The House of Representatives is expected to vote on a number of bills Monday evening that would impact credit unions.
Among the bills being considered for passage is The Eliminate Privacy Notice Confusion Act, legislation that would eliminate the requirement for financial institutions to mail annual privacy notices unless there is a change to the policy.
"Of these bills, H.R. 601 would probably have the greatest impact on credit unions because it would eliminate a very costly and burdensome requirement that credit unions send annual privacy notifications to their members," CUNA Chief Advocacy Officer Ryan Donovan said. "We have long supported this legislation."
Donovan added, "H.R. 299 [the Capital Access for Small Community Financial Institutions Act of 2015] is the only bill among this set that would affect credit unions exclusively by permitting privately-insured credit unions to join the Federal Home Loan Bank system. The other bills are important as well, and we appreciate their consideration in the House."
NAFCU has also said it supports privacy notice legislation.
In addition, the House is expected to vote on the Helping Expand Lending Practices in Rural Communities Act, which would develop an application process for areas being designated as rural for the purpose of federal consumer financial laws.
The House will also consider the Bureau Advisory Commission Transparency Act, which would subject the CFPB to the Federal Advisory Committee Act.
"The CFPB is not involved in intelligence collection, covert operations, or the formation of monetary policy, so there is no reason that it cannot hold its committee and subcommittee meetings in public," a House Financial Services Committee press release said.
The House is also set to vote on the SAFE Act Confidentiality and Privilege Enhancement Act. According to the Congressional Budget Office (CBO), the bill "would broaden the group of regulators authorized to share information submitted to the Nationwide Mortgage Licensing System and Registry (NMLSR) without losing privilege or confidentiality protections to include public officials that oversee the financial services industry."
The CBO estimated that the bill would increase direct spending by an insignificant amount.
"CBO estimates that enacting H.R. 1480 would not affect revenues," the CBO reported. "Implementing the bill would not affect discretionary spending because the CFPB is permanently authorized to spend amounts transferred from the Federal Reserve System."
CUNA is optimistic that the Republican-led Senate would act on the bills if they pass the House.
"Many of these bills were mentioned in our testimony in the Banking Committee earlier this year and they have been subject of our ongoing conversations with Banking Committee members who are putting together regulatory relief legislation," Donovan said. "We have had a number of meetings since the beginning of the year aimed at conveying the importance of these and other matters, and we're hopeful they will be considered either individually or as part of a package."
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