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Michigan Credit Union League

Huizenga Reg Relief Bill Passed out of House Financial Services Committee with Other CU-Backed Bills

Last week, the U.S. House Financial Services Committee took up and voted out several regulatory relief bills, nine of which were credit union-supported bills. The bi-partisan bills came about after the enactment of the Dodd-Frank legislation, and the flood of new regulatory burden that had been placed upon credit unions.

The nine credit union supported bills passed out of committee include:

  • H.R. 685, the Mortgage Choice Act, sponsored by Rep. Bill Huizenga, R-Zeeland, 2014 MCUL Federal Legislator of the Year. Passed by a vote of 43-12
  • H.R. 299, the Capital Access for Small Community Financial Institutions Act. Passed by a vote of 56-1
  • H.R. 601, the Eliminate Privacy Notice Confusion Act. Passed by a vote of 57-0
  • H.R. 1195, the Bureau of Consumer Protection Advisory Board Act. Passed by a vote of 53-5
  • H.R. 1265, the Bureau Advisory Commission Transparency Act. Passed by a vote of 56-2
  • H.R. 1259, the Helping Expand Lending Practices in Rural Community Act. Passed by a vote of 56-2
  • H.R. 1480, the SAFE Confidentiality and Privilege Enhancement Act. Passed by a vote of 58-0
  • H.R. 1408, the Mortgage Servicing Asset Capital Requirements Act. Passed by a vote of 49-9
  • H.R. 1529, the Community Institution Mortgage Relief Act. Passed by a vote of 48-10

All nine of the credit union backed bills had been passed by either the House or Senate committees to which they were assigned to last session, however, none of the bills ever came up for a vote on the Senate floor. MCUL & Affiliates will continue to advocate with the Michigan delegation the importance of regulatory relief to the credit union industry.

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2015-03-30 00:00:00