NEW: Omnibus bill unveiled, little in way of CU reg. relief

December 16, 2015

WASHINGTON (12/16/15 UPDATED 11:15 a:m ET)--CUNA President/CEO Jim Nussle expressed appreciation to Congress for unveiling a bipartisan government funding bill last night, but expressed disappointment that regulatory relief provisions for credit unions were not included. 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 ones that would require 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).

The federal government is currently funded until midnight tonight, and the bill is likely to be voted on later this week. Reports indicate that negotiations are ongoing for a stopgap funding measure that will last approximately one week.