May 7, 2014 – For immediate release
Regulatory Relief Bills Pass House
Providing regulatory relief for small community financial institutions has been a focus of legislators, especially in the House Financial Services Committee and Committee on Small Business. Several pieces of legislation have been introduced around this issue, and both committees held hearings to examine regulatory burdens on small financial institutions in December. Several bills focusing primarily on ensuring that community financial institutions continue to be able to provide credit to consumers and small businesses, especially in rural and underserved areas, passed the House last night:
- The Capital Access for Small Community Financial Institutions Act of 2013 (H.R. 3584), which was introduced by Reps. Steve Stivers (R-Ohio) and Joyce Beatty (D-Ohio), would allow state-chartered, privately insured credit unions to join the Federal Home Loan Bank system. NASCUS has worked with legislators to remove references to NCUA in the bill, which would provide regulatory relief for credit unions.
- The Credit Union Share Fund Insurance Parity Act (H.R. 3468), which was introduced by Reps. Ed Royce (R-Calif.) and Ed Perlmutter (D-Colo.), would provide the National Credit Union Share Insurance Fund coverage for trust accounts.
- The CFPB Rural Designation Petition and Correction Act (H.R. 2672), sponsored by Rep. Ed Royce. H.R. 2672, focuses primarily on ensuring that community financial institutions can continue to be able to provide credit to consumers and small businesses, especially in rural and underserved areas.
“NASCUS has been and will continue to be committed to ensuring that regulatory relief efforts maintain momentum this year,” said NASCUS President and CEO Mary Martha Fortney.
In a Dec. 18 letter to the House Financial Services Committee, NASCUS voiced its support of legislative efforts that “would help provide relief to small institutions that have been struggling under the weight of post-crisis regulation.”
Elizabeth Kirkland, Director of Communications and Marketing, email@example.com or (703) 528-5974