CUNA talks reg relief in letter to the House after S. 2155 passage
FOR IMMEDIATE RELEASE
CONTACT: Lauren Williams – CUNA Communications; (202) 626-7642; email@example.com
Washington, DC (May 23, 2018) – Following the vote in the House to pass S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act, Credit Union National Association sent this letter to House Financial Services Chairman Jeb. Hensarling (R-TX) and Ranking Member Maxine Waters (D-C.A.). CUNA President/CEO Jim Nussle expressed gratitude to the Senate and the House for passing S. 2155 while also addressing future concerns of regulatory relief for credit unions. The letter outlines several areas in need of reform to further ensure that consumers and small businesses who rely on credit unions for access to credit can continue to receive safe and affordable services.
“Although S. 2155 made amendments to the Dodd-Frank Wall Street Reform and Consumer Protection Act, it was a Dodd-Frank Reform bill and it did not address the fundamental issues related to the structure of the Bureau of Consumer Financial Protection,” the letter reads. “We renew our call on Congress to replace the bureau director with a multi-member, bipartisan commission.”
Risk-based capital is also highlighted as a growing concern to address redundancies in the Bank Secrecy Act/Anti-Money Laundering statutory framework and the need for a legislative solution to weakness in cybersecurity law.
The letter further encourages Congress to enact following bipartisan regulatory relief bills:
- Taking Account of Institutions with Low Operation Risk (TAILOR) Act (H.R. 1116), which would require federal regulators to tailor regulations to fit the business model and risk profile of institutions;
- Privacy Notification Technical Correction Act (H.R. 2396), which would update the Gramm-Leach-Bliley Act to update the exception for certain annual notices provided by financial institutions;
- Financial Institution Consumer Protection Act (H.R. 2706), which would specify that government agencies cannot request or order a financial institution to terminate a customer account for reasons of reputational risk;
- Bureau of Consumer Financial Protection Examination and Reporting Threshold Act (H.R. 3072), which would increase the threshold at which financial institutions are subject to direct examination and reporting requirements of the bureau to $50 billion, up from $10 billion;
- Protecting Consumers’ Access to Credit Act (H.R. 3299), which would ensure state loans that are valid when made as to their maximum rate of interest in accordance with federal law shall remain valid with respect to that rate regardless of whether a bank has subsequently sold or assigned the loan to a third party;
- Risk-Based Credit Examination Act (H.R. 3911), which would allow the Securities and Exchange Commission to perform risk-based examinations of the Nationally Recognized Statistical Rating Organizations (NRSROs) and reduce compliance burdens for financial services providers;
- Financial Institutions Examination Fairness and Reform Act (H.R. 4545), which would facilitate examination transparency and consistency for credit unions and other financial institutions; and
- TRID Improvement Act (H.R. 5078), which would amend the Real Estate Settlement Procedures Act to require the bureau to allow the accurate disclosure of title insurance premiums and any potential available discounts to homebuyers.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 110 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org.