League welcomes House’s passage of additional reg. relief; Appreciates Congressman Poliquin’s support

July 19, 2018

“Our advocacy efforts have once again resulted in the passage of more, meaningful regulatory relief for credit unions. While we recognize the House’s passage of a bill that includes delaying the NCUA’s risk-based capital rule until January 2021 and several other CU-supported measures is the first step, it represents a strong first step in that process. We especially appreciate the support of Congressman Poliquin in voting in favor of the bill,” stated Todd Mason, President/CEO of the Maine CU League, commenting on the House passing H.R. 6147, the Financial Services and General Government (FSGG) Appropriations Act for Fiscal Year 2019 earlier this week.

Mason said that your League has been involved with efforts to delay the risk-based capital rule since last year including submitting a letter to the NCUA.  “We have also discussed the rule at length with members of our Delegation, and will continue to do so as the bill now moves to the Senate for consideration.  We also appreciate the efforts of CUNA and its legislative team for its work on this bill a daily basis on Capitol Hill.”

The bill would delay the effective date of National Credit Union Administration’s (NCUA) risk-based capital rule to January 2021 and provide funding for the Treasury’s Community Development Financial Institutions (CDFI) Fund, which is used for grants and awards to foster growth, achieve sustainability and revitalize communities.

Some additional provisions that would benefit credit unions include:

  • Placing the Bureau of Consumer Financial Protection (BCFP) under the appropriations process;
  • Give the president the authority to remove the BCFP director; and
  • Enhancing Congressional review of BCFP rulemaking.

The bill also includes languages from several CUNA-supported bills, such as:

  • Mortgage Choice Act (H.R. 1153), which would remove certain premiums and title insurance from the points and fees calculation;
  • Privacy Notification Technical Clarification Act (H.R. 2396), would “provide credit unions sufficient flexibility to ensure that members have access to the privacy policy pertinent to their relationship with the credit union;
  • TRID Improvement Act of 2018 (H.R. 5078), which would amend the Real Estate Settlement Procedures Act to require the Bureau of Consumer Financial Protection to allow the accurate disclosure of title insurance premiums and any potential available discounts to homebuyers;
  • Common Sense Credit Union Capital Relief Act (H.R. 4464), which would delay NCUA’s risk-based capital rule;
  • Bureau of Consumer Financial Protection–Inspector General Reform Act, which would create an independent inspector general at the CFPB.