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WASHINGTON – In its final hours before the Memorial Day Recess last week, the Senate swiftly passed regulatory relief legislation.

A late night session on May 25 produced a unanimous consent vote on the Financial Services Regulatory Relief Act (S. 2856). The bill is not nearly as extensive as the broader version passed by the House, but it does include key elements for credit unions like minimal cost leases of military installations, increasing the 12-year loan maturity limit to 15, permitting check cashing and wire transfers for potential members, changing the definition of “net worth” under Prompt Corrective Action in light of anticipated accounting changes, and authorizing the Federal Reserve to pay interest on Reg D reserves.

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