WASHINGTON-Credit union lobbyists told reporters last week that they have indications that regulatory relief legislation could move in the Senate in June. “It may come as a surprise to some of you, but the Senate banking committee will be holding a hearing on regulatory relief this month,” CUNA Vice President of Legislative Affairs and Senior Legislative Counsel Gary Kohn said. He added that CUNA expected to know a specific date after they met with Senator Mike Crapo (R-Idaho), who is in charge of drafting the bill in the Senate, late last week. NAFCU Director of Legislative and Political Affairs Brad Thaler stated, “I would not be surprised if at some point this summer we have public developments on it, either a hearing on regulatory relief or a discussion draft put out there or the introduction of a bill. I think there’s starting to be a little more focus in the Senate Banking Committee on regulatory relief issues.” The House has already passed the Financial Services Regulatory Relief Act (H.R. 1375). However, the news of a hearing on the Credit Union Regulator Improvements Act (H.R. 3579) is not so positive as it is likely to be pushed back into July, both lobbyists said.

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