CUNA supports House panel markup of CU relief bills

first_imgThe House Financial Services Committee is voting a series of bills today, two of which are strongly supported by the Credit Union National Association for the regulatory relief they would provide credit unions.  Those bills are  the Regulation D Study Act (H.R. 3240) and the Access to Affordable Mortgages Act of 2014 (H.R. 5148).CUNA also strongly backs a possible amendment to The Community Bank Mortgage Servicing Asset Capital Requirements Study Act (H.R. 4042), which also will be voted on today. That bill would direct the federal banking agencies to conduct a study of appropriate capital mortgage requirements for mortgage servicing assets.The amendment to that bill would require the National Credit Union Administration to similarly “stop and study” a provision of its proposed risk-based capital plan that would assign a 250% risk weight for mortgage servicing rights (MSR).CUNA testified before the House Financial Services subcommittee on financial institutions and consumer credit last week that the MSR weight would be both “punitive and unnecessary” and should be reduced to 100%. That would place it at a level similar to what is required of small banks in Basel III requirements. continue reading » 1SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img