Removing Barriers Blog

House Financial Services Committee Passes Three CUNA-Supported Bills
Posted December 13, 2017 by CUNA Advocacy

Earlier this afternoon, the House Financial Services Committee passed three CUNA-backed regulatory relief bills.  Today was the second and final day of the 15-bill markup.  Prior to the start of the markup, CUNA sent a letter supporting three bills and reiterated the importance of regulatory relief for credit unions and their 110 million members. 

  • H.R. 1457 – the Making Online Banking Initiation Legal and Easy Act of 2017, which would allow financial institutions to record personal information from a copy of an individual's identification for the purpose of verifying the authenticity of the identification.  Passed 60-0

  • H.R. 4464 – the Common Sense Credit Union Capital Relief Act of 2017, which would repeal NCUA’s risk-based capital rule.  Passed 33-25

  • H.R. 4545 – the Financial Institutions Examination Fairness and Reform Act of 2017, which would bring fairness to the exam process by providing for an independent appeals process at the Federal Financial Institutions Examination Council.  Passed 50-10 

During the markup, several Members of the Committee cited CUNA research. 

“According to CUNA, in 2015 more than three-quarters of credit unions said heavier regulatory and examination requirements are putting increased pressure on members,” said Rep. Nydia Velazquez (D-NY).  “Half of CUNA members surveyed said examiners are applying guidance and best practices as if they had the force of regulations. This type of environment hurts main street businesses and must be addressed.” 

Rep. Scott Tipton (R-CO) cited CUNA’s 2010 examination survey that found 27% of respondents reported dissatisfaction with their most recent exam, and 21% wanted to appeal, but could not, with two-thirds of those credit unions indicating they feared retaliation. 

CUNA appreciates the Committee and the bill sponsors for their work on these important pieces of legislation.  CUNA will continue to work with the Committee and Congress to ensure common-sense regulations are passed and signed into law.