House Financial Services Committee Vice Chairman Gary Miller’s (R-Calif.) anticipated regulatory relief bill probably won’t include a provision that would increase the member business lending cap, said CUNA Executive Vice President of Government Affairs John Magill during a press call Monday morning.
Although Magill stressed that he doesn’t know which provisions will be included in Miller’s bill, he said he expects it will focus on “general topics and provisions” that would provide regulatory relief to both banks and credit unions.
Member business lending, the CUNA lobbyist said, would be too controversial.
“The full committee made it clear that the bankers can put in their provisions, and we can put ours in, but they don’t want things that could bring down the bill,” Magill said. “So, we’re working on provisions that could proceed.”
Magill added that he does expect the bill to include some provisions that are exclusive to credit unions; however, he said he didn’t want to “jinx it” by naming them.
Miller, who represents Southern California’s hard-hit Inland Empire region, said April 10 during a congressional hearing that the bill could include credit union-specific provisions that would allow the NCUA to modify CFPB rules, authorize risk-based capital, modernize the Central Liquidity Facility and expand investment authorities.
“Credit unions play a unique role in our economy,” the California Republican said in a statement following the hearing. “Unlike other financial institutions, they are cooperatives and exist to serve their member-owners, not outside stockholders. This allows them to provide lower loan rates, higher interest on deposits, and lower fees. Hampering their ability to perform these services and to provide loans to families and small businesses will harm millions of American consumers and stifle economic growth and job creation.”
Miller’s bill could be added to a larger regulatory relief bill written by the Financial Services Committee, he said.
The bill, which CUNA said could be introduced this week, would join five other regulatory relief bills currently pending in the House that address the MBL cap, supplemental capital, NCUA exams and appeals, Dodd-Frank credit union exemptions and privately insured credit union access to the Federal Home Loan Bank.