WASHINGTON (11/6/15)--The U.S. House passed the DRIVE Act (H.R. 22) by a 363-64 vote, a bill that includes a CUNA-backed regulatory relief amendment. Offered by Rep. Jeb Hensarling (R-Texas), the amendment passed by a voice vote early Thursday morning.
Hensarling’s amendment includes provisions that have been passed by the House on a number of occasions, including in this current Congress.
One provision would permit privately insured credit unions to join the Federal Home Loan Bank program; the second would allow financial institutions to only send privacy notices to consumers when the policy has been updated.
CUNA President/CEO Jim Nussle wrote to House leadership Wednesday urging support for the amendment, saying “it’s long past time these provisions became law.”
The House-passed version of H.R. 22 is different from the one that passed the Senate in July, so the two houses will meet in conference committee.
The short-term highway funding expansion last agreed upon by Congress is scheduled to expire Nov. 20.