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 nearly 300 credit unions throughout Alabama, Florida, and Georgia. It has a combined total of almost $200 billion in assets and 12.4 million members. LSCU provides advocacy, compliance services, education and training, cooperative initiatives, and communications.

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