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On this page you will find information and NASCUS commentary on proposed federal legislation that may affect state chartered credit unions. NASCUS' general policy is to comment only on federal legislation that affects the dual chartering system or could impact state-chartered credit unions, substantially impact state-chartered credit union share insurance requirements or infringe upon state regulatory authority.
To view our Congressional correspondence (testimony, statements and letters to Congress, visit this link.)
Legislative News
NASCUS Encourages Regulatory Relief for FISCUs
April 10NASCUS took the the opportunity to submit this written testimony for the record of the April 10, 2013 House Financial Services Subcommittee on Financial Institutions and Consumer Credit hearing, Examining Credit Union Regulatory Burdens.
NASCUS Applauds Introduction of Supplemental Capital Bill
Feb, 14, 2013- Representatives Peter King (R-NY) and Brad Sherman (D-CA) introduced the Capital Access for Small Businesses and Jobs Act, legislation that will allow credit unions to access supplemental capital, a reform long supported by NASCUS. This bill is similar to H.R. 3993 which was introduced in the 112th Congress.
State CU System Leaders Testify on Capitol Hill
July 24, 2012 - NASCUS members were in Washington, D.C. this week testifying before Congress on consumer protection and preemption issues.
Credit Union Execs Discuss Regulatory Burden at House Subcommittee Hearing
May 16, 2012 - The panel of credit union and bank executives communicated to the Subcommittee that compliance costs both in terms of staff and operations has grown significantly over the last several years, especially from regulations promulgated in response to the economic crisis such as the Dodd-Frank Act.
Amendment to Postal Bill Could Limit Government Agency Participation in Conferences
May 8, 2012 - NASCUS co-signed with other associations and professional societies in an American Society of Association Executives (ASAE) letter encouraging Congress to amend this legislation. As presented, the legislation could restrict dialogue between the private sector and the federal government.
Senate Introduces Exam Fairness Legislation Similar to House Bill
March 13, 2012 - Sen. Jerry Moran introduced S. 2160, the Financial Institutions Examination Fairness and Reform Act, a nearly identical legislation to H.R. 3461, the House version of exam fairness.
New Bill Would Allow Supplemental Capital to Count Toward Credit Union Net Worth
Feb. 10, 2012-
The bill, H.R. 3993, would make a change to the definition of net worth in the Federal Credit Union Act to allow non-share capital accounts to count toward a natural person's credit union's net worth.
NASCUS Applauds Introduction of Supplemental Capital Bill
Feb. 9, 2012 - Rep. Peter King (R-NY) introduced the Capital Access for Small Businesses and Jobs Act, H.R. 3993, legislation that will allow credit unions to access supplemental capital, a reform long supported by NASCUS.
President Uses Recess Appointment for CFPB's Cordray
Jan. 4, 2012 - On Jan. 4, President Barack Obama used a recess appointment to install Richard Cordray as the Director of the Bureau of Consumer Financial Protection (CFPB) thereby skirting a stalled Senate confirmation process.
CFPB Director Nomination Blocked in the Senate
Dec. 8, 2011 - Richard Cordray, President Obama's nomination to be director of the Bureau of Consumer Financial Protection, was blocked by Senate Republicans for confirmation to the post.
House Approves Bill Amending Rulemaking Process
Dec. 6, 2011 - The U.S. House of Representatives approved the "Regulatory Accountability Act of 2011," H.R. 3010, on December 2 amending the Administrative Procedures Act regarding rulemaking and adding provisions for rulemaking that imposes significant cost on the economy.
"Exam Fairness" Legislation Introduced in the House
Nov. 29, 2011- H.R. 3461, the Financial Institutions Examination Fairness and Reform Act, was introduced by Rep. Shelley Moore Capito (R-WV) and Rep. Carolyn Maloney (D-NY) in an effort to improve elements of the federal examination process.
House Subcommittee Holds Hearing on Member Business Lending Legislation
Oct. 17, 2011 - The House Subcommittee on Financial Institutions and Consumer Credit held a hearing on Oct. 12 to discuss enhancements to member business lending capabilities for credit unions.
NCUA Issues Final Rule Regarding Net Worth from Senate Bill 4036
Sept. 26, 2011 - In January of this year, the President signed Senate Bill 4036 which included amendments to the Federal Credit Union Act to clarify the use of the term net worth in combination transactions and to allow Section 208 assistance to be counted towards net worth.
