Three Federal Bills Introduced Would Impact Credit Unions
Federal lawmakers have introduced three bills in the U.S. House of Representatives that would impact credit unions . The bills, introduced between February 14 and 15, deal with member business lending, supplemental capital, and privacy notification requirements.
The new member business lending bill (MBL) is. H.R. 688 and was introduced by U.S. Rep. Ed Royce (R-CA)on February 14 . It would lift the credit union member business lending cap to 27.5% of assets, from the current 12.25%.
On the same day, U.S. Rep. Pete King (R-NY) and Brad Sherman (D-CA) reintroduced a bill that would permit the National Credit Union Administration to allow credit unions to accept additional forms of capital. The new supplemental capital legislation is H.R. 719.
Missouri U.S. Rep. Blaine Luetkemeyer (R-District 3) introduced H.R. 749, which amends the Gramm-Leach Bliley Act to provide an exception to the annual privacy notice requirement. The Eliminate Privacy Notice Confusion Act is cosponsored by U.S. Rep. Sherman. It would eliminate the annual mailed privacy notice, and instead require financial institutions to provide notice only when a change takes place. The introduced version is identical to the bill that passed the House in 2012.
All three bills were previously introduced in the last Congress. Every two years, a new Congress takes effect and all bills must be reintroduced.
Pictured: U.S. Rep. Blaine Luetkemeyer (R-District 3)