Creating Influence

Another Step Forward Toward Federal Reg Relief: Credit Union Bill Passes U.S. House

While the focus of late in Congress was the shutdown (which ended on January 22nd when the Senate voted in favor of a temporary funding bill to keep the federal government open through February 8th, and the House quickly approved and was signed into law), and the subsequent large and yet to be resolved national issues, behind the scenes there has been action on bills to help credit unions. On January 18th the U.S. House passed credit union-supported legislation H.R. 2954, the Home Mortgage Disclosure Adjustment Act.

If passed by the Senate and signed into law, it would raise the threshold that triggers new CFPB data reporting requirements to 500 closed-end and 500 open-end mortgages. This would provide much-needed relief, particularly to smaller credit unions, which is why we strongly support the legislation. Prior to the vote, CUNA sent a letter on behalf of credit unions to Speaker Ryan and Minority Leader Pelosi thanking them for allowing this important piece of legislation to be voted on by the full House of Representatives. More work continues, but this is positive movement towards regulatory relief for the industry.

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