WASHINGTON–The House Financial Services Committee today has passed four regulatory relief bills that had the backing of credit unions as part of a markup that included a total of 17 bills.
CUNA noted that a number of committee members cited CUNA support for the bills, with Rep. Scott Tipton (R-CO) specifically citing the trade group.
“These bills would provide much-needed regulatory relief for credit unions and other community financial institutions and work to move away from the one-size-fits-all regulatory regime that is ultimately harming American consumers,” said CUNA President/CEO Jim Nussle in a statement.
Among the bills passed out of the committee:
- The Community Financial Institution Exemption Act (H.R. 1264), which passed 30-25. It would exempt financial institutions with under $50 billion in assets from rules and regulations issued by the CFPB unless the Bureau is able to demonstrate that these institutions are engaged in a pattern of abuse
- The Portfolio Lending and Mortgage Access Act (H.R. 2226), which passed 55-0, would treat residential mortgages held in portfolio by the original creditor as qualified mortgages
- The Business of Insurance Regulatory Reform Act of 2017 (H.R. 3746), which passed 37-18. It would ensure regulation of insurance stays at the state level
- The Comprehensive Regulatory Review Act (H.R. 4607), which passed 38-17, would amend the Economic Growth and Regulatory Paperwork Reduction Act of 1996 to require the Federal Financial Institutions Examination Council and federal financial regulators, including the CFPB and NCUA, to review all existing regulations once every five years.