Senate Banking Committee passes Relief Bill

The Senate Banking Committee has passed S.2155, a bi-partisan regulatory relief package for community lenders. The bill will now advance to the Senate Floor with enough bi-partisan support to overcome a Senate filibuster, which means it could and should pass the Senate. Specifics for credit unions in this bill include: parity in the banking code […]

The Senate Banking Committee has passed S.2155, a bi-partisan regulatory relief package for community lenders. The bill will now advance to the Senate Floor with enough bi-partisan support to overcome a Senate filibuster, which means it could and should pass the Senate. Specifics for credit unions in this bill include: parity in the banking code for non-owner occupied residential mortgages – which will alleviate pressure on the member-business lending cap; deeming all mortgages held in portfolio as qualified mortgages; provide relief from HMDA reporting requirements; and requiring the CFPB to issue a rule on underwriting standards for Property Assessed Clean Energy (PACE) loans.

Additionally the bill requires a Treasury Department study on cyber threats, data security, and the impact of breaches on financial institutions. Read more at CU Times.

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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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