Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON — Though it may be difficult to recognize from previous forms, a pared-down Financial Services Regulatory Relief Act was signed into law this year, leaving credit unions to continue pursuing regulatory relief.

In a late night session that ran into the wee morning hours of Sept. 30, prior to adjourning for the campaign season, the Senate passed the final iteration of the bill by unanimous consent, which means there were no remaining objections; just days before the House passed the bill 417-0. Credit union specific provisions in the legislation included allowing low- and no-cost land leases on military installations; expanding the 12-year loan maturity limit to 15; permitting wire transfers and check cashing for anyone within the field of membership; and the so-called “FASB fix” from the original Senate bill, which will change the definition of net worth in the Federal Credit Union Act to avoid the unintended consequences of anticipated accounting rule changes. Another was added to clarify the Federal Trade Commission’s authority to begin oversight of private deposit insurance disclosures with states overseeing the availability of the insurers’ financials originally enacted in the Federal Deposit Insurance Corporation Improvement Act about a decade ago. Additionally, the law permits, but does not require, the Federal Reserve to begin paying interest on Reg D “sterile” reserves in 2012. Reg relief was signed into law by President George W. Bush Oct. 13. NCUA acted quickly to implement the new law at its Oct. 19 board meeting with an interim final rule permitting credit unions to offer wire transfers and check cashing to potential members. The House version of the bill included more than a dozen credit union specific provisions and was the product of six years worth of work. While the final version was not nearly as expansive, credit union lobbyists were heartened to see that credit unions received equal treatment with banks and thrifts concerning the general number of provisions and the substance.

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
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.