WASHINGTON (11/10/15)--The U.S. Senate and House calendars are not in alignment this week due to Wednesday’s Veterans Day holiday, with the House out and the Senate working a short week. However, CUNA will be monitoring all developments, including several chances of regulatory relief.
Last week, the House passed the DRIVE Act (H.R. 22), which funds highways and contains an amendment with two regulatory relief provisions. Those provisions would permit privately insured credit unions to join the Federal Home Loan Bank program and would allow financial institutions to only send privacy notices to consumers when the policy has been updated.
“Both of these provisions have passed the House numerous times in the past, so we were very pleased to see them included in the trust fund bill,” said CUNA Chief Advocacy Officer Ryan Donovan.
The House and Senate will come together in a conference committee to hammer out differences between the House and Senate-passed version of H.R. 22.
Donovan said if the two regulatory relief provisions make it through the conference committee, prospects are enhanced for additional regulatory relief before the end of the year.
“We have a good situation set up in the Senate where the banking committee has approved a comprehensive regulatory relief bill, and Sen. [Richard] Shelby (R-Ala.), who chairs the banking committee, is also on the appropriations committee,” Donovan said. “He was able to attach that bill to the Financial Service and General Government appropriations bill.
“What all this means is that these issues are ripe for consideration as Congress tries to put together an omnibus appropriations bill before the end of the year.”
Donovan added that, while Democrats and the White House have previously said they do not want any extra riders on these bills, regulatory relief has support on both sides of the aisle.
“We know that there is some common ground, particularly on issues related to credit unions and small banks,” Donovan said. “What we’re hoping for is that when the big omnibus bill comes together at the end of the year they’ll be able to identify the provisions that there is strong agreement on, and add those to the bill, and get it into law before the end of the year.”
Click on the video below to watch CUNA’s Advocacy Update for this week.