WASHINGTON (12/17/15)--CUNA President/CEO Jim Nussle voiced appreciation to Congress for unveiling a bipartisan government funding bill Tuesday night, but expressed disappointment that regulatory relief provisions for credit unions were not included.
Congress passed a stopgap funding measure to fund the government from the previous agreement’s expiration date of Wednesday at midnight, through Dec. 22, which will give the House and Senate enough time to pass the bills and send them to President Barack Obama for his signature.
The $1.1 trillion bill will fund the government through Sept. 30, 2016, and is expected to be voted on by the end of this week.
“While there are provisions in the bill that provide some positive impact for credit unions, we are disappointed Congressional leaders were unable to reach an agreement on the bipartisan issues impacting small financial intuitions that would garner significant regulatory relief for credit unions and our over 100 million members,” Nussle said.
The positive provisions include a study of requirements involving mortgage servicing assets and cybersecurity information sharing among the government and private industry.
CUNA has supported similar provisions in the past, but has also pushed for the passage of more substantive legislation, such as the Data Security Act of 2015 (H.R. 2205).
The bill also includes language requiring the National Credit Union Administration, along with other federal banking regulators, to conduct a joint study of the appropriate capital requirements for mortgage servicing assets.
The provision is essentially the Mortgage Servicing Asset Capital Requirements Act (H.R. 1408), a CUNA-supported bill that passed the House in July.
The bill also contains funding for the NCUA’s Community Development Revolving Loan Program ($2 million), the Treasury’s Community Development Financial Institutions Fund ($233.5 million) and the U.S. Agency for International Development’s Cooperative Development program ($11 million).