House Committee passes CUNA-backed CFPB, mortgage relief bills

FOR IMMEDIATE RELEASE

Contact: Vicki Christner – CUNA Communications; 202-329-9950; vchristner@cuna.coop

Washington, DC (January 18, 2018) - The House Financial Services Committee passed four CUNA-backed regulatory relief bills in a markup that included a total of 17 bills. A number of committee members cited CUNA support for the bills, and Rep. Scott Tipton (R-Colo.), specifically cited CUNA’s support for one.

“These bills would provide much-needed regulatory relief for credit unions and other community financial institutions and work to move away from the one-size-fits-all regulatory regime that is ultimately harming American consumers,” said CUNA President/CEO Jim Nussle.

CUNA-backed bills include:

• The Community Financial Institution Exemption Act (H.R. 1264), which passed 30-25. It would exempt financial institutions with under $50 billion in assets from rules and regulations issued by the CFPB unless the bureau is able to demonstrate that these institutions are engaged in a pattern of abuse;
• The Portfolio Lending and Mortgage Access Act (H.R. 2226), which passed 55-0, would treat residential mortgages held in portfolio by the original creditor as qualified mortgages;
• The Business of Insurance Regulatory Reform Act of 2017 (H.R. 3746), which passed 37-18. It would ensure regulation of insurance stays at the state level; and
• The Comprehensive Regulatory Review Act (H.R. 4607), which passed 38-17, would amend the Economic Growth and Regulatory Paperwork Reduction Act of 1996 to require the Federal Financial Institutions Examination Council and federal financial regulators, including the CFPB and NCUA, to review all existing regulations once every five years.

These bills address many of CUNA's goals in its bipartisan, pro-consumer Campaign for Common-Sense Regulation, which was launched earlier this year. 

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About CUNA: 
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 110 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org.