The U.S. Senate's Committee on Banking, Housing and Urban Affairs narrowly approved an amended version of The Financial Regulatory Improvement Act of 2015 on May 21, voting by along partisan lines 12-10 to pass the measure to the full Senate.

The reform measure, which was broadly supported by both community banks and credit unions, directed the NCUA to hold budget hearings and study the impact of its risk-based capital proposal on credit union mortgage servicing portfolios, among other more general provisions.

"We applaud committee members for moving the bill forward," NAFCU President/CEO Dan Berger said. "This is a positive development and a solid step forward in overcoming the regulatory overburden the credit union industry now faces. However, more needs to be done – and we are working on the development of a bipartisan approach to get the job done."