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News Now

Washington
Reg Relief Package Develops As CUNA Continues Advocacy
WASHINGTON (4/15/13)--The Credit Union National Association continues to discuss key regulatory reform ideas with U.S. House Financial Services Committee members as they consider a range of options on how to proceed to provide relief for credit unions and other small financial institutions.

"While it is too early to tell what legislation may look like, there is little doubt that the House is taking a hard look at improving the regulatory environment for small financial institutions," CUNA Vice President of Legislative Affairs Sam Whitfield said Monday.

CUNA, testifying last week at a House Financial Services subcommittee hearing on credit union regulatory relief, released a 35-point action plan for reducing credit union regulatory burdens.  (Use the resource link to read April 11 News Now story: CUNA 35-point Plan Could Help Spell Out Relief Bill.)

Suggestions offered in the CUNA plan include:

  • Increasing National Credit Union Administration budget transparency;
  • Adjusting the treatment of non-owner occupied one- to four-family dwelling loans for credit unions from business loans to residential real estate loans;
  • Increasing the maturity limit for higher education loans made by federal credit unions; and
  • Expanding investment authority in credit union service organizations.
CUNA's Whitfield noted that committee members are looking for areas where credit union and community bank interests may intersect in a bill. CUNA has assured lawmakers that such areas exist;  for instance, one such area is examination fairness legislation.

This week community banks will have a chance to discuss their own regulatory burdens in a House financial institutions subcommittee hearing scheduled for Tuesday.

The recent Senate legislative agenda has been dominated by issues such as immigration reform, nomination hearings and gun laws, and that body has not yet turned its attention to financial institution regulatory relief issues.
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