The House is expected to vote on several pieces of legislation Tuesday that would provide regulatory relief to credit unions.
According to the House weekly legislative schedule, the Credit Union Share Fund Insurance Parity Act (H.R. 3468), introduced by Reps. Ed Royce (R-Calif.) and Ed Perlmutter (D-Colo.), is among the bills scheduled for a vote on Tuesday.
The bill, supported by CUNA and NAFCU, would provide the NCUSIF coverage for trust accounts, including Interest on Lawyer Trust Accounts.
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The Capital Access for Small Community Financial Institutions Act (H.R. 3584), introduced by Reps. Steve Stivers (R-Ohio) and Joyce Beatty (D-Ohio), will also be considered by the full House.
That bill would allow state chartered, privately insured credit unions to join the Federal Home Loan Bank system. CUNA said this would provide 132 privately insured credit unions with more opportunities to provide mortgage credit to their members.
The CFPB Rural Designation Petition and Correction (H.R. 2672), sponsored by Rep. Ed Royce, is on the House floor schedule as well. The bill would give credit unions greater input in the CFPB's rural area designations, which affect the kinds of financial products credit unions are able to offer in certain areas.
CUNA said it is contacting each member of the House, urging them to pass the bills.
"Each of these bills would reduce credit unions regulatory burden and help them better serve their members," said CUNA President/CEO Bill Cheney in a letter to members of the House on Monday. "They were all subject to thorough consideration by the Financial Services Committee, and as the votes indicate, they are noncontroversial. We urge you to support the bills when they come to the floor."
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