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Congressman Gene Green Signs on to HR 3048
Monday, June 13, 2016 7:00 AM

Rep. Gene Green (D-Houston) is now a cosponsor of HR 3048, the Community Financial Institution Exemption Act. He joins 16 other representatives from Texas, along with the entire Oklahoma delegation and three of Arkansas’ four representatives, in support of the legislation that would exempt credit unions from new CFPB rules. HR 3048 now has 43 bipartisan cosponsors from across the country.

Credit union leaders in the Houston area have been meeting with Green and informed him of the difficulties they face under the onerous regulations from the CFPB. The rules are meant to address problems that credit unions did not create but are making it harder for credit unions to meet their members’ needs.

“The work of many of the Houston-area credit union leaders was key to getting Congressman Gene Green’s support for the bill,” said Jeff Huffman, president of the Texas Credit Union Association. “The Houston CU leaders have been engaging their delegation at every level—CUNA GAC, Hike the Hill, Texas Voter match program, and local meetings with their delegation. It’s good to see credit unions' hard work yield these positive results.”

"Congressman Green’s support of HR 3048 demonstrates the importance of discussing these issues with your member of Congress," said Dick Ensweiler, president of Cornerstone Credit Union League. "We appreciate his leadership on this issue, as well as that of all the members of Congress who are supporting this bill to make the CFPB exemption in Sec. 1022 work for consumers, credit unions and community banks.”

HR 3048, authored by Rep. Roger Williams (R-Austin), would make clear that credit unions and community banks under $10 billion in assets are exempt from all CFPB regulations going forward. Passage of HR 3048 would provide significant regulatory relief to these community financial institutions that are inordinately impacted by the CFPB rules being promulgated.

The most recent CFPB proposed rule on small loans is yet another example of loan products that have been provided by credit unions at excellent rates. Huffman said these products have benefited credit union members for decades but could be much more expensive and difficult to provide—if not impossible—if this CFPB rule is adopted.

“Given this most recent proposed rule from CFPB, it is more important than ever that Congress pass HR 3048,” said Huffman.

For more information, please contact Texas Credit Union Association President Jeff Huffman at 469-385-6488 or jhuffman@txcua.coop.