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Texas Congressman Filemon Vela Signs on to HR 3048 Exempting CUs from CFPB Rules
Friday, July 8, 2016 7:00 AM

Congressman Filemon Vela (D-Texas, Brownsville) has joined 43 of his fellow U.S. representatives by signing on to HR 3048 as a cosponsor. The cosponsors from the Cornerstone region include all House members in the Arkansas (4) and Oklahoma (5) delegations and 18 of the 36 from the Texas delegation.

"We appreciate Congressman Vela’s support of this very important legislation," said Dick Ensweiler, president/CEO of the Cornerstone Credit Union League. "Every member of Congress who is stepping up to cosponsor HR 3048 increases the prospect of achieving significant regulatory relief for our credit unions."

The Community Financial Institution Exemption Act, HR 3048, would exempt credit unions and community banks under $10 billion in assets from the CFPB’s new rules and regulations moving forward. Section 1022 of the Dodd-Frank bill gives the CFPB the ability to exempt financial institutions under $10 billion in total assets, but the CFPB refuses to use this exemption authority. This new legislation would address the problem by making the exemption absolutely clear.

The CFPB’s latest proposal is a 1,300-page small loan rule that has broader implications impacting the refinancing of vehicles as well.

“It was the leadership of our credit unions in south Texas that resulted in getting Congressman Vela to cosponsor HR 3048,” said Jeff Huffman, president of the Texas Credit Union Association. “The bill continues to gather bi-partisan support with every conversation our credit unions have with members of Congress about the challenges community financial institutions are facing from regulations.”

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