Go to:

March 2019
< Feb Apr >
Leaguer Email Subscription

You are not currently subscribed. Click Subscribe below to receive the Leaguer email.

Bipartisan Bill Includes Regulatory Relief Specific to CUs
Tuesday, November 14, 2017 6:55 AM

A bipartisan group of Senate Banking Committee members have released a bill that includes credit union regulatory relief. The credit union provision would grant credit unions parity with banks by classifying residential loans on one-to-four non-owner occupied units as real estate loans. 

Currently these loans, when made by credit unions, are classified as business loans; similar loans made by banks are considered real estate loans. Bipartisan standalone legislation containing this language has already been introduced in the House and Senate.  

“We appreciate the work of the Senate Banking Committee, including Sen. Cotton from Arkansas, to introduce regulatory relief legislation with credit union-specific provisions,” said Jim Phelps, Cornerstone Credit Union League’s chief advocacy officer. “This is a positive step towards achieving regulatory relief in this Congress, but there is still a long way to go in the legislative process. In the coming days, it will be essential for credit union advocates to stay informed and engaged to help augment Cornerstone’s efforts to advance this legislation.” 

Cornerstone highly encourages credit unions to be active on social media, thanking your senators for supporting Main Street and #CommonSenseReg, and encouraging them if they've not yet signed on. Following is the list of all original cosponsors:

Republicans: Mike Crapo (R-Idaho), Bob Corker (R-Tenn.), Tim Scott (R-S.C.), Tom Cotton (R-Ark.), Mike Rounds (R-S.D.), David Perdue (R-Ga.), Thom Tillis (R-N.C.), John Kennedy (R-La.), Jerry Moran (R-Kan.).

Democrats: Joe Donnelly (D-Ind.), Heidi Heitkamp (D-N.D.), Jon Tester (D-Mont.), Mark Warner (D-Va.), Tim Kaine (D-Va.), Angus King (I-Maine), Joe Manchin (D-W.V.), Claire McCaskill (D-Mo.), and Gary Peters (D-Mich.).

“This bill includes credit union-specific provisions that provide meaningful regulatory relief, a sign that policymakers are paying close attention to the needs of credit union members,” Nussle said. “We thank Sen. Crapo and his colleagues for working across party lines to advance regulatory relief legislation that benefits community financial institutions, and look forward to continuing to work closely with them as the bill moves through the legislative process.” 

Regulatory relief is part of CUNA’s Campaign for Common-Sense Regulation, launched earlier this year to see common sense regulations enacted to remove barriers keeping credit unions from more fully serving their members.