Last week the LSCU Advocacy team provided an update on its efforts to include HR 5288, Rep. Bill Posey’s RBC Delay bill, into a defense bill that was to be marked yesterday in the House Financial Services Committee. Despite objections from the banking industry, the language did, in fact, get added to H.R. 5841, the Foreign Investment Risk Review Modernization Act of 2018, and passed the committee unanimously.
The League worked with Rep. Posey’s office to fight back these objections and are now one step closer to seeing this common sense approach to regulatory relief become a reality. The LSCU thanks Rep. Posey for his continued support of credit unions and will continue to provide updates of further movement on this issue.