ARLINGTON, Va.—In advance of the markup of a number of financial industry regulatory relief bills by the House Financial Services Committee today, NAFCU and CUNA each sent a letter to the committee urging support for several measures.
NAFCU and CUNA both asked Financial Services Committee Chairman Jeb Hensarling (R-TX) and Ranking Member Maxine Waters (D-CA) to back the following legislation:
H.R. 3192, the “Homebuyers Assistance Act,” which would provide temporary safe harbor from the Truth in Lending Act/Real Estate Settlement Procedures Act integrated disclosure rule.
H.R. 1941, the “Financial Institutions Examination Fairness and Reform Act,” aimed at improving the examination of depository institutions;
H.R. 1210, the “Portfolio Lending and Mortgage Access Act,” to provide a safe harbor from certain qualified mortgage requirements for residential mortgage loans held on a mortgage originator’s portfolio.
H.R. 766, the “Financial Institutions Customer Protections Act,” which would require federal regulators to provide a material reason for ordering financial institutions to terminate account relationships through the Justice Department’s “Operation Choke Point” initiative.
Vice President of Legislative Affairs Brad Thaler expressed NAFCU’s appreciation for the committee’s commitment to moving the legislation forward, and said the trade association will continue to work with the committee on these and other regulatory relief measures for credit unions.
In addition, he noted other pending regulatory relief bills including H.R. 2287, the “National Credit Union Administration Budget Transparency Act,” H.R. 2769, the “Risk-Based Capital Study Act,” and H.R. 2473, the “Preserving Capital Access and Mortgage Liquidity Act,” which he urged the committee to act on in future markups.
CUNA President and CEO Jim Nussle said the trade association appreciates the efforts of the Committee to remove barriers so that credit unions can more fully serve their members.
“When credit unions boards and managers – not government bureaucrats – are making decisions about how to provide services, the member-owners of the credit union benefit,” wrote Nussle. “The legislation under consideration at tomorrow’s markup takes small steps in the right direction toward removing some of these barriers.
“These bills represent a step in the right direction toward reducing the regulatory burden facing America’s credit unions,” continued Nussle. “Sadly, there is so much more that needs to be done. We encourage the Committee to continue its pursuit of regulatory relief legislation so that credit unions can more fully serve their members.”