WASHINGTON (7/30/15)--All four CUNA-backed regulatory relief bills were approved by the U.S. House Financial Services Committee Wednesday after a two-day markup. The bills were part of a package of 14 voted on over the two days. They will now be sent along to the full House for consideration.
“We appreciate the committee approving these important regulatory relief measures,” said Ryan Donovan, CUNA’s chief advocacy officer. “Each of the four addresses a present concern for credit unions: ensuring that credit unions are not unduly pressured to close certain member accounts, providing accommodation in the qualified mortgage rule by treating mortgages held in portfolio as qualified mortgages, bringing fairness to the examination process by providing an independent appeals process, and giving credit unions the time they need to transition to new mortgage lending disclosure and regulations."
Donovan added, “Each is critically important, and we look forward to working with Congress to continue to move these through the process and into law.”
The CUNA-supported bills passed are:
The full House also passed a bill of interest to financial institutions this week. The Regulations from the Executive in need of Scrutiny (REINS) Act of 2015 (H.R. 427) passed with a 243-165 vote.
The bill, among other things: