WASHINGTON (4/10/13)--Credit Union National Association witness Pamela Stephens takes to the witness table today to urge lawmakers to remove regulatory barriers that impede credit unions' ability to best serve the financial needs of their members.
Today's hearing by the House Financial Services subcommittee on financial institutions and consumer credit is the first of a series planned this year to study, in part, the impact of the Dodd-Frank Act. The credit union hearing occurs one week before an April 16 hearing on bank regulatory issues.
CUNA Senior Vice President of Legislative Affairs Ryan Donovan has said that the April 10 session may be a turning point of sorts for credit unions.
"After dozens of hearings in the last Congress on regulatory burden, the House Financial Services Committee is sending a message through this regulatory relief hearing that they've heard the concerns and they want to hear about solutions," Donovan said when the hearing was announced in late March.
CUNA testified several times in the last Congress regarding the "ever-increasing, never-decreasing" complexity of the regulatory framework within which credit unions must operate.
Today's relief hearing, Donovan added, "hopefully represents the beginning of the process in this Congress to move legislation to provide relief to America's credit unions."
Stephens, who is CEO of $55-million-in-assets Security One FCU, Arlington, Texas, will note that this increased complexity has disproportionately impacted small credit unions.
While noting that creating an exhaustive list of regulatory relief proposals is impossible, Stephens will offer an extensive list of CUNA-backed reforms in her testimony.
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