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The House Financial Services Committee passed 8 CUNA-supported regulatory relief bills in a markup earlier today. CUNA wrote to committee leadership supporting the bills leading up to the markup.
“We thank the committee for passing these bipartisan regulatory relief bills that will help credit unions better serve their members,” CUNA President/CEO Jim Nussle said. “These bills are a step toward removing barriers keeping consumers from more affordable mortgages and other products. We’re encouraged by the committee’s action today, and will continue our engagement to get these bills to the House floor, the Senate, and across the finish line.”
The bills CUNA supported include:
H.R. 1116, the Taking Account of Institutions with Low Operation Risk (TAILOR) Act (passed 39-21), “would reduce regulatory burden for financial institutions with lower risk profiles relative to systematically significant institutions by requiring financial regulators to take risk into account when promulgating regulations;”
H.R. 2706, the Financial Institution Consumer Protection Act of 2017 (passed 59-1), would “impose certain limits on the federal government’s Operation Choke Point, by limiting federal bank regulators’ ability to discourage or restrict depository institutions from entering into or maintaining a financial services relationship with specific customers unless certain criteria are met;”
H.R. 2954, the Home Mortgage Disclosure Adjustment Act (passed 36-24), “would provide much needed relief, particularly to smaller credit unions, by raising the threshold that triggers Home Mortgage Disclosure Act reporting requirements to 1,000 closed-end and 2,000 open-end mortgages;”
H.R. 3072, the Bureau of Consumer Financial Protection Examination and Reporting Threshold Act of 2017 (passed 39-21), would “increase the threshold figure at which credit unions and banks are subject to direct examination and reporting requirements of the Consumer Financial Protection Bureau from $10 billion to $50 billion;”
H.R. 3758, the Senior Safe act of 2017 (passed 60-0), “represents an important step toward improving the ability of credit unions to protect seniors from unscrupulous activity by providing legal immunity for properly trained financial services employees who disclose concerns about financial exploitation of senior citizens;”
H.R. 3857, the Protecting Advice for Small Savers Act of 2017 (passed 34-26), would “repeal the [Department of Labor’s] fiduciary rule and preempt state law avoiding a patchwork of standards;” and
H.R. 3971, the Community Institution Mortgage Relief Act of 2017 (passed 41-19), would “make important changes to both the Truth In Lending Act (TILA) and the Real Estate Settlements Procedures Act (RESPA) to reduce the burden on small financial institutions. The proposal would exempt mortgage loans made by financial institutions under $25 billion in assets from TILA’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 bills would address many of CUNA's goals in its bipartisan, pro-consumer Campaign for Common-Sense Regulation, which was launched earlier this year.
CUNA has wrote in support of a number of these bills throughout this Congress, and in previous Congresses, and looks forward to the Senate taking action on important regulatory relief measures.
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