Sen. Mike Crapo (R-Idaho), chair of the Senate Banking Committee, outlines his priorities for this year Tuesday at CUNA GAC, including housing finance reform and cybersecurity.

Sen. Crapo says housing finance, data, CFPB reforms are priorities

March 12, 2019

Not satisfied with the historic victory that was the enactment of S. 2155, Senate Banking Committee Chair Mike Crapo (R-Idaho) told attendees at the CUNA Governmental Affairs Conference (GAC) Tuesday his committee intends to work on additional relief. Crapo, an original co-sponsor of S. 2155, thanked credit unions for their efforts supporting the historic bill.

“Without CUNA’s help and grassroots efforts, we could not have gotten S. 2155 across the finish line,” he said.

Crapo said the committee, and the administration, is committed to taking on housing finance reform next, which he said has been one of my top priorities since becoming the ranking member of the Senate Banking Committee in 2013.

Crapo released an outline of housing finance reform principles earlier this year and has urged stakeholders to submit their own thoughts.

“I appreciate CUNA’s involvement in this. I’ve read your principles for housing finance reform and recognize that access to the secondary market is crucial for ensuring a robust lending market,” he said.

Crapo said he agreed with CUNA on several additional regulatory reform principles, including that:

  • The current patchwork of data privacy and security regulations “exposes gaps in protection and leaves many entities and individuals vulnerable to attacks,” and that a national, consistent data security standard is needed;
  • The fundamental structure of the Consumer Financial Protection Bureau (CFPB) needs to be addressed, and that he supports a bipartisan commission instead of a single director to lead the CFPB;
  • The CFPB exercise its exemption authority when necessary and consult with NCUA before issuing rules.

Crapo also said the nominations of Rodney Hood and Todd Harper to serve on the NCUA board, and for Mark Calabria to lead the Federal Housing Finance Administration are still a priority. The Senate Banking Committee voted in favor of all three nominations in February, and they await a final Senate confirmation vote.

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