FSGG bill with CUNA-backed reg relief passes House Approps Committee

The House Appropriations Committee passed its Financial Services and General Government (FSGG) Appropriations Act for Fiscal Year 2019 late Wednesday night, legislation with a number of CUNA-supported regulatory relief provisions. CUNA wrote in support of the bill Wednesday prior to the committee’s markup.

“We support the many regulatory relief provisions included in the Subcommittee draft that would benefit credit unions. It includes a two-year delay to the effective date of the NCUA’s risk-based capital rule, from January 1, 2019 to January 1, 2021,” wrote CUNA President/CEO Jim Nussle. “The bill also includes the Mortgage Choice Act, the Privacy Notification Technical Clarification Act, the Financial Institutions Examination Fairness and Reform Act, the TRID Improvement Act, and the Bureau of Consumer Financial Protection–Inspector General Reform Act.”

The CUNA-supported bills in the FSGG legislation would:

• Remove certain premiums and title insurance from the points and fees calculation (Mortgage Choice Act);

 

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