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| House advances bipartisan Regulatory Relief legislation |
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The House cleared by voice vote the Supervisory Modifications for Appropriate Risk-Based Testing (SMART) Act (H.R. 4437) Tuesday. Introduced by Reps. William Timmons, R-S.C., and Bill Foster, D-Ill., the bipartisan legislation would allow well-managed, well-capitalized financial institutions, including credit unions, to receive:
• Combined safety-and-soundness examinations and consumer compliance examinations; and
• Limited-scope, off-site examinations in alternate years.
“We thank Representatives Timmons and Foster for providing well-managed and well-capitalized credit unions with relief through the SMART Act. By reducing examination burdens for certain credit unions, this relief would allow credit unions to dedicate more time to what they do best: investing in the financial futures of their members and communities,”” said Kathleen Coulombe, America’s Credit Unions chief advocacy officer. “With bipartisan support for this legislation in the House, we urge senators to follow suit with swift passage.”
America’s Credit Unions wrote to House leadership Monday in advance of the vote and will continue to support the bill in the Senate.
Copyright © 2024-2026 America's Credit Unions. (link) |
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