3 CUNA-advocated relief bills part of Sept. 30 markup

September 28, 2015

WASHINGTON (9/28/15)--Three bills CUNA strongly supports will be marked up Wednesday by the U.S. House Financial Services Committee. Two other bills will be part of the markup, which is scheduled to begin at 10 a.m. (ET).

Each bill covers a high-priority area of regulatory relief for credit unions, and CUNA has supported them through congressional testimony and letters to Congress.

The three CUNA-backed bills are:

  • The Risk-Based Capital Study Act (H.R. 2769), which would delay implementation of the National Credit Union Administration’s risk-based capital proposal pending an agency study of the impact it would have on credit unions. CUNA wrote to committee leadership last week requesting the bill be included in the markup.
  • The Financial Product Safety Commission Act of 2015 (H.R. 1266), which would change the leadership structure at the Consumer Financial Protection Bureau to a five-person board instead of a single director. CUNA President/CEO Jim Nussle, along with other trade association leaders, will visit Capitol Hill tomorrow to garner Democratic support for H.R. 1266.
  • The Retail Investor Protection Act (H.R. 1090), which would delay the U.S. Department of Labor’s proposed fiduciary rule until the Securities and Exchange Commission makes its own rule governing investment advisers. CUNA has said the rule could create additional burdens for financial institutions, concerns that were amplified during a hearing the agency conducted on the proposal. A House subcommittee will also conduct a hearing on the proposal Wednesday. 

The hearing will be livestreamed on the committee’s website.