Creating Influence

Cutting the Red Tape in D.C.: Two Regulatory Relief Bills Pass U.S. House

On March 6th the U.S. House passed two regulatory relief bills of interest to credit unions, one of which is championed by one of Georgia’s Congressmen, U.S. Rep. Barry Loudermilk (R-11). His bill, 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 to review all existing regulations once every five years. NCUA currently voluntarily reviews its regulations every three years, but this bill would require a review in law (and require it for the Consumer Financial Protection Bureau as well).

The other bill of interest that passed, the Portfolio Lending and Mortgage Access Act (H.R. 2226), would treat residential mortgages held in portfolio by the original creditor as qualified mortgages. These two bills now move forward to the U.S. Senate for their consideration, and our thanks to Rep. Loudermilk for his bill to help reduce regulatory relief!

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