Senate Banking Committee Chairman Richard Shelby, R-Ala., is expected this week to release a draft of his regulatory improvement legislation, which could include several regulatory relief measures specifically aimed at credit unions and community banks.

The Senate Banking Committee is scheduled to hold a mark-up of “The Financial Regulatory Improvement Act of 2015” May 21. NAFCU staff continue to work closely with committee members and their staff to advance credit unions’ relief needs and will monitor the draft bill’s progress closely. The bill could  also draw amendments focused on other areas of regulatory reform during the mark-up.

“NAFCU looks forward to continuing to work with lawmakers in the Senate Banking Committee and elsewhere to advance credit union regulatory relief,” said NAFCU Vice President of Legislative Affairs Brad Thaler. “We applaud Chairman Shelby and others who are acting to help credit unions out from under the current heavy regulatory burden.”

NAFCU testified on the need for regulatory relief for credit unions before the committee in February, and it has urged the committee to take action on various regulatory relief measures pending before the Senate, including privacy notice relief, relief from qualified mortgage requirements and the “National Credit Union Administration Budget Transparency Act.”

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