Credit Union, Bank Reg Relief Bill Could Come Soon

Comprehensive regulatory relief legislation could be considered by the House Financial Services Committee in the coming weeks. The Credit Union National Association is urging legislators to include greater supplemental capital and member business lending authority to this package, Ryan Donovan, CUNA senior vice president of legislative affairs, said Monday.

Financial Services Committee members are said to be preparing to offer a bipartisan regulatory relief bill, or bills, Donovan noted. This could be the subject of consideration in the committee later this month, if leaders are able to agree on the components of the bill, he said.

Committee members are looking for areas where credit union and community bank interests may intersect in a bill. CUNA has assured lawmakers that such areas exist; for instance, one such area is examination fairness legislation.

Pamela Stephens, CEO of Security One FCU, Arlington, Texas, presented CUNA’s 35-point relief plan for regulatory relief during a March subcommittee hearing. Changes promoted by the CUNA plan include:

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