WASHINGTON – House lawmakers overwhelmingly passed a major, five-year highway spending bill Thursday afternoon that includes several key relief measures for credit unions.
The House voted 359-65 on the roughly $300 billion deal reached by a bicameral conference committee earlier this week.
Among the key CU wins in the bill are provisions that:
- clarifies privacy notice requirements such that consumers will receive privacy notices after opening a new account and when their providers' privacy policies change
- gives authority for privately insured credit unions to join a Federal Home Loan Bank and requires a Government Accountability Office report that looks at private insurance;
- authorizes FDIC to do 18-month exam cycles for well-run community banks, something credit unions have been urging NCUA to implement for low-risk credit unions; and
- removes a provision calling for the use of Fannie Mae and Freddie Mac credit-risk guarantee fees, or g-fees, for highway funding.
The legislation now advances to the Senate, where it is expected to pass quickly, before being sent to the White House to be signed. The transportation program is set to expire Dec. 4.
