NAFCU hails Reps. Williams’ and Lucas’ Introduction of H.R. 3048

WASHINGTON, D.C. (July 15, 2015) — National Association of Federal Credit Unions’ (NAFCU) Senior Vice President of Government Affairs and General Counsel Carrie Hunt hailed the introduction of H.R. 3048 by Reps. Roger Williams, R-Texas and Frank Lucas, R-Okla. The bill would strengthen the small creditor exemption under Consumer Financial Protection Bureau (CFPB) regulations by applying it to all credit unions with assets of less than $10 billion. H.R. 3048 would also require the bureau to make an affirmative finding that small community institutions are the intended targets of any new rules applied to them.

“We appreciate Representatives Williams’ and Lucas’ recognition of the importance of this exemption and their efforts to alleviate the already overwhelming regulatory burden for credit unions,” said Hunt. “When Congress first proposed the CFPB, NAFCU was the only financial services trade association to oppose CFPB having rulemaking authority over any credit union and has always opposed any bifurcation of the industry. This bill is a very solid step in the right direction to provide credit unions critically needed regulatory relief.”

Williams is a member of the House Financial Services Subcommittee on Financial Institutions and Consumer Credit.

The National Association of Federal Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance.

More News