Despite no meaningful mention of credit unions, NAFCU and CUNAare praising H.R. 1750, a regulatory relief bill for communitybanks introduced Thursday by Rep. Blaine Luetkemeyer (R-Mo.).

According to the bill's text, the proposed legislation would“enhance the ability of community banks to foster economic growthand serve their communities, boost small businesses, increaseindividual savings, and for other purposes.”

Despite the political snub, the bill would bring regulatoryrelief to credit unions by raising the CFPB's mortgage servicingexemption from 5,000 loans serviced to 20,000. The bill would alsoexempt lenders with fewer than $10 billion in assets from theCFPB's mortgage escrow requirements, as well as the bureau'squalified mortgage rules, provided the loans are kept on theinstitution's balance sheet for more than three years.

Another provision would eliminate a requirement that financialinstitutions verify that automated clearing house payments are nota prohibited transaction, if the originating institution iscompliant with the Office of Foreign Assets Controlregulations.

Interestingly, the bill includes language that is similar toLuetkemeyer's privacy notice bill, which passed the House March 12. A companion bill was introduced in the Senate shortly thereafterby Sen. Sherrod Brown (R-Ohio), who also introduced a regulatoryrelief bill for bankers on Wednesday.

In a letter Thursday to Luetkemeyer, CUNA President/CEO BillCheney commended the Missouri congressman for “seeking commonground on regulatory relief legislation” but cautioned that moreneeds to be done to bring regulatory relief to credit unions.

NAFCU Vice President of Legislative Affairs Brad Thaler said histrade appreciates the continuing focus on regulatory relief andcould support a balanced package that includes elements for bothcredit unions and community banks. Rep. Gary Miller (R-Calif.)announced April 10 that he is preparing a bill that wouldspecifically address credit union regulatory concerns, but thatbill has not yet been introduced. However, Miller is one of twoco-sponsors of Luetkemeyer's bill. The other co-sponsor is Rep.Lynn Westmoreland (R-Ga.).