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House Passes Regulatory Relief Bill H.R. 3240
Thursday, December 4, 2014 6:45 AM

The U.S. House of Representatives voted Tuesday 422-0 in favor of H.R. 3240, the Regulation D Study Act. The act, if passed by the Senate and signed into law, will direct the U.S. Government Accountability Office to conduct a study of the impact of the Federal Reserve rules implemented through Regulation D that set monetary reserve requirements at depository institutions.

The regulation impacts credit union members by limiting the number of automatic withdrawals from a member's savings account to six transactions per month, which can unnecessarily cause credit union members to overdraft their checking accounts after the limit of six automatic transfers has been reached.

"CUNA is pleased that the House passed the Regulation D Study Act, legislation that will work to provide much needed financial regulatory relief," said CUNA President/CEO Jim Nussle when the bill passed. "CUNA has advocated for this bill since 2012. We've testified on this issue before the House Financial Services Committee and sent letters of support to members of Congress because it is important for our 100 million credit union memberships."

Rep. Robert Pittenger (R-NC), chief sponsor of the relief bill, cited the support of the Credit Union National Association for the bill when he introduced it on the House floor prior to the vote, including submitting a letter of support from CUNA President/CEO Jim Nussle for the record of the House voting session. Pittenger noted that CUNA represents 100 million credit union memberships across the country.

In addition to testifying in support of the act, CUNA sent letters of support to Speaker John Boehner (R-Ohio) and House Minority Leader Nancy Pelosi (D-Calif.) before the vote.

Nussle said that CUNA will also work with the Senate to urge the passage of a bill to extend share insurance coverage to lawyer trust accounts (S. 2699), the Capital Access for Small Community Financial Institutions Act (S. 1806), the Privacy Notice Modernization Act (S. 635), and the Mortgage Choice Act (S. 1577).