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Since Congressman Poliquin became Maine's first member of Congress to serve on the House Financial Services Committee (HFSC) in nearly five decades, when he was appointed to the Committee in 2015, the Congressman has been a reliable and outspoken supporter of Maine's credit unions. This past week, when the HFSC considered three regulatory relief bills supported by the Credit Union National Association (CUNA) and the Maine CU League, Congressman Poliquin's voted in support of all three bills. Subsequently, all three were passed by the Committee. Todd Mason, President of the Maine Credit Union League, commended Congressman Poliquin for his "understanding and strong support of bills that will have a positive impact on Maine credit unions. It is very helpful to our issues that he is on the Committee."
In advance of the markup, CUNA wrote to the Committee expressing support for bills that would allow easier access to financial services, repeal NCUA's risk-based capital rule and provide an independent examination process. "It's always good news to see common-sense pieces of legislation advance in the process, and CUNA will continue its work to move these and other pieces of legislation that would provide needed regulatory relief forward," said CUNA Chief Advocacy Officer Ryan Donovan in a statement to your League.
The three bills passed were:
The Financial Institutions Examination Fairness and Reform Act of 2017 (H.R. 4545) would bring fairness to the exam process by providing for an independent appeals process at the Federal Financial Institutions Examination Council.
The Common Sense Credit Union Capital Relief Act of 2017 (H.R. 4464), which would repeal NCUA's risk-based capital rule.
The Making Online Banking Initiation Legal and Easy Act of 2017 (H.R. 1457) would allow financial institutions to record personal information from a copy of an individual's identification for the purpose of verifying the authenticity the identification.
All three bills will now be considered by the full House.