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Reg Relief Bills Approved, Await Full House Action
Monday, November 23, 2015 6:50 AM

CUNA-backed regulatory relief bills were approved last week in the House after a two-day markup. These are bills that CUNA and the state credit union leagues continue to advocate for as they await full House action.  They include:

  • The Financial Institutions Examination Fairness and Reform Act (H.R. 1941). The bill creates an independent ombudsman and an independent examination appeals process, as well as examination standards for financial institutions. It passed 45-13; and,
  • The Financial Institution Customer Protection Act of 2015 (H.R. 766). The bill prohibits a federal banking agency from suggesting, requesting or ordering a depository institution to terminate either specific accounts, or otherwise restrict or discourage it from a banking relationship with a specific consumer, unless the agency has a material reason to do so that is not based solely on reputation risk. The bill passed 35-19.