Removing Barriers Blog

Credit union-supported bills pass Financial Services Committee
Posted June 12, 2019 by CUNA Advocacy

CUNA wrote in support of four regulatory relief bills that were marked up by the House Financial Services Committee this week. The bills covered Bank Secrecy Act, flood insurance and financial literacy act.  All four CUNA-supported pieces of legislation passed the Committee.

H.R. 2513, The Corporate Transparency Act of 2019, which would address the redundancies, unnecessary burdens, and opportunities for efficiencies within the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) statutory framework. CUNA notes that regulatory regimes like BSA should be a scalable framework to help smaller institution [Passed 43-16]

H.R. 3111, The National Flood Insurance Program (NFIP) Administration Reform Act of 2019, which would make administrative reforms to the NFIP [Passed 58-0]

H.R. 3167, The NFIP Reauthorization Act of 2019, which would extend NFIP through Sept. 30, 2024. While CUNA supports this bill and H.R. 3111, it also called for a long-term, sustainable solution to restore certainty to the market [Passed 59-0]

H.R. 2162, The House Financial Literacy Act of 2019, which would require the Secretary of the Department of Housing and Urban Development to provide a 25-basis point discount in FHA insurance premiums for first-time homebuyers that complete a financial counseling course [Passed 53-6]