The U.S. Capitol. Credit: Shutterstock
Credit union advocates pressed lawmakers to advance targeted regulatory relief as the House Financial Services Committee considers multiple bills during its markup this week.
America's Credit Unions voiced support for the "Small Lenders Exempt from New Data and Excessive Reporting (LENDER) Act," arguing the measure would ease burdens tied to small business lending data collection requirements under Section 1071 of the Dodd-Frank Act. The group said current rules disproportionately impact smaller institutions and could limit access to credit in underserved communities.
The Defense Credit Union Council (DCUC) echoed that support, calling H.R. 941 a meaningful step toward reducing compliance strain. DCUC noted the bill would delay compliance deadlines, provide safe harbor protections and exempt smaller lenders based on loan volume and asset size.
Both organizations raised concerns about other measures under consideration. America's Credit Unions opposed changes to beneficial ownership reporting tied to the Corporate Transparency Act, citing risks to financial crime prevention. DCUC similarly urged caution, recommending amendments to preserve data needed for law enforcement and anti-money laundering efforts.
DCUC also called on lawmakers to prioritize credit union-specific legislation, including proposals to expand lending for veteran-owned businesses and strengthen liquidity tools, arguing the industry's needs remain underrepresented in the current agenda.
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