CFPB July 21 Implementation Date Nearing
July 13, 2011- Created by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFPB has examination authority for entities with more than $10 billion in assets.
NCUA and Credit Union Industry Encourage Senate Banking Panel to Support Raise in MBL Cap
June 16, 2011-
NCUA Chairman Debbie Matz told the Committee that many credit unions could engage in MBL, but do not because of the cap of 12.25 percent restrictive cap.
Senate Banking Committee Holding Hearing on Credit Union Member Business Lending
June 10, 2011 - The hearing scope is expected to include discussion of S. 509, introduced by Sen. Mark Udall (D-CO), a bill to enhance MBL for credit unions for qualified credit unions.
Attempt to Delay Interchange Debit Fee Provisions Fails in Senate
June 8, 2011- An attempt to delay the implementation of debit interchange fee regulations failed in the Senate on June 8 by six votes. The provisions are to take effect on July 21, as per the Dodd-Frank Wall Street and Consumer Reform Act signed into law last summer.
House Committee Acts on Consumer Financial Protection Bureau Legislation
May 17, 2011 - The House Financial Services Committee approved three bills recently involving the Bureau of Consumer Financial Protection (CFPB), a new federal agency created by the Dodd-Frank Act.
CSBS & NASCUS Support Delayed Implementation of Interchange Fee Rule
May 12, 2011 - The Conference of State Bank Supervisors (CSBS) and the National Association of State Credit Union Supervisors (NASCUS) have issued a joint letter to Congress in support of legislation that would delay implementation of the interchange fee provisions of the Dodd-Frank Wall Street and Consumer Reform Act.
Credit Union MBL Bills Now Pending in House and Senate
April 12, 2011 - As expected, Rep. Ed Royce (R-CA) introduced H.R 1418, the Small Business Lending Enhancement Act of 2011, the companion House bill to S. 509 to allow qualifying credit unions to increase their member business lending to 27.50 percent of assets.
House Bill Recommends Changes to CFPB Leadership Structure
April 12, 2011 - A bill introduced in the House of Representatives would change the leadership of the newly created Consumer Financial Protection Bureau (CFPB) from a Director to a five-person commission.
NASCUS Supports Additional Study of Debit Interchange Cap Proposal
April 4, 2011- In a letter to Federal Reserve Chairman Ben Bernanke, NASCUS expressed its support for additional study of the impact of the debit interchange fee cap proposal on credit unions.
Bachus Points to Consumer Protection, GSE Reform and Securities Issues as Top Agenda Items
Feb. 16, 2011 - During a speech in Washington, D.C. on February 15, Chairman of the House Financial Services Committee Spencer Bachus (R-AL) provided insight into the direction of the Committee's work for the 112th Congress and shared his outlook on the newly created Consumer Financial Protection Bureau (CFPB).
Congressional Committees Plan to Address Credit Union Issues
Feb. 14, 2011 - Recently, the House Financial Services and Senate Banking Committees released their oversight plans for areas of study and action for the 112th Congress. Both Committees included credit union issues in their oversight plans.
Matz Encourages Congress to Consider Credit Union Capital Reforms
Jan. 18, 2011 - NCUA Chairman Debbie Matz wrote to Senate Banking Committee Chairman Tim Johnson (D-S.D.) and House Financial Services Committee Chairman Spencer Bachus (R-AL) on Jan. 14 requesting that Congress reform capital standards for credit unions, including providing access to supplemental capital. See NASCUS' statement in support of Matz's letters>
President Signs Bill Into Law Directing Study of NCUA Corporate Fallout
Jan. 6, 2011 - This week, President Obama signed bill S. 4036, now a law, directing the Government Accountability Office to conduct a study of the National Credit Union Administration's (NCUA) supervision of corporate credit unions and implementation of prompt corrective action (PCA). The bill also amends the Federal Credit Union Act to allow Section 208 assistance to be counted towards net worth.
Congress Approves Bill Directing Study of NCUA Corporate Fallout
UPDATED Dec. 22, 2010 - Congress approved a bill, S. 4036, directing the Government Accountability Office to conduct a study of the National Credit Union Administration's (NCUA) supervision of corporate credit unions and implementation of prompt corrective action (PCA). The bill also amends the Federal Credit Union Act to allow Section 208 assistance to be counted towards net worth.
