A House Financial Services subcommittee will conduct a hearing on two CUNA-backed regulatory relief bills, and CUNA will also be engaged in several other Congressional hearings this week. The bills will be considered Tuesday as part of a House Financial Services subcommittee on financial institutions and consumer credit hearing on proposals for a more efficient federal regulatory regime.
One bill, previously supported by CUNA, would exempt financial institutions with under $50 billion in assets from Consumer Financial Protection Bureau (CFPB) rulemakings. The Community Financial Institution Exemption Act (H.R. 1264) was introduced in April by Rep. Roger Williams (R-Texas).
“This legislation would make even more clear the CFPB’s authority to exempt community financial institutions from its regulations,” said CUNA Chief Advocacy Officer Ryan Donovan. “Now, the Dodd-Frank Act couldn’t be any clearer that the CFPB already has this authority, but as we saw during the [former CFPB Director Richard] Cordray tenure, there was a tremendous reluctance on the part of the bureau and the former director to exercise this authority.”
CUNA also supports the Home Mortgage Disclosure Relief Act (H.R. 4648), introduced by Rep. Tom Emmer (R-Minn.). It would delay Home Mortgage Disclosure Act (HMDA) reporting requirements until Jan. 1, 2019, postponing the first mandatory reporting date until March 2020.
The hearing is scheduled to begin Tuesday at 2 p.m. (ET), and will be streamed live on the committee’s website.
CUNA is also engaged with the following hearings this week: