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House Approves Highway Bill with CUNA-backed Amendment
Friday, November 6, 2015 6:45 AM

The U.S. House passed the DRIVE Act (H.R. 22) by a 363-64 vote, a bill that includes a CUNA-backed regulatory relief amendment offered by Rep. Jeb Hensarling (R-TX).

The amendment passed by a voice vote early Thursday morning and includes provisions that have been passed by the House on a number of occasions. One provision would permit privately insured credit unions to join the Federal Home Loan Bank program; the second would allow financial institutions to only send privacy notices to consumers when the policy has been updated.

The House-passed version of H.R. 22 is different from the one that passed the Senate in July, so the two houses will meet in conference committee. The short-term highway funding expansion last agreed upon by Congress is scheduled to expire Nov. 20.