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Congress Passes Measures for CU Regulatory Relief
Monday, December 7, 2015 6:50 AM

In a huge victory for credit unions and the more than 100 million credit union members in the U.S., the Conference Report on the highway funding bill (H.R. 22) passed Congress was signed into law by President Obama on Friday. This bill represents years of work by thousands of advocates to help achieve regulatory relief for credit unions. 

Credit Union National Association President/CEO Jim Nussle reminds us, "It's not the end of the road for our efforts, but it is a big deal to get these things behind us so we can move forward on other efforts."

The bill includes several key CUNA-backed provisions that will help remove barriers for credit unions to better serve their members.

  • Privacy notification requirements. This change will have a positive impact on nearly every credit union's bottom line.
  • Privately insured credit unions can now become members of the Federal Home Loan Bank (FHLB) system.
  • Consumer Financial Protection Bureau rural designation for credit union service offerings. "This is a small, yet meaningful chip away at the Dodd-Frank overreach," said Nussle.

Credit union regulatory relief is part of the mix in the omnibus federal government appropriations bill that is being debated in Congress as funding for the federal government is set to expire next Friday, Dec. 11. The Senate version of the bill contains nearly a dozen regulatory relief provisions passed by the Senate Banking Committee earlier this year. The House version contains important reforms for the CFPB.

CUNA is working hard to preserve as many of these reforms as possible, but the partisan gridlock that has gripped Capitol Hill is making the job of reaching a compromise difficult on many issues, including ours.