WASHINGTON (11/18/14)--Credit Union National Association President/CEO Jim Nussle continues to keep the focus on four regulatory relief bills that CUNA urges the U.S. Senate to pass before the end of the legislative year.

Nussle said in a letter sent to every senator Monday that approving the four bills would be a "good first step" toward much-needed regulatory relief. He underscored that excessive regulations create a barrier that impedes credit unions' ability to serve their members.

"Credit unions are enduring a crisis of creeping complexity with respect to regulatory burden. The ever-increasing, never-decreasing regulatory burden erects barriers to their ability to serve their members," Nussle wrote. "The enactment of these bills would represent a small step in the right direction toward removing barriers to credit union service."

The bills are:

• The Credit Union Share Insurance Fund Parity Act (IOLTA) (S. 2699), which would would direct the National Credit Union Administration to issue a regulation extending share insurance to owners of the funds held in trust accounts opened and managed by credit union members. "This bill is a parity bill which provide credit unions the same opportunity as other financial institutions to serve their members and the community," Nussle said;
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• The Capital Access for Small Community Financial Institutions Act (S. 1806), which would make privately insured credit unions eligible to join the Federal Home Loan Bank System, correcting a drafting error from the 1989 legislation that opened the Federal Home Loan Bank system to commercial banks and federally insured credit unions. "This legislation would strengthen the safety and soundness of the 130 privately insured credit unions in the country by opening access to additional liquidity," Nussle said;
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• The Privacy Notification Modernization Act (S.635),  which would amend the Gramm-Leach-Bliley Act to require credit unions to send privacy notices to existing members only when the credit union changes its privacy policy. "We believe that requiring the notice to be mailed only when the policy is changed will make the notice more meaningful to credit union members," Nussle said; and
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• The Mortgage Choice Act (S. 1577), which would exclude the points and fees associated with affiliated companies when determining if a mortgage meets the Consumer Financial Protection Bureau's qualified mortgage definition under its ability-to-repay rule. "Defining points and fees in this way will maintain a competitive marketplace, prevent over-pricing or limiting choice in low-moderate income areas and allow consumers to enjoy the existing benefit of working through one mortgage provider," Nussle said.

Companion pieces of legislation to all four bills have already passed in the House.

The target adjournment date for the Senate is Dec. 11 or 12.