The U.S. Senate’s Committee on Banking, Housing and UrbanAffairs Thursday narrowly approved an amended version of TheFinancial Regulatory Improvement Act of 2015, voting by alongpartisan lines 12-10 to pass the measure to the full Senate.

The reform measure, which was broadly supported by bothcommunity banks and credit unions, directed the NCUA to hold budgethearings and study the impact of its risk based capital proposal oncredit union mortgage servicing portfolios, among other moregeneral provisions.

“We applaud committee members for moving the bill forward, andwe welcome more progress being made on behalf of credit unionregulatory relief,” NAFCU President/CEO Dan Berger said. “This is apositive development and a solid step forward in overcoming theregulatory overburden the credit union industry now faces. However,more needs to be done – and we are working on the development of abipartisan approach to get the job done.”