A 2014 budget amendment passed by the Senate would “establish adeficit-neutral reserve fund to address the disproportionateregulatory burdens on community banks,” according to a release fromthe legislation's sponsor, Sen. John Boozman (R-Ark.)

Credit unions were not mentioned anywhere in Amendment #389'slanguage. Industry trade associations shrugged off theexclusion.

CUNA Vice President of Legislative Affairs Sam Whitfield saidMonday the amendment approved Friday only represents the “sense” ofthe Senate, and added that “those amendments never goanywhere.”

Brad Thaler, NAFCU's vice president of legislative affairs,called the amendment vote “symbolic” and said it could be viewed asa positive development that shows the Senate has an appetite forregulatory reform. While NAFCU would like to have seen creditunions included in the amendment, Thaler said the affirmative votehelps lay the groundwork for advancing an overall regulatory reform agenda that would include credit unions.

“Based on our conversations with members of the Senate, if theytackle regulatory relief, it would include both credit unions andcommunity banks,” Thaler said.

Independent Community Bankers Association spokeswoman JessicaEtter said her trade association didn't lobby for the amendment,and declined further comment.

Rather than attempt to get in on the amendment action, Whitfieldsaid CUNA is instead focusing on upcoming hearings by the House Financial Services Committeethat will investigate regulatory burdens on community financialinstitutions.

“Those will be real hearings that will have the potential tohave the effect of law, as opposed to the sense of the Congress,”the CUNA lobbyist said, “and we hope to be there front andcenter.”

A Financial Services Committee spokesman told Credit UnionTimes the committee plans to focus a future regulatory burdenhearing on credit unions. However, Whitfield said the committee hasnot contacted CUNA asking for witnesses or testimony from creditunions for upcoming hearings on the topic scheduled for April 10and April 16.

Thaler said NAFCU hasn't heard from the committee either, andsaid staffers could be ironing out the details while Congress is ona two-week break for Easter.

Boozman's amendment was had bipartisan sponsorship support fromArkansas' other senator, Democrat Mark Pryor, as well as RepublicanJerry Moran of Kansas and Democrat Joe Manchin of WestVirginia.

CULAC contributed $2,000 to Boozman in 2012, according towebsite opensecrets.org.

The same site reported that NAFCU's PAC did not contribute toBoozman during the 2012 cycle. During the 2010 election cycle, whenBoozman was first elected, NAFCU donated $1,000 to his campaign,and CULAC donated $1,500. However, both trade associations alsosupported Boozman's opponent during the primaries, with incumbent Democrat Sen. Blanche Lincolnreceiving $3,500 from CUNA's PAC and $1,000 from NAFCU.

The amendment would also fund, in the federal budget, policiesthat would ease regulatory burden on community banks.

“Community banks play an important role in our financial systemand are often seen as a pillar of the community. Maintaining aninterest in the communities they serve is a vital service theyoffer. While we need regulations, the rules imposed on theseinstitutions, particularly those resulting from the Dodd-Frankbill, make it difficult to serve their customers,” Boozman said ina release.