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Financial Services Committee to Consider Bill to Exclude Many FIs from CFPB Rules
Tuesday, January 16, 2018 6:45 AM

The Community Financial Institution Exemption Act, or H.R. 1264, by Rep. Roger Williams (R-Texas), will be considered in the U.S. House Financial Services Committee meeting to be held tomorrow, Jan. 17 at 9 a.m. CST.

H.R. 1264 would exempt credit unions and other community financial institutions under $50 billion in assets from CFPB rules going forward. The Cornerstone League has been working with Williams on the issue of the CFPB not utilizing the authority Congress granted the agency to exempt credit unions from the onerous rules they have promulgated for several years.

Williams filed similar legislation in the previous Congress and has continued to work to advance legislation that gives credit unions significant relief from the onerous regulatory burdens from the CFPB. 

"We are grateful to Rep. Williams for his efforts on behalf of credit unions," said Cornerstone Credit Union League President/CEO Caroline Willard. "H.R. 1264 can make a real difference in the ability of credit unions to continue to thrive and serve our members."

Credit unions have requested that the CFPB use the authority granted to the CFPB by Congress to exempt credit unions from rules designed for the "too big to fail" banks. H.R. 1264 will make the exemption for credit unions explicit. Compliance with the CFPB rules have caused credit unions to limit or eliminate services such as remittances and mortgage lending or to merge with other credit unions when the costs of compliance proved too much.

"H.R. 1264 promises relief for the community financial institutions that are trying to serve their communities and their members," said Texas Credit Union Association President Jeff Huffman. "We thank Rep. Williams for bringing this legislation forward and hope Congress will act quickly to pass it."

H.R. 1264 is supported by CUNA, and you can see their comment letter here.

This legislation is one of many the House Financial Services Committee will consider. Other bills are:

  • H.R. 1426, the “Federal Savings Association Charter Flexibility Act of 2017”
  • H.R. 2226, the “Portfolio Lending and Mortgage Access Act"
  • H.R. 2255, the “Housing Opportunities Made Easier Act”
  • H.R. 2319, the “Consumer Financial Choice and Capital Markets Protection Act of 2017”
  • H.R. 3746, the “Business of Insurance Regulatory Reform Act of 2017"
  • H.R. 4061, the “Financial Stability Oversight Council Improvement Act of 2017”
  • H.R. 4550, the “Practice of Law Technical Clarification Act of 2017”
  • H.R. 4566, the “Alleviating Stress Test Burdens to Help Investors Act”
  • H.R. 4607, the “Comprehensive Regulatory Review Act”
  • H.R. 4725, the “Community Bank Reporting Relief Act”
  • H.R. 4738, the “Mutual Fund Litigation Reform Act”
  • H.R. 4768, the “National Strategy for Combating the Financing of Transnational Criminal Organizations Act”
  • H.R. 4771, the “Small Bank Holding Company Relief Act of 2018”
  • H.R. ____, the “Volcker Rule Regulatory Harmonization Act”
  • H.R. ____, the “American Customer Information Protection Act”
  • H.R. ____, the “Small Business Access to Capital After a Natural Disaster Act”

The markup will take place in Room 2128 of the Rayburn House Office Building and will be broadcast live on financialservices.house.gov

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