and third-party vendors. CUNA believes NCUA has effectively managed this risk within its current regulatory authority.

CUNA will continue to advocate for common sense regulations and regulatory relief for America's credit unions and their 110 million members.