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HR 3048, Reducing CFPB Rules on CUs, Gains Another Co-Sponsor
Monday, September 21, 2015 7:00 AM

The Community Financial Institution Exemption Act, H.R. 3048, filed July 13 by Congressman Roger Williams of Texas, now has six co-sponsors with the addition of Congressman Walter Jones from North Carolina’s Third District.

He joins Kenny Marchant of Texas, Frank Lucas and Tom Cole of Oklahoma, French Hill of Arkansas, and Andy Barr of Kentucky.

H.R. 3048 exempts credit unions and community banks with less than $10 billion in total assets from the rules and regulations of the Consumer Financial Protection Bureau unless these financial institutions have engaged in practices that are detrimental to consumers. 

Contact Texas Credit Union Association President Jeff Huffman at 469-385-6488 or jhuffman@txcua.coop for more information.