Senate Banking Committee Chairman Mike Crapo, R-Idaho, unveiled a bipartisan regulatory relief deal with several Democratic colleagues Monday that includes a NAFCU-backed bill exempting loans for one-to-four-unit, non-owner-occupied dwellings from the credit union member business lending cap (MBL). Another NAFCU-supported provision would provide relief from certain Home Mortgage Disclosure Act (HMDA) disclosure requirements.
“NAFCU thanks Chairman Crapo and his Democratic partners in the Senate for including provisions in this package that would lead to regulatory relief for credit unions,” said NAFCU President and CEO Dan Berger. “We look forward to working with members of the Senate Banking Committee, their staff and other senators as this package moves through the legislative process. This bill is a step in the right direction, and we will continue to push for more relief for the industry and its 110 million member-owners.”
The NAFCU-supported provisions in the regulatory relief package include:
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