WASHINGTON (5/12/15, UPDATED 1:40 p.m. ET)--Sen. Richard Shelby (R-Ala.) chair of the U.S. Senate Banking Committee, unveiled a regulatory relief bill today that contains a number of provisions CUNA has heavily advocated for.
“Now that the draft has been released, the mark-up begins for all intents and purposes,” said Ryan Donovan, CUNA’s chief advocacy officer. “We are analyzing the provisions that have been included in the draft and we’re going to be working with the committee leadership and our allies on the committee to look for ways for additional regulatory relief to be included as part of this package.”
CUNA has worked consistently in favor of regulatory relief through testimony and letters to Congress. Most recently, CUNA advocated for a number of provisions in an April 17 letter to the committee, a number of which are included in the legislation.
CUNA-backed provisions in the legislation include:
The draft bill will serve as a starting point for regulatory relief negotiations, and will be formally considered by the committee at its May 21 mark-up.
According to reports, Republicans have expressed support for a comprehensive regulatory relief bill, while Democrats have supported a more targeted approach that would focus on relief for credit unions and community banks.