Late Thursday evening, the House and Senate passed the highway funding bill that included regulatory relief for credit unions. The bill now goes to Pres. Obama for his signature; which could come today. The bill, H.R. 22, easily passed both chambers. Credit unions will receive some regulatory relief through provisions that were included in the bill.
The provisions included in the bill are modernizing privacy notifications, allowing privately insured credit unions to become members of the Federal Home Loan Bank, and directing the CFPB to establish processes for areas that should be designated as rural. These will all help credit unions to better serve their members.
Credit unions could also receive regulatory relief through the Omnibus spending bill which will be discussed next week. The League and CUNA are working with lawmakers to keep the regulatory relief for credit unions in the bill.