National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement regarding President Barack Obama’s signing into law today the transportation authorization bill, which includes NAFCU-sought relief measures for credit unions on privacy notices and some qualified-mortgage requirements.
The bill passed through both Chambers of Congress on Thursday.
“NAFCU thanks President Obama and lawmakers for making these regulatory relief measures for credit unions a reality,” Berger said. “This marks an important step of helping credit unions continue to provide top-notch service to their 101 million member-owners.”
The highway funding bill includes a NAFCU-backed amendment by House Financial Services Committee Chairman Jeb Hensarling, R-Texas, that contains the text of H.R. 601, the “Eliminate Privacy Notice Confusion Act.” The bill would clarify that consumers will receive privacy notices after opening a new account and when their providers’ privacy policies change – a change from the current annual-notice requirement.
Also in this package is the NAFCU-backed H.R. 1259/S. 871, the “Helping Expand Lending Practices in Rural Communities Act.” This bill would be helpful to credit unions as they deal with the CFPB’s definition of “rural area,” particularly as it relates to the ability-to-repay mortgage rule.