WASHINGTON (8/5/13)--Regulatory relief is increasingly of interest in Congress, as financial institutions--especially credit unions--have made it very clear that is their top priority. Some have said this fall could represent the best chance for enacting relief legislation since 2006, Credit Union National Association President/CEO Bill Cheney noted in this week's edition of The Cheney Report
However, moving regulatory relief measures through the Congress is "still a tricky proposition," he said. The debt ceiling, housing finance reform and other issues will also be on the docket, and some have said efforts to undo the Dodd-Frank Act or other controversial approaches "could make the whole effort collapse."
CUNA will first look to ensure that any regulatory relief measure that benefits community banks contains equal aid for credit unions. "For example: Any legislation that provides significant capital relief for community banks (such as easing Basel requirements) must also address capital concerns of credit unions (such as through supplemental capital)," Cheney wrote.
Ultimately, Cheney said CUNA expects Congress to consider one large regulatory relief legislative package that includes a number of relief proposals for credit unions and community banks. Such a bill could come from House or Senate financial services committees.
This week's Cheney Report
- Details on recent interchange fee cap litigation;
- CUNA concerns regarding the National Credit Union Administration's derivatives proposal; and
- An update on how legislators are responding to the Don't Tax My Credit Union! campaign.
Each Friday, The Cheney Report
provides a valuable window into CUNA's actions on behalf of member credit unions and reinforces the value of CUNA membership. To sign up for The Cheney Report
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