WASHINGTON (10/21/15)--Today’s subcommittee hearing on regulatory relief features two credit union-specific bills and an additional regulatory relief bill for credit unions, all three of which have CUNA’s strong support.

The U.S. House Financial Services subcommittee on financial institutions and consumer credit will hear from three witnesses and examine seven bills in total.

The hearing is likely to be the final regulatory relief hearing in Congress this year; however, the House Financial Services Committee will likely mark up today’s bills in the middle of next week.

The two credit union-specific bills are:

• The Preserving Capital Access and Mortgage Liquidity Act (H.R. 2473), which would amend the Federal Home Loan Bank Act to ensure eligibility requirements for similarly sized credit unions and banks are the same. H.R. 2473 would include credit unions in the act’s definition of “community financial institution;” and
   
• The National Credit Union Administration Budget Transparency Act (H.R. 2287), which would require the NCUA to hold public hearings and accept public comments on its annual budget prior to adoption.

The third CUNA-supported bill is the Taking Account of Institutions with Low Operation Risk (TAILOR) Act of 2015 (H.R. 2896), which would require federal regulators to shape regulations that fit the risk profile and business model of institutions.

Credit unions, which operate as member-owned, not-for-profit cooperatives, generally have a very low risk level due to their business model.

The hearing is scheduled to begin at 10 a.m. (ET) and will be streamed live on the House Financial Services Committee’s website.

CUNA also sent its joint letter on EMV cards for the record of the House Small Business Committee hearing today.