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HR 1264 to Exempt Credit Unions from CFPB Regs Filed in US House
Monday, March 6, 2017 7:00 AM

Congressman Roger Williams (R-Texas) filed HR 1264, the "Community Financial Institution Exemption Act" last week. The bill requires the Consumer Financial Protection Bureau to exempt credit unions and community banks under $50 billion in assets from the rules and regulations of the CFPB going forward. HR 1264 is similar to Williams' bill from last session, HR 3048.

The Texas Credit Union Association worked closely with Williams to get the legislation filed. Though HR 3048 didn't pass, it gained 46 cosponsors, including all of the House members in the Arkansas and Oklahoma delegations and 19 of Texas’ 36-member delegation.

Williams has made several changes to the legislation now known as HR 1264, and Cornerstone will once again support Williams’ efforts to pass the legislation. In addition to raising the exemption cap from $10 billion to $50 billion, there is an additional provision requiring the concurrence of the prudential regulator in order for the CFPB to impose more rules on credit unions or community banks.

There is much discussion by the new Administration and Congress about efforts to lesson regulatory burdens. President Trump issued an executive order in February outlining his principles for regulating the United States financial system, laying the groundwork for lightening the regulatory load on financial institutions.

Cornerstone credit unions were in DC last week pressing for regulatory relief at the CUNA GAC, including asking for cosponsors to HR 1264.

"The best consumer protection there is would be creating a favorable environment for credit unions to operate, rather than drowning them in more one-size-fits-all regulations," said Jeff Huffman, president of Texas Credit Union Association. "We appreciate Congressman Williams' leadership towards developing a functioning exemption from endless CFPB rules again in this Congress."

For more information, please contact Texas Credit Union Association President Jeff Huffman at 469-385-6488 or jhuffman@txcua.coop.