WASHINGTON (5/19/15)--The U.S. Senate Banking Committee markup of Sen. Richard Shelby’s (R-Ala.) regulation relief bills highlights activities this week in Congress.
Shelby, chair of the committee, introduced the Financial Regulatory Improvement Act of 2015 last week, and it contains 15 provisions that offer regulatory relief for credit unions.
“We like what we see in the bill for credit unions,” said CUNA Chief Advocacy Officer Ryan Donovan. “Title I contains the credit union and community bank provisions, and if that title of the bill were to go to the Senate floor alone, I think it probably passes with 80 or 90 votes.”
Of the roughly 15 different provisions that would give credit unions regulatory relief, three are credit union-specific.
Shelby said in a statement the bill is a working document intended to initiate a conversation with the goal of “reaching bipartisan agreement to improve access to credit and reduce the level of risk in our financial system.”
See the video below to hear Donovan break down the credit union-friendly provisions, as well as discuss other information on the bill’s potential future.
Other hearings of note this week include:
For a look at the potential futures of Shelby’s bill, see “CUNA sees routes for advancement of reg. relief bill” in today’s News Now.