U.S. House of Representatives passes CUNA-Backed credit union relief bills

WASHINGTON, DC (May 6, 2014) — Washington D.C. – The Credit Union National Association President & CEO Bill Cheney released the following statement on the U.S. House of Representatives passage of several bills that will bring regulatory relief to credit unions, including the CFPB Rural Designation Petition and Correction Act (H.R. 2672), the Credit Union Share Fund Insurance Parity Act (H.R. 3468), and the Capital Access for Small Community Financial Institutions Act of 2013 (H.R. 3584). CUNA sent a letter to all members of the House Monday urging passage of the legislation. Regulatory relief for credit unions is a top CUNA legislative and regulatory priority.

“CUNA and the Leagues have been pushing these regulatory relief items for some time. In fact, CUNA placed the issue of federal credit union insurance on lawyers’ trust accounts (and others) before the House Financial Services Committee for its consideration. Beyond that: These regulatory relief bills are credit union stand-alone bills, which passed the House on their own merits and not as part of a big roundup of many stakeholders’ legislative agendas. Credit unions, the state credit union associations and CUNA have taken their regulatory burden story to Capitol Hill and federal lawmakers are listening to our story.”

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