X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON-The credit union industry will have the opportunity to present its point of view yet again on the Financial Services Regulatory Relief Act (H.R. 3505) on Tuesday, Oct. 18. Phillip Buell, president and CEO of Superior Federal Credit Union in Lima, Ohio, will represent CUNA at the hearing in the House Financial Institutions and Consumer Credit Subcommittee. Nevada Federal Credit Union President and CEO Bradley W. Beal, a NAFCU director, will testify on behalf of NAFCU. Though credit unions strongly support the bill, the trade groups have been lobbying, along with others, to add the risk-based capital framework and business lending easements from the Credit Union Regulatory Improvements Act (H.R. 2317) to the general reg relief bill. However, committee leadership is said to be trying to keep the provisions of the broader bill uncontroversial. In addition to the 13 provisions from last year’s bill, it also includes a provision to permit credit unions to pool the assets of merging credit unions for purposes of accounting under Prompt Corrective Action. Another provision recently added would reduce the number of currency transaction reports financial institutions must file by exempting customers that regularly conduct transactions over $10,000. Congressmen Jim Hensarling (R-Texas) and Dennis Moore (D-Kan.) introduced the bill in July. Very similar legislation passed the House overwhelmingly last year. The legislation has been held up in the Senate due to a lack of consensus concerning industrial loan company regulation. [email protected]

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.