Broad Reg Relief Bill May Be on the Horizon in the Senate

WASHINGTON-At NAFCU’s Congressional Caucus last week, Senator Mike Crapo (R-Idaho) said he was possibly interested in introducing broader regulatory relief than what the House-passed bill offers. The House’s Financial Services Regulatory Relief Act (H.R. 1375) deals primarily with what he called “charter issues.” Crapo said, “When I picked up the mantle on the Senate side, I felt there were a lot of other issues-issues you think of when you think of regulatory relief-that could be brought into the mix.” He did not provide further detail. Crapo admitted that a broader package could take more time to work on; he pointed to the 130 suggestions he received from regulators as well as comment from industry. He commented, “If you only take the low hanging fruit, you may never get the high hanging fruit.” Right now, Crapo also said he and his staff are debating whether it would be better politically to introduce a bill by the end of this session, which only has a couple more weeks at this point, or wait until the start of the 109th Congress. The bill has had two major roadblocks: the Industrial Loan Company issue and the bank v. credit union battle. Both will create large fights, Crapo admitted, adding, “I intend to be a very pushy but honest broker.” One thing is for sure. “Credit unions and your leadership has been very involved to ensure that we have your points of view,” the lawmaker said. [email protected]