WASHINGTON—Eyes are on the Senate this week as credit unions hope regulatory relief provisions passed by the House as part of its highway funding bill make their way through the Senate’s version of the legislation.
By a vote of 363-64, the House last week passed H.R. 22, which carries an amendment that would remove a number of regulatory barriers facing credit unions. The two key provisions are one that would permit privately insured credit unions to join the Federal Home Loan Bank System, and another that would modernize privacy notifications.
“CUNA of course supports these provisions,” reminded Chief Advocacy Officer Ryan Donovan. “But there are a few more steps in the process before they can become law. We hope these provisions survive this week’s session and that Congress will pass a long-term highway authorization bill that includes these provisions.”
NAFCU, too, is watching the legislation.
“We are hopeful that what was added in the House can survive, whether it’s a conference or the Senate just taking up the House bill,” said NAFCU Vice President of Legislative Affairs Brad Thaler. “The privacy notice provision has previously passed the House unanimously a number of times and has been on the one-yard line. We hope it gets over the line this time.”