The U.S. Capitol. Photo: Diego M. Radzinschi/ALM
America’s Credit Unions urged members of the House Financial Services Committee to advance two regulatory relief measures during Thursday’s committee markup, while rejecting amendments that could restrict access to affordable credit.
In a letter sent to Chairman French Hill and Ranking Member Maxine Waters, the trade association voiced strong support for the Financial Reporting Threshold Modernization Act (H.R. 1799) and the Community Bank Regulatory Relief Act (H.R. 7055), arguing both bills would reduce regulatory burdens and better align compliance requirements with current economic realities.
H.R. 1799 would modernize outdated asset thresholds under the Currency Transaction Reporting rules, raising the threshold to $30,000 and indexing it to inflation going forward. America’s Credit Unions said the current $10,000 threshold has not been updated in decades and has imposed growing compliance costs on financial institutions without improving law enforcement outcomes.
The organization also endorsed H.R. 7055, which would raise the asset threshold for mandatory Home Mortgage Disclosure Act (HMDA) reporting from $5 billion to $10 billion and index it to inflation. The change would exempt more small and midsize institutions from costly reporting requirements while maintaining transparency in the mortgage market.
At the same time, America’s Credit Unions urged lawmakers to reject amendments that would impose national interest rate caps, warning such proposals could sharply reduce access to credit, especially for lower-income borrowers.
The group said it looks forward to working with lawmakers to advance regulatory reforms that preserve consumer protections while ensuring credit unions can continue meeting member needs.
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