WASHINGTON (12/14/15)--With the U.S. Senate and House agreeing last week on funding for the federal government through Wednesday, CUNA Chief Advocacy Officer Ryan Donovan says CUNA is hopeful that a deal will emerge that contains regulatory relief for credit unions. Federal government spending was originally supposed to lapse last Friday at midnight.
“It's not looking good--there are a lot of competing issues--but we know our provisions have bipartisan support and we are hopeful they will make the final cut,” Donovan said.
Both the Senate and House-passed version of the government funding bills contain regulatory relief provisions. The House bill contains an item that would make changes to the Consumer Financial Protection Bureau’s structure, and the Senate bill has nearly a dozen CUNA-backed regulatory relief provisions that would benefit credit unions.
Those include legislative language that would deem mortgages held in portfolio as Qualified Mortgages, and address concerns with the Federal Housing Finance Agency's proposal on Federal Home Loan Bank membership requirements.
Several items in the Senate bill have already been signed into law by President Barack Obama as part of the long-term highway funding bill.