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CUNA Urges House Leadership to Pass FSGG Bill with Regulatory Relief
Friday, June 24, 2016 6:40 AM

Credit Union National Association wrote to U.S. House leadership Wednesday, urging the legislative body to pass the Financial Services and General Government (FSGG) Act of 2017 (H.R. 5485).

“This legislation appropriately funds programs that help credit unions better serve their members, like the Community Development Revolving Loan Fund and the Community Development Financial Institution Fund, and includes provisions that will help address the extraordinary regulatory burden that impedes credit union service to their members,” wrote CUNA President/CEO Jim Nussle to Speaker of the House Paul Ryan (R-Wis.) and House Minority Leader Nancy Pelosi (D-Calif.).

In the letter, Nussle urged swift passage of the legislation due to its:

  • Provisions to address credit union regulatory burden that are “necessary and appropriate,” including ones that would provide mortgage, Foreign Account Tax Compliance Act and auto lending relief;
  • Encouragement for further and broader use of the Consumer Financial Protection Bureau’s statutory exemption authority that the bureau has under section 1022 of the Dodd-Frank Act. CUNA cites the small credit unions that continue to be swept into CFPB rulemakings intended for bad actors, as well as the letter signed by 329 members of Congress encouraging the bureau to use this authority;
  • Organizational and funding changes to the CFPB, including bringing the bureau under the annual appropriations process and replacing the single director with a five-person board;
  • Requirement for additional CFPB analysis on its short-term, small-dollar lending proposal, which CUNA supports the concept of, but is concerned that the proposal will impact many consumer-friendly credit union products;
  • Acknowledging that the Federal Communications Commission’s Telephone Consumer Protection Act is problematic for financial institutions and consumers that need to be contacted with important account updates;
  • Requirement additional study from the CFPB on arbitration clauses, following the release of a proposed rule that CUNA believes is inappropriate for credit unions and could deprive members of an efficient legal option; and
  • Appropriately funding key programs, including $2 million for the CDRLF, $250 million for the CDFI Fund, as well as $28.5 billion for the Small Business Administration’s 7(a) loan program, and $7.5 billion for its 504 loan program.