Go to:

July 2018
< Jun Aug >
Leaguer Email Subscription

You are not currently subscribed. Click Subscribe below to receive the Leaguer email.

FSGG Act with Regulatory Relief Bill Passes Subcommittee
Thursday, July 23, 2015 6:35 AM

The U.S Senate appropriations subcommittee passed the Financial Services and General Government Appropriations Act for 2016 yesterday morning, which contains Sen. Richard Shelby’s (R-AL) regulatory relief bill, the Financial Regulatory Improvement Act of 2015. 

Shelby’s bill passed the committee with a 12-10 vote along party lines, and he pledged to “explore areas of potential agreement” before the bill is sent to the Senate floor.

The bill contains a number of CUNA-supported provisions that would:

  • Eliminate the requirement that credit unions send annual privacy notices unless the policy has changed;
  • Allow privately insured credit unions to become members of the Federal Home Loan Bank (FHLB) system;
  • Establish an application process to designate an area as “rural;”
  • Allow an independent ombudsman to hear examination concerns;
  • Treat mortgages held in portfolio as qualified mortgages;
  • Remove an escrow for future insurance payments from the points and fees calculation;
  • Allow the Consumer Financial Protection Bureau (CFPB) examination threshold of $10 billion to be adjusted for inflation;
  • Call for a study on privacy risks of government publication of personal financial data;
  • Direct federal banking agencies to conduct a study of appropriate capital requirements for mortgage servicing assets;
  • Grant lenders a safe harbor until the CFPB can certify its Truth in Lending Act-Real Estate Settlement Procedures Act forms do not conflict with state law;
  • Require CFPB advisory meetings to be open to the public;
  • Require the National Credit Union Administration to hold public budget hearings;
  • Ensure FHLB membership for credit unions with under $1 billion in assets will have parity with similar-sized banks; and
  • Ensure a comprehensive regulatory review to identify unnecessary or redundant regulations.

The full Senate Appropriations Committee will mark up the Financial Services and Government Appropriations Act for 2016 at 10:30 a.m. (ET) today.