The House Financial Services Committee is scheduled to mark upcredit union regulatory relief bills on Wednesday.

First, the committee will consider the Eliminate Privacy NoticeConfusion Act, which would simplify current privacy notification requirements for financialinstitutions.

“NAFCU has long urged lawmakers to ease the yearly privacynotice disclosures for credit unions and other financialinstitutions under the Gramm-Leach-Bliley Act,” Chad Adams, NAFCUassociate director of legislative affairs, said. “We applaud Rep.Luetkemeyer (R-Mo.), Rep. Sherman (D-Calif.) and their staffs forpushing to remove the need for redundant, burdensome noticedisclosures, which is a key element of NAFCU's five-point plan for creditunion regulatory relief.”

The bill would make any financial institution that does notshare nonpublic information with unaffiliated third parties and hasnot changed its information sharing policies from the previous yearexempt from the yearly privacy policy notice requirement.

CUNA has estimated that since 2001, credit unions have sentmore than one billion annual privacy notifications to theirmembers.

The Mortgage Choice Act of 2015 isalso slated for consideration on Wednesday.

The bill, which did not make it out of the Senate in the last session of Congress, would adjust thedefinition of points and fees under the Truth in Lending Act asapplied in the CFPB's qualified mortgage rule.

The legislation excludes the amount of any loan level priceadjustment payment set by Fannie Mae, Freddie Mac, the FHA or asimilar government entity from the computation of the points andfees.

According to the Congressional Research Service summaryof the bill, the exclusion would also apply to any compensationpaid by a mortgage originator or a creditor to an individualemployed by the mortgage originator or creditor, and any escrow forfuture payment of insurance.

The committee is also scheduled to mark up the MortgageServicing Asset Capital Requirements Act of 2015, which wouldprovide the NCUA with more time to assess the impact of the revisedrisk-based capital proposal on mortgage servicing assets. Part of the legislationrequires the NCUA to conduct a mortgage servicing assets study andreport back to Congress within one year.

Another bill on the agenda is the Bureau Advisory CommissionTransparency Act. This legislation clarifies that the FederalAdvisory Committee Act applies to the CFPB, therefore opening thebureau's advisory board meetings to the public. The CFPB hasestablished the Credit Union Advisory Council, which meets fourtimes a year.

“We feel these meetings should be open to public observation asthey provide an important forum for credit union representatives toshare concerns and provide practical guidance to the agency onoperational and public policy issues,” CUNA President/CEO JimNussle said in a letter of support for the bill.

In addition, the committee plans to mark up the CommunityInstitution Mortgage Relief Act of 2015. Under the bill, the CFPBwould have to adjust requirements related to servicing mortgageloans and administering escrow amounts or make them exempt. Thechange would apply to mortgage servicers that service 20,000 orfewer mortgage loans annually.

“They [the bills] all would help what we have dubbed the crisisof creeping complexity,” CUNA Chief Advocacy Officer Ryan Donovansaid. “They are small steps in the right direction.”