WASHINGTON—NAFCU and CUNA are expressing disappointment after a number of CU regulatory relief provisions did not survive the omnibus spending bill passed by the Senate today. Some CU-backed provisions, however, including one around cybersecurity, have survived.
Heading into conference the omnibus bill contained several provisions for credit union regulatory relief, including addressing qualified mortgage rules and the asset size of financial institutions subject to CFPB examination. There was also a provision requiring NCUA budget hearings.
“We would like to have seen more regulatory relief provisions for credit unions included in the bill, but this is not the end of this Congress and we have 2016 to build on our efforts,” said NAFCU Vice President of Legislative Affairs Brad Thaler. “We will continue to push Congress next year to enact comprehensive regulatory relief for credit unions.”
CUNA president/CEO Jim Nussle said that while there are provisions in the bill that provide some positive impact for credit unions, “We are disappointed Congressional leaders were unable to reach an agreement on the bipartisan issues impacting small financial intuitions that would garner significant regulatory relief for credit unions and our over 100 million members.”
What did survive the release of the omnibus bill is a provision addressing stronger cyber security measures, particularly for retailers, and a provision requiring NCUA to study mortgage servicing assets in the final risk-based capital rule.
Senate Banking Committee Chairman Shelby’s (R-AL) regulatory relief bill contained about 25 provisions that would benefit financial institutions, and while NAFCU hoped more of the provisions would be included in the omnibus bill today, Thaler expects more measures will be addressed next year.
“Again, there are some positives in today’s package,” said Thaler. “We still have another year of this Congress, so all these provisions are back on the table in January.”