WASHINGTON—NAFCU and CUNA are closely following hearings on both sides of Congress this week, but none more important than Thursday’s Senate Banking Committee mark-up on the “Financial Regulatory Improvement Act of 2015.”
The draft bill was released last week by Chairman Richard Shelby (R-Ala.) and the package includes several NAFCU- and CUNA-backed provisions for credit union relief and “transparency” at NCUA. NAFCU, CUNA, the Independent Community Bankers of America and the American Bankers Association jointly wrote Shelby and the committee’s ranking member, Sen. Sherrod Brown (D-Ohio), to lodge their support for the legislation Friday.
NAFCU and CUNA stated that their lobbyists will be in close contact with committee members and staff to push credit unions’ concerns as Thursday approaches.
“This bill includes at least 15 provisions that would provide regulatory relief to credit unions—with some provisions exclusively for CUs,” stated CUNA’s Chief Advocacy officer Ryan Donovan.