Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Cheney Report Describes Fall Reg Relief Prospects
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 also includes:
  • 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, click the resource link below and use the "subscribe" tab on the right of the page.

Past issues of The Cheney Report are also archived on cuna.org.
RSS print
News Now LiveWire
Economic activity slowed in June, according to the #Chicago Fed's national activity index, released today #Market http://t.co/1pN6peM8my
14 hours ago
Money burns a hole in workers' pockets after payday, despite best intentions via @WSJeconomy http://t.co/A9SNiUdf9v
14 hours ago
"SAR Stats," new from #FinCEN, focuses on #bitcoin. See #NewsNow http://t.co/vS7iTwY2SW
16 hours ago
.@CFPB now accepts consumer complaints on prepaid cards, debt settlement services, credit repair services, and pawn and title loans.
16 hours ago
.@WellsFargo to process transactions in order received, not high to low http://t.co/g0jWJoegoJ
17 hours ago