WASHINGTON (3/17/14)--Legislation that would grant credit unions and other lenders greater input into rural-area designations made by the Consumer Financial Protection Bureau has moved on to the full U.S. House after it was approved by the financial services committee late last week.
Rep. Andy Barr's (R-Ky.) H.R. 2672 would direct the CFPB to establish an application process determining whether a county should be designated as a rural area if the CFPB has not designated it as one.
The rural county designations determined by regulators can impact the types of products credit unions may offer their members in those areas.
"From our point of view, any time credit unions can gain an additional opportunity to provide input and inspire the process, we should do so," Credit Union National Association President/CEO Bill Cheney said last week.
Barr's bill was one of two pieces of credit union-related regulatory relief legislation that were sent to the U.S. House floor Thursday. (See related story: FHLB membership bill, others, could bring some CU relief: CUNA.)