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Community Financial Institution Exemption Act Gains Co-sponsors
Monday, July 20, 2015 7:00 AM

Congressmen Kenny Marchant of Texas and French Hill of Arkansas have joined Frank Lucas of Oklahoma as co-sponsors to HR 3048, the Community Financial Institution Exemption Act filed earlier this week by Congressman Roger Williams of Texas. 

This bill exempts credit unions and community banks with less than $10 billion in total assets from the rules and regulations of the Consumer Financial Protection Bureau unless the CFPB can show that these financial institutions have engaged in practices that harm consumers. 

Each of these congressional leaders represents states in the Cornerstone Credit Union League, which worked with the bill sponsor to develop the legislation.

Contact Texas Credit Union Association President Jeff Huffman at 469-385-6488 or jhuffman@txcua.coop for more information.