This week: NAFCU pursuing passage of CU reg relief

NAFCU will be active on Capitol Hill this week pushing for credit union regulatory relief on several fronts as the House prepares in the coming weeks to consider the NAFCU-backed Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155). NAFCU has been working to advance S. 2155 since it was introduced by Senate Banking Committee Chairman Mike Crapo, R-Idaho, and several Democratic members of the committee in November. The association also has an active grassroots campaign urging credit unions to contact their lawmakers in support of this regulatory relief effort.

S. 2155 includes various credit union regulatory relief measures related to member business lending (MBL) and the Home Mortgage Disclosure Act (HMDA). The bill passed the Senate in March. As NAFCU keeps up the push for regulatory relief, the association will update credit unions on the bill’s progress.

The House on Tuesday is scheduled to consider a NAFCU-backed bipartisan bill – the Small Business 7(a) Lending Oversight Reform Act of 2018 (H.R. 4743) – that would improve the Small Business Administration’s (SBA) 7(a) loan program. A NAFCU witness testified in favor of improvements to the SBA’s 7(a) in January, and the legislation advanced out of the House Small Business Committee in March. Similar legislation is also pending consideration in the Senate.

 

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