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Texas Rep. Kevin Brady Co-Sponsors Community FI Exemption Act
Tuesday, October 4, 2016 7:00 AM

Congressman Kevin Brady (R-Texas, The Woodlands), chairman of the U.S. House of Representatives Ways and Means Committee, has added his name to HR 3048, the bill that would exempt credit unions from new Consumer Financial Protection Bureau regulations going forward. Brady is the 19th Texas congressman, along with the entire Arkansas and Oklahoma delegations from the Cornerstone Credit Union League region, to co-sponsor HR 3048. This brings the total number of cosponsors to 46.

"We appreciate Chairman Brady’s and all of the cosponsors' support on this crucial bill," said Jeff Huffman, president Texas Credit Union Association. "They understand the damage done by the overregulation of credit unions, and the passage of HR 3048 would bring about common sense solutions to the regulatory flood from DC. Credit unions continue to be hit with more rules from the CFPB, such as the 1,300-page proposed rule on small loans, which increases the time and resources credit unions have to spend on new compliance requirements for a loan product they have been successfully providing for over 80 years."

HR 3048 by Roger Williams (R-Texas, Austin) would exempt credit unions and community banks with less than $10 billion in total assets from new rules and regulations issued by the CFPB unless a majority of these financial institutions are shown to have engaged in practices that harm consumers.

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