Removing Barriers Blog

House Financial Services Committee to Hold Markup on Several Regulatory Relief Bills
Posted September 29, 2015 by CUNA Advocacy

The House Financial Services Committee plans to hold a full committee markup on Wednesday, September 30 at 10am EST. We submitted this letter to the chair and ranking member of the committee in advance of tomorrow's markup.  The markup will focus on consumer protection and regulatory relief legislation. We expect the markup to last most of Wednesday.  It will include several bills that are important to credit unions:

H.R. 2769, the Risk-Based Capital Study Act of 2015

We strongly support the Risk-Based Capital Study Act, introduced by Representatives Fincher (R-TN), Heck (D-WA), and Posey (R-FL) that responds to the very significant concern many credit unions have regarding the National Credit Union Administration’s (NCUA) revised proposal to update risk-based capital standards for credit unions.

HR 1266, Financial Product Safety Commission Act of 2015

We support H.R. 1266, introduced earlier this year by Chairman Neugebauer, which would replace the Consumer Financial Protection Bureau (CFPB) Director with a Commission nominated by the president and confirmed by the Senate.

H.R. 1090, the Retail Investor Protection Act

We encourage the Committee to pass H.R. 1090, introduced by Representative Ann Wagner (R-MO), which would delay the U.S. Department of Labor’s (DOL) proposed fiduciary rule until the Securities and Exchange Commission (SEC) issues a rule governing standards of conduct for brokers and dealers. This legislation could provide more clarity and reduce regulatory overlap.  

H.R. 957, the Bureau of Consumer Financial Protection-Inspector General Reform Act of 2015

CUNA is supportive of H.R. 957, the CFPB-IG Act, introduced by Representative Steve Stivers (R-OH). This bill would create an independent inspector general for the Bureau. Currently, the Inspector General (IG) of the Federal Reserve Board also serves as the IG for the Bureau.

CUNA will be working with the committee and watching the markup closely to make sure the best interest of America’s credit unions is represented.