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House Committee Approves Bill Exempting Most Credit Unions from CFPB Rules

Fri, Jan 19, 2018

The House Financial Services Committee Thursday approved H.R. 1264 which would exempt all financial institutions with less than $50 billion in assets from CFPB rules, virtually exempting all credit unions from CFPB rules. The committee approved 17 regulatory relief bills supported by credit unions, Leagues and CUNA

The bills passed included:

  • The Community Financial Institution Exemption Act (H.R. 1264), would exempt financial institutions with under $50 billion in assets from rules and regulations issued by the CFPB unless the bureau is able to demonstrate that these institutions are engaged in a pattern of abuse;
  • The Portfolio Lending and Mortgage Access Act (H.R. 2226), would treat residential mortgages held in portfolio by the original creditor as qualified mortgages;
  • The Business of Insurance Regulatory Reform Act of 2017 (H.R. 3746) would ensure regulation of insurance stays at the state level; and
  • The Comprehensive Regulatory Review Act (H.R. 4607), would amend the Economic Growth and Regulatory Paperwork Reduction Act of 1996 to require the Federal Financial Institutions Examination Council and federal financial regulators, including the CFPB and NCUA, to review all existing regulations once every five years.