A bipartisan group of senators, led by Banking Chairman Mike Crapo (R-Id.) Monday unveiled changes to Dodd-Frank that eschews a controversial overhaul of the CFPB in favor of other that credit union trade groups said would provide them with much-needed regulatory relief.
The groups emphasized the importance of several provisions, including one that would provide that a 1- to 4-family dwelling that is not the primary residence of a member not be considered a member business loan under the Federal Credit Union Act.
“We certainly think there are good things in the bill that will help credit unions,” said Carrie Hunt, NAFCU’s executive vice president of government affairs and general counsel. She added that taken together, changes in mortgage law particularly will help credit unions.
continue reading »