WASHINGTON (UPDATED: 3/27/13, 11:50 a.m. ET)--The Credit Union National Association is scheduled to testify at an April 10 House Financial Services financial institutions and consumer credit subcommittee hearing on the regulatory burdens facing credit unions.
The credit union hearing, which is part of a 2013 series to study, in part, the impact of the Dodd-Frank Act, will take place one week before an April 16 hearing on bank regulatory issues.
John Magill, CUNA Executive Vice President of Government Affairs, on Wednesday said a hearing focused on credit union issues is highly significant. "We're breaking new ground here. Years ago, we would have been a side dish," he said. Even at a member business lending hearing in the last Congress, credit unions shared the day with banks. "Not so this time," he noted.
CUNA is working to select a witness for the credit union regulatory burden hearing. Additionally, CUNA has communicated routinely with financial services committee staff, providing specific and detailed suggestions for ways to ease the regulatory burden on credit unions. "We expect to elaborate on these ideas when we testify," Magill said.
The hearings are expected to be a precursor to a legislative package on regulatory relief with elements addressing the concerns of credit unions and community banks.