CUNA wrote to Sen. Mike Rounds (R-S.D.) Wednesday supporting two of his bills that would provide regulatory relief to credit unions. In letters to Rounds, CUNA President/CEO Jim Nussle thanked the Senate Banking Committee member for introducing the bills.
Nussle also said CUNA looks forward to continuing to work with Rounds and other legislators as the bills move forward.
The bills are:
The Home Mortgage Disclosure Adjustment Act (S. 3215)
The Consumer Financial Protection Bureau now requires credit unions that have originated 25 or more closed-end mortgage loans in the prior year to report dozens of data points in addition to what is required in the Dodd-Frank Act.
S. 3215 would raise the threshold that triggers these requirements to 100 closed-end and 200 open-end mortgages.
“This would provide much needed relief, particularly to smaller credit unions, which is why we strongly support the legislation,” Nussle wrote.
The Taking Account of Institutions with Low Operation Risk (TAILOR) Act (S. 3153)
S. 3153 would require financial regulators to take risk into account when promulgating regulations, therefore reducing regulatory burden for financial institutions with lower risk profiles.
“CUNA believes that credit unions are precisely the type of institutions for which this legislation is designed to help because they are well-capitalized, with a low risk profile and a long history of meeting their members’ needs--in good times and bad,” Nussle wrote.
A House version of the TAILOR Act, H.R. 2896, passed the House Financial Services Committee in March.