WASHINGTON (10/22/13)--The Credit Union National Association will submit statements for the record for upcoming hearings on key credit union issues this week, topics including regulatory burden, impediments to capital formation, and changes to the structure of the Consumer Financial Protection Bureau.
Though the U.S. House has scheduled a brief work week and the Senate is out, there are three hearings on the agenda of interest to credit unions:
- A House Financial Services capital markets and government sponsored enterprises subcommittee hearing entitled "Legislation to Further Reduce Impediments to Capital Formation." CUNA has noted that supplemental capital does not change the credit union structure, said has said that new sources of capital would be a tool that would help credit unions better serve their members;
- A House Small Business investigations, oversight and regulations subcommittee hearing entitled "Regulatory Landscape: Burdens on Small Financial Institutions." Compliance can be the most important legal task faced by many credit unions. CUNA has noted that regulatory complexity continues to increase, creating more and more emerging issues for credit unions. CUNA continues to work with credit unions and leagues to ensure that new regulatory developments do not have unintended consequences for the credit union system or impose unnecessary regulatory burdens; and
- A House Financial Services financial institutions and consumer credit subcommittee hearing entitled "Examining Legislative Proposals to Reform the Consumer Financial Protection Bureau." CUNA has encouraged the CFPB to consider the regulatory burdens faced by credit unions as it writes new rules, and to exempt credit unions from the terms of new regulations as much as possible.