House could consider relief bills in April: CUNA looks to work with Senate

March 30, 2015
WASHINGTON (3/31/15)--Passage of nine CUNA-backed regulatory relief bills by the U.S. House Financial Services Committee last week is a good sign, but CUNA will be stepping up its advocacy efforts to get the bills onto the next step. Both the Senate and House are on spring recess this week and next.
"What we expect to happen next is when the House comes back in April they will take up these bills in some form or fashion, either individually or in some sort of package, I think that question remains to be determined," said Ryan Donovan, CUNA's chief advocacy officer. "We're encouraging the House to pass all of these bills quickly and get them over to the Senate so that we can work through that process as well."
The nine bills would provide a measure of regulatory relief to credit unions. Several, including the Helping Expand Lending Practices in Rural Communities Act (H.R. 1259), have companion pieces in the Senate.
Like its House companion, the Senate's version (S. 871) would direct the Consumer Financial Protection Bureau to establish an application process determining whether an area should be designated as a rural area if the CFPB has not designated it as one.
CUNA wrote to Sens. Mitch McConnell (R-Ky.), Rand Paul (R-Ky.), Dean Heller (R-Nev.) and Shelley Moore Capito (R-W.V.) Monday in support the bill. CUNA President/CEO Jim Nussle thanks the legislators for the bill and says CUNA looks forward to working with the legislators to secure its enactment.