WASHINGTON – The House Financial Services Committee voted to send a favorable report to the full House on H.R. 3505, the Financial Services Regulatory Relief Act. The bill contains a number of positive measures for all depository institutions, including credit unions. Amendments regarding a risk-based capital system for credit unions and expanding business lending powers were not brought up. The manager’s amendment made substantive changes to the bill permitting banks and thrifts to obtain limited liability corporation status and to clarify the disclosure requirements of privately insured credit unions. According to NCUA Director of Congressional and Governmental Affairs Cliff Northup, the change would clarify that certain marketing materials, like golf balls or baseball caps, would not require the disclosure that the financial institutions are not federally insured. A bill has yet to be introduced in the Senate and has reportedly been held up over the issue of industrial loan company regulation.

 

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