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| Supporting Credit Union Regulatory Relief in Housing Bill |
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With several credit union regulatory relief provisions added to the 21st Century ROAD to Housing Act (H.R. 6644), America’s Credit Unions urged House leadership to support those changes and include additional regulatory relief. The House will vote on an amended version of H.R. 6644 this week.
Regulatory relief added to the bill includes:
• Credit Union Board Modernization Act, to allow credit union boards to meet a minimum of six times per year, rather than the currently required twelve. America’s Credit Unions also supports exemptions in the bill for credit unions with a low CAMELS composite rating, credit unions with a low management component rating, and de novo credit unions as they stabilize operations;
• Advancing the Mentor-Protégé Program for Small Financial Institutions Act, which would empower minority depository institution (MDI) credit unions other smaller credit unions to collaborate with larger credit unions in mentorship efforts;
• American Access to Banking Act, which would promote the formation of de novo credit unions and other community banks by streamlining the federal application process, establish mentorship and outreach programs, improve capital formation pathways, and establish dedicated points of contact for applicants through casework support to ensure the success of de novo institutions.
The letter also calls for the commitment to amending a section of H.R. 6644 providing relief to de novo banks to include credit unions, and include additional bills:
• Minimizing Outdated Restrictions that Exclude (MORE) Opportunities for Homeownership Act (H.R. 7647), which would make it easier for credit unions to join a Federal Home Loan Bank (FHLB) by updating the definition of Community Financial Institution in the FHLB Act;
• Expanding Access to Lending Options Act (H.R. 4167), to allow NCUA to permit loan maturities of more than 15 years; and
• To improve access to NCUA’s Central Liquidity Facility to help credit unions more easily access emergency liquidity, such as the bipartisan Senate CLF Enhancement Act.
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