Housing EO specifically directs NCUA to provide regulatory relief

With last week’s Executive Order (EO) providing long-sought mortgage relief, America’s Credit Unions shared analysis with industry press over the weekend and Monday. Despite the use of terms like “bank” and “community bank” in the opening section of the EO, credit unions are very much a part of the relief granted in the order.

Head of Regulatory Advocacy James Akin notes that the order is “focused on reducing many of the regulatory burdens and hurdles that were put in place after the financial crisis,” and says that “it is pretty clear to us, from every section throughout the executive order, that credit unions are included, because the NCUA is specifically directed to take actions to provide regulatory relief.”

In addition, underlying regulations generally apply to credit unions in the same way they do to banks in many of the areas in which the CFPB is directed to act.

America’s Credit Unions discussed many of the specific concerns outlined in the EO in earlier meetings with the White House, National Economic Council, Congress, regulators, and more, including most recently in a letter to the CFPB outlining HMDA relief.

America’s Credit Unions remains engaged with policymakers as they work to implement the order and to ensure credit union priorities are part of additional relief discussions.