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News Now

Washington
Security One FCU's Stephens Is CUNA Reg Burden Witness
WASHINGTON (3/29/13)--Pamela Stephens, president/CEO of Security One FCU, Arlington, Texas, and former Texas Credit Union League board chairman, will testify on behalf of credit unions and the Credit Union National Association at an April 10 hearing on credit union regulatory relief.

In her testimony, Stephens will provide detailed suggestions how federal lawmakers can ease the regulatory burden on credit unions. She will be testifying before the House Financial Services subcommittee on financial institutions and consumer credit.

The hearing is part of a 2013 series to study, in part, the impact of the Dodd-Frank Act, and will take place one week before an April 16 hearing on bank regulatory issues.

"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. We're ready to put some solutions on the table, and we're hopeful that the committee and Congress will embrace them and enact them," CUNA Senior Vice President of Legislative Affairs Ryan Donovan said.

Similar regulatory burden discussions took place in 2012, and CUNA testified on how the growth of financial services regulations has negatively impacted how credit unions lend to and serve their members.

The upcoming regulatory burden hearings are expected to be a precursor to a legislative package to address what CUNA has called a "crisis of creeping complexity" in financial institution regulation.


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