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Shelby relief bill to advance to full Senate

first_imgThe “Financial Regulatory Improvement Act,” a NAFCU-backed regulatory relief bill authored by Senate Banking Committee Chairman Richard Shelby, R-Ala., was approved by the committee in a party-line vote of 12-10 after mark-up on Thursday.The package, which Shelby first released last week, includes several NAFCU-backed provisions for credit union relief and transparency at NCUA. The bill would require public NCUA budget hearings and require the agency to study the impact of its risk-based capital proposal on mortgage servicing assets.Before the final committee vote, panel members approved an amendment from Sen. Pat Toomey, R-Pa., to raise the asset threshold for institutions subject to CFPB examinations from $10 billion to $50 billion. NAFCU supports this amendment, although the association has always advocated the exemption of all credit unions from CFPB regulation. Also added was a NAFCU-backed amendment from Sen. Mike Crapo, R-Idaho, to bar federal financial institution regulators, including NCUA, from participating in the Justice Department’s Operation Choke Point initiative.A substitute amendment to the bill from Ranking Member Sherrod Brown, D-Ohio, released Tuesday, was rejected along party lines, with 10 voting aye and 12 nay. continue reading » 7SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

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