Congress: Committee Approves Credit Union Relief Bill

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The Senate Banking Committee has passed S.2155, a bi-partisan regulatory relief package for community lenders. The bill will now advance to the Senate Floor with enough bi-partisan support to overcome a Senate filibuster, which means it could and should pass the Senate. Specifics for credit unions in this bill include: parity in the banking code for non-owner occupied residential mortgages—which will alleviate pressure on the member-business lending cap; deeming all mortgages held in portfolio as qualified mortgages; provide relief from Home Mortgage Disclosure Act reporting requirements; and requiring the Consumer Financial Protection Bureau to issue a rule on underwriting standards for Property Assessed Clean Energy (PACE) loans. Additionally, the bill requires a Treasury Department study on cyber threats, data security, and the impact of breaches on financial institutions

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