The Bureau of Consumer Financial Protection issued an interpretive final rule Friday, clarifying the HMDA partial exemptions contained in S. 2155. CUNA urged the bureau to quickly effectuate the regulatory relief in S. 2155.
Following the years of effort it took for S. 2155 to be constructed, introduced and signed into law, CUNA President/CEO Jim Nussle said credit unions are continuing to build on that momentum toward additional relief.
S. 2155 contains a provision designed to allow consumers easier access to online banking. While no guidance has officially been issued yet, changes could impact a credit union’s member identification policy.
The signing of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) represented the culmination of a years-long advocacy process, CUNA President/CEO wrote in CU Journal in the wake of the bill’s passage.
S. 2155 is poised to ease regulations on community-based financial institutions, CUNA President/CEO Jim Nussle wrote for Fox Business Wednesday. President Donald Trump is expected to sign the bill into law in the coming days.
The House Rules Committee announced it will meet on S. 2155 Monday at 5 p.m. (ET), paving the way for the House to vote on the bill next week. CUNA strongly supports the bill, which contains several regulatory relief provisions.