NASCUS Reiterates Support for Supplemental Capital for Credit Unions to Senate Banking Committee
Dec. 9, 2010 - In a statement for the record of the Dec. 9 hearing on the "State of the Credit Union Industry," NASCUS emphasizes need for supplemental capital options for credit unions. You can view the statement here. To see all NASCUS Congressional Correspondence, click here.
Midterm Elections Wrap-Up
Nov. 15, 2010 - While the dust is still settling from some of the November 2 midterm elections, it's clear that many new faces will appear on in Congress, Governor's offices and in state legislatures.
Congress Back for Lame Duck Session Nov. 15
Nov. 12, 2010 - The 111th Congress will come back to Washington, D.C. on November 15 for a lame duck session that is expected to last until early December.
Regulatory Reform is Law - What Should We Expect Now?
August 4, 2010 - The Dodd-Frank Act requires 243 new rules, 67 one-time reports and 22 periodic reports. However, only some of the provisions impact state regulators and the credit union system.
Financial Regulatory Reform Bill Becomes Law
July 22, 2010 - With the signing by President Obama on July 21, the Dodd-Frank Bill, a comprehensive regulatory reform bill, is now law.
Financial Regulatory Reform Bill Headed to President's Desk
July 15, 2010 - With the Senate and House approval of regulatory reform legislation, the conference report of H.R. 4173, the Dodd-Frank Bill, will now go to the President's desk for his signature.
House/Senate Conference Reach Consensus on Regulatory Reform Bill
June 25, 2010 - After more than two weeks of conference and a 20-hour debate on June 24, the House and Senate agreed on a financial regulatory reform bill. The next step for the legislation, renamed the Dodd-Frank Act, will be action by the full House and Senate.
NASCUS Communicates State CU Regulatory Perspective to Regulatory Reform Conferees
June 14, 2010 - The House and Senate began a conference last week to reconcile their two versions of regulatory reform legislation. Discussion is scheduled to continue June 15.
Status of Regulatory Reform: House/Senate Conference Expected to Commence Week of June 7
June 4, 2010 - With the Senate approval of S. 3217 on May 20, the House and Senate leadership will now reconcile the Senate bill with H.R. 4173, the regulatory reform package approved by the House in December 2009.
Next Step for Regulatory Reform: House and Senate Reconciliation
May 21, 2010 - With the Senate approval of S. 3217 on May 20, the House and Senate leadership will now reconcile the Senate bill with H.R. 4173, the regulatory reform package approved by the House in December 2009.
Senate to Debate, Offer Amendments to Regulatory Reform Bill This Week
May 3, 2010 - Following several days of failed procedural votes last week, the Senate has agreed to debate and offer amendments to S. 3217, the Senate financial regulatory reform bill.
Regulatory Reform Bill Still Lingering in Senate
April 27, 2010 - In a late afternoon procedural vote on April 26, the Senate voted against a motion to bring S. 3217, the Senate financial regulatory reform bill, to the floor for debate.
Senate Banking Committee Approves Regulatory Reform Bill
March 23, 2010 - In a party line vote, the Senate Banking Committee approved Chairman Chris Dodd's (D-Conn.) revised regulatory reform bill, 13-10, with no Republicans voting for the measure.
Senate Releases Long-Awaited Regulatory Reform Bill
March 16, 2010 - Unlike the House regulatory reform package, the Senate bill does not create a stand-alone independent Consumer Financial Protection Agency (CFPA), but instead would institute a consumer bureau at the Federal Reserve.
Regulatory Reform Still Pending in Senate
Feb. 19, 2010 - Chairman of the Senate Banking Committee Chris Dodd (D-Conn.) is still expected to release his version of regulatory reform legislation, possibly later this month.
Financial Services Legislation to Watch as Congress Returns
Jan. 19, 2010 - As Congress returns to Washington, D.C., legislators are considering several bills affecting financial services in both the House and Senate
Senate Banking Committee Chair Dodd Not Seeking Reelection
Jan. 6, 2010 - Sen. Chris Dodd (D-Conn.) announced January 6 that he would not seek reelection in November. He currently serves as the Chairman of the Senate Banking, Housing and Urban Affairs Committee.
Senate Returns Jan. 19, Regulatory Reform Remains Top Agenda Item
Jan. 4, 2010 - The Senate continues to develop its legislation to reform the financial services system, trailing behind the House which approved a comprehensive regulatory reform bill in late 2009.