Removing Barriers Blog

Rep. Stivers Requests Inclusion of Reg Relief Language in Upcoming Appropriations Bill
Posted March 18, 2016 by CUNA Advocacy

This week, Rep. Steve Stivers (R-Ohio) requested that the House Appropriations subcommittee on financial services and general government include “common-sense regulatory relief language” for community financial institutions in its report for FSGG legislation. Stivers was joined by 328 fellow members of Congress earlier this month requesting the Consumer Financial Protection Bureau (CFPB) use its exemption authority to ease the regulatory burden on credit unions. Stivers cited that letter in his FSGG request.

“With major rules already being implemented and new regulations on the horizon, I urge you to include language in your legislation that expresses the sense of Congress that the CFPB use its statutory exemption authority to ensure its rulemakings do not adversely impact the ability of credit unions and small banks to provide affordable and safe financial services products to our constituents,” Stivers wrote.

“Credit unions are often the safest and most affordable option in the marketplace,” he wrote. “Yet, in Ohio, our credit unions continue to be saddled with new regulations from the CFPB which are better suited for bad actors or those who engaged in the unscrupulous lending that resulted in the 2008 financial crisis.”

The Appropriations Committee is expected to begin consideration of this bill later this Spring, after Congress has passed a budget resolution for fiscal year 2017.