Omnibus bill passes Senate with some reg relief

Tuesday evening Congress reached an agreement on the Omnibus spending bill. For much of December, Senate Banking Committee Chairman Richard Shelby (R-AL) had been trying to include his regulatory relief measures in the bill. It appears that very few were included. One provision requires the NCUA and other federal financial agencies to study appropriate capital […]

Tuesday evening Congress reached an agreement on the Omnibus spending bill. For much of December, Senate Banking Committee Chairman Richard Shelby (R-AL) had been trying to include his regulatory relief measures in the bill. It appears that very few were included. One provision requires the NCUA and other federal financial agencies to study appropriate capital requirements for Mortgage Servicing Assets. Also included is a measure that credit union mortgage lenders would be interested in. It prevents the White House from selling its stake in Fannie Mae and Freddie Mac without Congressional approval. This was part of S. 2038, Jumpstart GSE Act. 

The League is hearing that Sen. Shelby was close to getting more reg relief in the bill but it fell apart at the end. The House and Senate are expected to pass a continuing resolution to replace the one that expires tonight. This will keep the government running until Dec. 22. The Omnibus bill is expected to be passed by the House and Senate by then

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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