WASHINGTON (7/14/15)--A CUNA-backed regulatory relief bill will be considered by the U.S. House today, while the Senate Banking Committee will receive semiannual updates from the Federal Reserve and the Consumer Financial Protection Bureau (CFPB) later this week.
The House will consider the Mortgage Servicing Asset Capital Requirements Act (H.R. 1408), which was approved by the House Financial Services Committee in March, and has CUNA’s strong support.
H.R. 1408 would require federal banking agencies to conduct a study of the appropriate capital requirements for mortgage servicing assets for nonsystemic banking institutions. The bill would put a temporary delay on the implementation of the mortgage servicing rights aspect of the National Credit Union Administration’s risk-based capital proposal.
“Under the National Credit Union Administration’s risk-based capital proposal, higher risk weightings are placed on mortgage servicing assets. CUNA strongly believes nothing should be done by regulation that would negatively impact the relationship between a credit union and their member-owners,” wrote CUNA President/CEO Jim Nussle to members of Congress earlier this year.
On Wednesday, CFPB Director Richard Cordray will give his semiannual report to the Senate Banking Committee, starting at 10 a.m. (ET). On Thursday, Federal Reserve board of governors Chair Janet Yellen will give her semiannual report to the Senate Banking Committee, starting at 2:30 p.m. (ET).
Both hearings will be streamed live on the committee’s website.