WASHINGTON—In a party-line 12-10 vote after mark-up Thursday, the Senate Banking Committee approved the “Financial Regulatory Improvement Act,” a draft regulatory relief bill authored by committee Chairman Richard Shelby (R-AL).
The regulatory package includes several NAFCU- and CUNA-backed provisions for credit union relief and “transparency” at NCUA.
Both NAFCU and CUNA welcomed the progress toward regulatory relief.
“We applaud committee members for moving the bill forward, and we welcome more progress being made on behalf of credit union regulatory relief,” said NAFCU President and CEO Dan Berger. “This is a positive development and a solid step forward in overcoming the regulatory overburden the credit union industry now faces. However, more needs to be done – and we are working on the development of a bipartisan approach to get the job done.”
CUNA President and CEO Jim Nussle said CUNA greatly appreciates the Committee’s commitment to “meaningful regulatory relief for small depository institutions. We particularly appreciate that the legislation includes three specific credit union provisions and several other significant regulatory relief provisions to reduce the unnecessary and overly burdensome regulations that negatively impact credit unions, their members and their communities.”
Both trade associations also expressed support for the bill including an amendment from Sen. Pat Toomey (R-PA) to raise the asset threshold for institutions subject to CFPB examinations from $10 billion to $50 billion.
The bill proceeds to the full Senate, where it will require some Democratic lawmakers’ support to pass with a supermajority of 60 votes.