WASHINGTON (5/13/15)--Three credit union-specific regulatory relief provisions, as well as more than a dozen other relief items that benefit credit unions, are contained in a bill introduced by Senate Banking Committee Chairman Richard Shelby (R-Ala.) Tuesday.
The much-anticipated bill is expected to be marked up by the Senate Banking Committee on May 21.
“Several Title I provisions within Chairman Shelby’s draft legislation align with regulatory relief changes that CUNA has long advocated for on behalf of our members,” said CUNA President/CEO Jim Nussle when the bill was unveiled. “CUNA has repeatedly called on Congress to provide regulatory relief, and I thank Chairman Shelby and his staff for the many Title I provisions that will benefit credit unions and their members.”
The credit union-specific provisions in the bill are:
“These commonsense provisions have wide bipartisan support, and I urge Congress to work together to advance these important provisions,” Nussle said. “CUNA will continue to explore ways Congress can provide additional regulatory relief for credit unions as part of this legislative process.”
Several other provisions in the bill would provide regulatory relief to financial institutions, including credit unions. Those include:
A number of these provisions have House companion bills already introduced, for which CUNA has sent letters of support.
CUNA has worked consistently in favor of regulatory relief through testimony, letters to Congress and meetings with lawmakers and their staffs. 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.
According to reports, Senate Republicans have expressed support for a comprehensive regulatory relief bill that benefits a number of sectors within the financial services industry, while Democrats have supported a more targeted approach that would focus on limited relief for credit unions and community banks.
The bill’s other titles contain a number of other provisions, ranging from systematically important financial institutions to reforms of the Federal Reserve.