Statement by CUNA President and CEO Bill Cheney on action in the Senate, House Financial Services Committee

(March 13, 2014) -- Our thanks to Congress today for taking significant action on three separate pieces of regulatory relief legislation strongly supported by CUNA, leagues and credit unions around the nation. All three pieces of legislation, when they become law, will provide significant relief or the potential for it for credit unions from their regulatory burden – by holding the line on costs, increasing their voice in the regulatory process, and giving credit unions more flexibility to fund mortgage lending. In the Senate, legislation delaying flood insurance premium hikes (H.R. 3370) -- which was approved by the House earlier this month – was adopted overwhelmingly, and now goes to President for his signature. In the House, the Finance Services Committee reported to the floor two key items for credit unions: H.R. 3584 would give privately insured credit unions membership eligibility in the Federal Home Loan Bank System, while H.R. 2672 would allow lenders, including credit unions, greater input into rural designations made by the Consumer Financial Protection Bureau (CFPB). We thank the leaders the Senate, and the House Financial Services Committee, for their support and their action today.