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CUNA: Hensarling Amendment Would Remove Barriers for CUs
Thursday, November 5, 2015 6:40 AM

An amendment from Rep. Jeb Hensarling (R-TX) to the highway funding bill would help remove a number of regulatory barriers for credit unions, CUNA told U.S. House leadership Wednesday. In a letter sent to Speaker of the House Paul Ryan (R-WI) and House Minority Leader Nancy Pelosi (D-CA), CUNA President/CEO Jim Nussle praised the provisions in the amendment.

“The Hensarling Amendment includes many provisions that have previously passed the House Financial Services Committee and the House of Representatives,” Nussle wrote. “In particular, credit unions support the provisions of this amendment that would permit privately insured credit unions to join the Federal Home Loan Bank System and the provisions that would modernize privacy notifications.”

The first provision Nussle mentioned is based on the Capital Access for Community Financial Institutions Act of 2015 (H.R. 299), which passed the House in April. The second provision is based on the Eliminate Privacy Notice Confusion Act (H.R. 601). It would reduce regulatory burden while improving consumer protection by requiring financial institutions to send consumers privacy policy notifications only when the policy is changed.

“It is long past time for these provisions to become law, and we appreciate their inclusion in the Hensarling amendment and the Rules Committee for having made the amendment in order,” Nussle wrote. “We encourage the House to approve the Hensarling amendment.”