NASCUS Presses For Passage Of Reg Relief

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NASCUS has sent a letter to congressional cosponsors of the Financial Services Regulatory Relief Act, H.R. 1375 urging them to "pass this bill speedily so that Congress may complete action this year on these needed reforms."

According to NASCUS President Mary Martha Fortney, H.R. 1375 contains four regulatory relief priorities that would particularly benefit the state credit union sector. Among those priorities:

Provisions in H.R. 1375 that would permit non-federally insured credit unions to be eligible to join the Federal Home Loan Banks. Other non-federally insured institutions that are active in the residential mortgage business are eligible to join the Federal Home Loan Banks.

Provisions of the bill that provide exceptions for savings associations and credit unions from SEC broker/dealer registration and investment advisor registration requirements similar to those granted to commercial banks by the Gramm/Leach Bliley statute.

* The provision of the bill that would exclude loans or loan participations by federally insured credit unions to non-profit religious organizations from statutory member business loan limits.

* The provision of the bill that would provide parity of treatment with banks and savings institutions and exempt federally insured credit unions from the pre-merger notification requirements of the Clayton Act.

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