Senate panel passes NAFCU-backed MBL provision, others
The Senate Banking Committee yesterday passed a NAFCU-backed regulatory reform bill that includes provisions offering relief under the member business lending (MBL) cap and certain Home Mortgage Disclosure Act (HMDA) disclosure requirements. The bill now awaits action by the full Senate.
“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 NAFCU President and CEO Dan 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.
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