WASHINGTON—NAFCU and CUNA are paying close attention to the markup of a number of financial industry regulatory relief bills by the House Financial Services Committee Tuesday, and at least four impact credit unions.
Those bills affecting CUs are:
- H.R. 3192, the “Homebuyers Assistance Act,” which would provide temporary safe harbor from the Truth in Lending Act/Real Estate Settlement Procedures Act integrated disclosure rule.
- H.R. 1941, the “Financial Institutions Examination Fairness and Reform Act,” aimed at improving the examination of depository institutions.
- H.R. 1210, the “Portfolio Lending and Mortgage Access Act,” to provide a safe harbor from certain qualified mortgage requirements for residential mortgage loans held on a mortgage originator’s portfolio.
- H.R. 766, the “Financial Institutions Customer Protections Act,” which would require federal regulators to provide a material reason for ordering financial institutions to terminate account relationships through the Justice Department’s “Operation Choke Point” initiative.
Sam Whitfield, CUNA deputy chief advocacy officer, said CUNA is also watching House consideration Monday of the Veterans Affairs Accountability Act and the Regulations from the Executive in Need of Scrutiny Act of 2015 to see if anything gets amended to those pieces of legislation. Whitfield said CUNA will be doing the same with the Senate’s consideration of H.R. 22, the DRIVE Act this week.
Both trade associations will also monitor the House Financial Services Committee hearing Tuesday morning on the Dodd-Frank Act: “The Dodd-Frank Act Five Years Later: Are We More Prosperous?”