Toomey adds CUNA-supported amendment to Senate panel-approved relief package

In the midst of Thursday’s Senate Banking Committee markup of a broad regulatory relief package for financial institutions, Sen. Pat Toomey (R-Pa.) introduced a CUNA-supported amendment to provide even more respite from the burden of rules that credit unions and others face. It was adopted 13-9 with bipartisan support.

Toomey’s provision would increase the Consumer Financial Protection Bureau (CFPB) examination threshold to $50 billion in assets–five times the current $10 billion cutoff.

CUNA and the Independent Community Bankers of America are the only two credit union or bank trade associations that have worked to support this higher threshold. CUNA Deputy Chief Advocacy Officer Sam Whitfield said CUNA appreciates the regulatory relief efforts of Toomey and all the senators who are working to move reforms forward in Congress.

CUNA strongly supports the change, although only a small number of credit unions fall above the $10 billion mark, because raising the cap would be recognition that credit unions have a different incentive structure as not-for-profit financial institutions.

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