House Expected to Take Up Regulatory Relief Bill This Week

Show your support by reaching out to Congress 

S. 2155 is now in the House and poised to be called to the floor for a vote this week. Based on the bi-partisan passage in the Senate and feedback from Leagues across the country, if the bill is called for a vote in its current form, meaning no new amendments, there appears to be enough votes on both sides of the aisle to pass the bill. 

The Association has been in contact with the Maryland and D.C. delegation and most have indicated, like the Senate, that while they support the credit union provisions in the bill, the other provisions in the bill make it difficult to support and we expect the majority will not vote in favor of the bill.  However, since some in our delegation are still evaluating their position, we encourage you to use the CUNA/League system website The Campaign for Common-Sense Regulation to email and request their support of S. 2155.

The Senate passed the bill in March with a bipartisan 67-31 vote and would go to President Donald Trump for his signature if passed by the House.

Specific regulatory relief provisions in S. 2155 would: 

  • Establish a safe harbor from certain requirements for a loan to be considered a Qualified Mortgage; 
  • Rescind the additional data points required under the Home Mortgage Disclosure Act for insured credit unions that originate fewer than 500 closed-end and/or 500 open-end lines of credit; 
  • Reclassify one-to-four unit, non-owner occupied residential loans as real estate loans, so the loan would not count against the member business lending cap; 
  • Clarify that that the same consumer protections in place with respect to mortgage lending are nonexistent for Property Assessed Clean Energy loans; 
  • Remove the three-day wait period required for the combined TRID mortgage disclosure if a creditor extends to a consumer a second offer of credit with a lower annual percentage rate; 
  • Require NCUA to make publicly available a draft of their proposed budget, hold a hearing with public notice during which this draft would be discussed and solicit and consider public comment about the draft budget; 
  • Provide a safe harbor for properly trained financial employees who report alleged elder financial abuse; and 
  • Require the U.S. Department of Treasury to conduct a study on the risks that cyber threats may pose to financial institutions.