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Credit Union System Urges Support for Senate Regulatory Relief Bill

Mon, Dec 11, 2017

The push for common-sense regulatory reform by Credit unions, the Leagues and CUNA, is gaining real momentum as the Senate’s Economic Growth, Regulatory Relief, and Consumer Protection bill moves out of committee with bipartisan support. The bill makes important changes to provide regulatory relief to credit unions which have suffered under the “one-size-fits-all” rules that were designed specifically to protect consumers from Wall Street, but have had the unintended consequence of harming both credit unions, their members and Main Street.

As the legislation moves forward, we want Senator Van Hollen, who is a member of the Banking Committee, and Senator Cardin to know where credit unions stand. We encourage credit unions to reach out to their offices to let the Senators know why credit unions support the Senate’s Economic Growth bill.

Contact Info:

Senator Cardin
Phone: 202-224-4524
Email: https://www.cardin.senate.gov/contact/email-ben

Senator Van Hollen

Phone: 202-224-4654
Email: https://www.vanhollen.senate.gov/content/contact-senator

Key provisions impacting credit unions: 

  • Grants credit unions parity with banks by classifying residential loans on one-to-four non-owner occupied units as real estate loans, freeing up credit unions to lend to more small businesses. 
  • Raises the Home Mortgage Disclosure Act (HMDA) reporting thresholds to 500 closed-end and open-end loans in calendar year. 
  • Provides that certain mortgage loans that are originated and retained in portfolio by an insured depository institution or an insured credit union with less than $10 billion in total consolidated assets will be deemed qualified mortgages under the Truth in Lending Act (TILA). 
  • Requires federal banking agencies to reduce reporting requirements for depository institutions with less than $5 billion in total consolidated assets that satisfy other criteria the federal banking agencies deem appropriate. 
  • Requires the NCUA to publish and hold a hearing on a draft budget prior to submitting the budget. 
  • Requires the GAO to study various aspects of the consumer reporting industry. 
  • Requires the Treasury to conduct a study on the risks that cyber threats might pose to financial institutions.

CUNA’s Campaign for Common-Sense Regulations website is also a good source of information: https://www.cuna.org/Advocacy/Actions/Campaign-for-Common-Sense-Regulation/

If you reach out to Senators Cardin and Van Hollen, please let us know so that we can track outreach, you can email or call Chip Riddleberger, our Director of Political Affairs, at triddleberger@mddccua.org or 443-325-0775.