WASHINGTON (8/23/11)—As the Credit Union National Association (CUNA) works to compile a comprehensive list of credit unions’ regulatory burdens to send to federal regulators and continue to seek their aid to provide relief, CUNA is asking credit unions to send their views on what rules unnecessarily encumber operations. CUNA intends to provide the National Credit Union Administration (NCUA) with the catalog of credit unions’ pressing regulatory concerns by the end of this month. The action is a follow up to a number of other initiatives CUNA has undertaken to seek a targeted and more effective regulatory approach for credit unions. For instance, early this month CUNA used the opportunity to comment on NCUA regulations that are up for review this year to make a broader statement on regulatory burden. CUNA sent a comment letter to NCUA urging the agency to avoid broad-based regulatory requirements in favor of more targeted actions and to refrain from adding to the burden caused by current credit union regulatory requirements. The CUNA comment letter, spurred by NCUA's 2011 regulatory review of such rules as those addressing security programs, Bank Secrecy Act compliance, and crime reporting, also noted that "the cumulative regulatory burden is at an all-time high" due to the activities of the NCUA and Dodd-Frank Act regulations. Also this month, CUNA President/CEO Bill Cheney sent a letter to Richard Cordray as he prepares for his Sept. 6 nomination hearing before the Senate Banking Committee for the position of Consumer Financial Protection Bureau (CFPB) director. Cheney asked Cordray to "consider ways in which the bureau can help minimize regulatory requirements for credit unions and other financial institutions." Cordray, who has been serving as the CFPB's assistant director for enforcement, was announced as President Barack Obama's nominee for CFPB director last month. CUNA has also backed legislation (H.R. 1315) to reduce the voting threshold needed for the Financial Stability Oversight Council (FSOC) to stay or set aside rules finalized by the CFPB from a two-thirds vote to a majority vote. The CFPB director would not be part of that vote. CUNA said that the change would make it easier for FSOC to stay or set aside potentially burdensome CFPB rules and, therefore, would balance consumer protection with safety and soundness concerns. CUNA sent a letter of support to Speaker of the House John Boehner (R-Ohio) and House Minority Leader Nancy Pelosi (D-Calif.) in July. Credit unions may send their lists of burdensome regulations to CUNA at firstname.lastname@example.org
. For more on CUNA’s actions, use the resource links below.