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WASHINGTON-Last week, House Financial Services Committee Chairman Mike Oxley (R-Ohio) said that the House should be able to vote on the Financial Services Regulatory Relief bill (H.R. 3951) soon, according to a report in American Banker. The regulatory relief legislation has been stymied by a provision that requires financial institutions to notify customers when an adverse report is made to a credit reporting agency. CUNA and NAFCU have expressed their opposition to the provision, as well as several other affected groups. “I think we have put that to bed,” Oxley responded to a question about whether the provision will continue to hold up the bill, the Banker quoted the chairman as saying. The bill has several provisions for credit unions, including allowing privately insured credit unions that qualify for federal insurance to become members of the Federal Home Loan Bank system; permitting favorable lease rates on buildings erected by credit unions on military bases; expanding the `reasonable proximity’ requirement; broadening voluntary merger authority; increasing the credit union service organization investment limit from 1% to 3%; allowing credit unions to provide check cashing, wire transfer, and other money transfer services for nonmembers within the field of membership; and excluding loans to non-profit, faith-based organizations from the member business lending cap, among other items. The bill has not even been introduced in the Senate, though Senator Richard Shelby (R-Alabama) is reviewing it.

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