Credit Union Regulatory Relief Bill Taking Shape
A federal bill calling for comprehensive regulatory relief for credit unions is in the works in Washington. Supplemental capital, member business lending and other key initiatives are part of the 35-point package.
June 4, 2013
Regulatory relief legislation for credit unions could find its way to the House Financial Services Committee in the next few weeks. Federal legislators are being urged by the Credit Union National Association (CUNA) and other credit union advocates to consider a comprehensive package that would include greater supplemental capital and member business lending authority.
Other elements of the package were introduced during a spring 2013 Financial Services Committee hearing by Pamela Stephens, CEO of Security One Federal Credit Union in Arlington, Texas. They include:
- Increasing National Credit Union Administration budget transparency.
- Adjusting the treatment of non-owner occupied one- to four-family dwelling loans for credit unions from business loans to residential real estate loans.
- Increasing the maturity limit for higher education loans made by federal credit unions.
- Expanding investment authority in credit union service organizations.
Rep. Denny Heck (WA-10) serves on the Consumer Credit Subcommittee of the House Finance Committee, and provided strong examples during the April hearing showing how the regulatory burden affects credit unions.
CUNA’s Senior Vice President of Legislative Affairs Ryan Donovan indicated this week that the next steps are in progress, and that the Financial Services Committee members may be preparing to offer a bipartisan regulatory relief package in the coming weeks.
Questions? Contact Lynn Heider: 503.350.2225, [email protected].