WASHINGTON--The House Financial Services Committee advanced several regulatory relief bills supported by credit unions Wednesday following a multi-day markup, America's Credit Unions reported.
America’s Credit Unions wrote in support of the Supervisory Modifications for Appropriate Risk-Based Testing (SMART) Act (H.R. 4437), Stop Agency Fiat Enforcement of Guidance Act (H.R. 4460), Tailored Regulatory Updates for Supervisory Testing (TRUST) Act (H.R. 4478), and American Access to Banking Act (H.R. 4544) in advance of the markup.
Specifically, the bills would:
- H.R. 4437: Provide well-managed, well-capitalized credit unions with regulatory relief through combined safety-and-soundness exams and consumer compliance exams, as well as allowing for limited-scope, off-site exams in alternate years. Credit unions with under $6 billion in assets would be eligible for relief under the bipartisan bill, introduced by Reps. William Timmons, R-S.C., and Bill Foster, D-Ill., and passed 53-1
- H.R. 4460: Require federal financial regulators to state on the first page of guidance documents that “this guidance does not have the force and effect of law and therefore does not establish any rights or obligations for any person and is not binding on the agency or public. If this guidance suggests how regulated entities may comply with applicable statutes or regulations, noncompliance with this guidance does not conclusively establish a violation of applicable law.” Rep. Dan Meuser, R-Pa., introduced the bill, it passed 26-23
- H.R. 4478: Raise the consolidated asset to $10 billion (up from the current $3 billion) for banks to qualify for an 18-month examination cycle. NCUA possesses the authority for such extended examination cycles, and this bill would encourage Congress would use its oversight capacity to urge the NCUA to set its examination cycle thresholds equal to those of banks.” It was introduced by Rep. Tim Moore, R-N.C. and passed 49-0
- H.R. 4544: Promote the formation of de novo credit unions and other community banks by streamlining the federal application process, establish mentorship and outreach programs, improve capital formation pathways, establish dedicated points of contact for applicants, and encourage greater collaboration between federal and state regulators. It was introduced by committee Ranking Member Maxine Waters, D-Calif., and passed the committee with a 49-0 vote
DCUC Response
“DCUC is proud to support legislation that empowers our member credit unions to grow and best serve their communities,” said Anthony Hernandez, DCUC president/CEO. "This is a pivotal moment for credit unions and financial inclusion. We are ready to work with Congress to advance these bills and ensure all communities—including our Nation's military and veteran members—have access to affordable, mission-driven financial services.”
Jason Stverak, DCUC chief advocacy officer, said, “We commend Congresswoman Waters for her leadership on the American Access to Banking Act, which streamlines the chartering process, improves regulatory coordination, and provides critical mentorship—making it easier for new credit unions to succeed, especially in underserved, rural, and defense-connected areas.”Ahead of the markup, DCUC also expressed its support for H.R. 4551, the Employee Paycheck and Small Business Protection Act.“This bill addresses long-standing gaps in deposit insurance for business accounts, offering timely and prudent reforms to protect small businesses, their employees, and the financial institutions that serve them. By ensuring parity between banks and credit unions, it strengthens financial confidence where it matters most," said Stverak.