Credit union concerns pressed by NAFCU in advance of House panel mark-up

NAFCU on Monday urged the House Financial Services Committee, which holds a mark-up today of financial sector regulatory relief measures, to ensure the relief contemplated in one bill for the thrift industry is met with a measure of relief for the nation’s credit unions.

In a letter to the committee Monday, NAFCU Vice President of Legislative Affairs Brad Thaler noted support for H.R. 3738 the “Office of Financial Research Accountability Act of 2015,” which ensures improved transparency and more-efficient interagency coordination while heightening cybersecurity protections at the Treasury Office of Financial Research. The bill is authored by Reps. Ed Royce, R-Calif., and Patrick Murphy, D-Fla.

NAFCU also noted supported for H.R. 3557, the “FSOC Transparency and Accountability Act,” which would improve the deliberative process at the Financial Stability Oversight Council by limiting the specified members of FSOC to one vote per member, among other provisions.

In other comments, the association lodged opposition to H.R. 1660, the “Federal Savings Association Charter Flexibility Act of 2015,” which would extend certain powers now held by national banks to federal savings associations, without requiring a change in charter. NAFCU is urging against the measure unless credit unions also receive additional relief from current regulatory constraints – for example, through an easing in member business lending limits, access to supplemental capital or changes in statutory field-of-membership restrictions.

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