Obama signs 3 credit union regulatory relief provisions into law

first_imgThree key credit union regulatory relief provisions were signed into law Friday by President Barack Obama. The provisions were passed as part of the Fixing America’s Surface Transportation (FAST) Act, which is a five-year, $305 billion highway funding package.“Friday the president signed legislation into law that contains the most significant regulatory relief measures for credit unions that we’ve seen pass Congress in nearly a decade,” said CUNA President/CEO Jim Nussle. “This is a huge victory for credit unions and the over 100 million credit union members CUNA represents.”The bill contains provisions that modernize privacy notification requirements, allow privately insured credit unions to join the Federal Home Loan Bank (FHLB) program and direct the Consumer Financial Protection Bureau (CFPB) to establish a process for determining whether an area should be designated “rural,” which could impact the products credit unions in that area can offer.“Passage of these three provisions in both the House and Senate is a culmination of years of work by thousands of credit union advocates to help remove barriers and allow not-for-profit financial institutions to better serve their member owners,” Nussle added. continue reading » 16SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img


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