WASHINGTON—A bill has been introduced in the House that calls for the establishment of a Small Business Advisory Board to the Consumer Financial Protection Bureau.
It would further codify the bureau's existing credit union and community bank advisory councils. The bill was introduced by Reps. Robert Pittenger (R-NC) and Denny Heck (D-WA).
If passed, the legislation calls for the Small Business Advisory Board to provide information on emerging practices of small business concerns that provide eligible financial products or services, including regional trends, concerns, and other relevant information.
Meanwhile,another bill has been introduced by House Financial Services Subcommittee Chairman Blaine Luetkemeyer (R-MO), that would require the National Credit Union Administration to conduct a study on mortgage servicing assets and report back to Congress within one year.
NAFCU issued a statement of support for the legislation, called the Community Lending Enhancement and Regulatory Relief Act of 2015.
“We appreciate Chairman Luetkemeyer’s leadership in pressing for added regulatory relief and for working to ensure credit unions’ parity with other institutions with respect to capital requirements,” said NAFCU’s Carrie Hunt. “This bill would promote much-needed transparency, require a thorough analysis of the agency’s second risk-based capital proposal’s impact on mortgage servicing assets and encourage NCUA to take more time to consider the full impact of its capital rules.”
A similar bill was introduced by Luetkemeyer in the previous Congress.