WASHINGTON (4/23/13)--As the U.S. House approaches a Spring recess next week, the Credit Union National Association continues to work closely with House Financial Services Committee members and staff as they develop legislative solutions to address small financial institution regulatory burden. While the House will formally adjourn for the week, staffers will continue their regular work schedules on this and other key legislative issues.
"After testifying 12 times on credit union regulatory burden, the conversation turned during our last hearing to regulatory relief," Ryan Donovan, CUNA senior vice president of legislative affairs, said Monday.
Credit unions and community banks have both outlined the regulatory burdens they face during the most recent hearings. CUNA witness Pamela Stephens, CEO of $55-million-in-assets Security One FCU of Arlington, Texas, presented CUNA's 35-point platform of regulatory relief measures at an April 10 House Financial Services financial institutions subcommittee hearing.
"We've put a lot of ideas on the table," Donovan said. However, he added, CUNA would encourage the committee to continue its series of hearings on regulatory burden as the legislative process continues.
CUNA anticipates that the recent hearings could result in a combination of a regulatory relief package addressing concerns of both credit unions and community banks, as well as some stand-alone bills.
Donovan said that any talk of when a bill will be introduced would be speculation at this point. He reminded, nonetheless, that committee Chairman Jeb Hensarling (R-Texas) has cited relieving regulatory burdens as one of two issues that are his priorities for this session of Congress, the other one being housing finance policy reform.
Removing legislative and regulatory barriers is one of the key objectives outlined in CUNA's Unite for Good initiative. Unite for Good calls on credit unions to rally in support of a common vision where "Americans choose credit unions as their best financial partner."
For a full list of Unite for Good action steps, use the resource link.