Regulatory relief — a top priority for the Credit Union National Association–would be realized for credit unions under a number of measures that will be considered next week on the House floor.
Among the items on the House schedule for consideration are:
- H.R. 3468, which would extend share insurance coverage to all of the underlying owners of funds held by lawyers in trust accounts and realtors in escrow accounts. This bill, supported by CUNA, would provide parity for credit unions with banks with respect to federal insurance coverage of lawyer trust accounts (IOLTAs: Interest on Lawyer Trust Accounts) and other similar accounts;
- H.R. 3584, which would broaden credit unions’ ability to apply for Federal Home Loan Bank membership. CUNA strongly supports this bill that would put the country’s privately insured credit unions on the same footing as their federally insured counterparts where it comes to membership in the FHLB system; and,
- H.R. 2672, which would grant credit unions and other lenders greater input into rural-area designations made by the Consumer Financial Protection Bureau. The rural county designations determined by regulators can impact the types of products credit unions may offer their members in those areas and CUNA maintains that any time credit unions can gain an additional opportunity to provide input into the process, they should do so.