A bipartisan group of Senate Banking Committee members have released a bill that could offer credit union regulatory relief.
“This bill includes credit union-specific provisions that provide meaningful regulatory relief, a sign that policymakers are paying close attention to the needs of credit union members,” CUNA President/CEO Jim Nussle said. “We thank Sen. Crapo and his colleagues for working across party lines to advance regulatory relief legislation, and we look forward to continuing to work closely with them as the bill moves through the legislative process.”
The credit union provision would grant credit unions parity with banks by classifying residential loans on one- to four-nonowner-occupied units as real estate loans. Currently these loans, when made by credit unions, are classified as business loans; similar loans made by banks are considered real estate loans.
Bipartisan standalone legislation containing this language has already been introduced in both the House and Senate. Regulatory relief is part of CUNA’s Campaign for Common-Sense Regulation, launched earlier this year to see common sense regulations enacted to remove barriers keeping credit unions from more fully serving their members.