On Friday, Senate Banking Committee Chairman Richard Shelby (R-AL) announced that the markup for a regulatory relief bill has been moved to May 21. It was originally scheduled to be marked up this Thursday. However, 10 Democrats on the committee say they wouldn’t vote for it since they have not seen the legislation.
CUNA continues to prepare for a possible Senate Banking Committee markup of financial institution legislation, despite published reports that go back and forth on the likelihood that hearing will take place.
“We are actively engaged with the banking committee, as we have been since the beginning of the year, and at this point anticipate the vote will go as scheduled,” said Ryan Donovan, CUNA’s chief policy officer. “The situation remains fluid, and the contents of the bill aren’t yet known. We would like to see a bill that focuses on regulatory relief for small financial institutions, since there’s a real possibility a bill that’s too broad will get bogged down.”
Politico reported expectations last week that the bill to be considered will be a big, broad bill, while the Democrats have only agreed to support one more narrowly focused on helping credit unions and community banks find regulatory relief.
CUNA has been meeting with a number of committee members and staff to make sure they are aware of the importance of this issue to credit unions. CUNA is also working to collect real-life examples of how the regulatory burden adversely affects credit unions and their members every day–information sought by the lawmakers at that hearing. Send your regulatory relief examples to CUNA.