NEW: House, Senate pass H.R. 22, final action likely Friday
WASHINGTON (12/3/15 UPDATED 9:45 p.m. ET)--The U.S. Senate and House voted today in favor of the highway funding bill, which contains credit union regulatory relief provisions. The Senate passed the bill 83-16, and the House by a vote of 359-65. The votes clear the way for President Barack Obama’s signature, which is expected Friday.
“This is a huge victory for credit unions and the over 100 million credit union members CUNA represents. H.R. 22 includes several key CUNA-backed provisions that will soon be signed into law by President Obama to help remove barriers for credit unions to better serve their members," said CUNA President/CEO Jim Nussle. "CUNA has long supported modernizing privacy notification requirements, allowing privately insured credit unions to become members of the Federal Home Loan Bank (FHLB) system and directing the Consumer Financial Protection Bureau (CFPB) to establish a process for determining whether an area should be designated as rural which could impact the products credit unions offer.”
Funding for the federal highway system is set to expire Friday at midnight. It has been widely reported that the president’s signature will happen before that deadline. The bill is called the Fixing America’s Surface Transportation (FAST) Act and sets a five-year, $305 billion highway spending package, as well as funding for Amtrak.
The bill's passage represents a major victory for credit unions. CUNA worked closely with lawmakers and staff on the regulatory relief provisions.
Next up on the regulatory relief front is the Dec. 11 deadline for funding of the federal government. Legislators are currently working on an omnibus appropriations bill, and versions on both the Senate and the House contain regulatory relief provisions for credit unions.