National Association of Federally-Insured Credit Unions (NAFCU) President and CEO Dan Berger today issued a statement following the passage of a NAFCU-backed regulatory reform bill in the Senate Banking Committee, which includes provisions offering relief under the member business lending (MBL) cap and certain Home Mortgage Disclosure Act (HMDA) disclosure requirements.
"Regulatory burden is a huge challenge for today's credit unions, and we appreciate Senate Banking Chairman [Mike] Crapo and the Democratic and Republican panel members who recognize this challenge," said Berger. "Creating a positive regulatory and legislative environment that allows credit unions to succeed is a top priority of NAFCU. We look forward to continuing our work with the Senate on this bill and other transformative legislation."
"This bill is a step in the right direction, and we will continue to advocate for the success of credit unions and their 110 million member-owners," Berger added.
Additional NAFCU-supported provisions in Title I of the package would provide credit unions with regulatory relief from various Truth in Lending Act (TILA) and TILA/Real Estate Settlement Procedures Act (RESPA) integrated mortgage disclosure rule provisions.
Ahead of today's mark-up, NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt sent a letter to the committee in support of the measure, the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). NAFCU also testified before the committee earlier this year, advocating the importance of regulatory relief for credit unions and the economic benefits credit unions offer.