WASHINGTON – As the regulatory relief package was passed on from the House Financial Services Committee June 18 to the Judiciary Committee, an amendment was added that may actually heap greater burdens on credit unions and other lenders. The amendment, introduced by Congressman Gary Ackerman (D-N.Y.), would require financial services providers to give notice to members or customers when an adverse action is taken against them with a credit bureau. The amended bill passed the Financial Services Committee by voice vote. “While it was well intentioned, afterwards the staff of the banking committee got a chance to look at the language and share it with others. There is a realization that it would be fairly draconian and extremely burdensome and expensive to implement, not only any time one of these adverse actions were taken, but even if there.is a perception that it could be an adverse action,” CUNA Vice President and Senior Legislative Counsel Gary Kohn said. However, CUNA is not going to pull its support from the bill as other so-far supportive trade associations have suggested, but the organization has made its feelings toward the amendment known on Capitol Hill. Kohn also pointed out that there is still room for changes since the bill has to go through the Judiciary Committee, the full House and the Senate. With elections closing in, that is a long way for a bill to traverse. “We don’t think we’re going to go that far this year anyway, so there’s still ample opportunity to try to work on that,” Kohn said.

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