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News Now

Washington
Treasurys Wolin CUNA meet on key CU issues
WASHINGTON (9/26/11)--U.S. Treasury Deputy Secretary Neal Wolin met with Credit Union National Association (CUNA) President/CEO Bill Cheney and CUNA senior staff Friday to discuss a number of credit union priority issues, such as an increase in credit union member business lending (MBL) authority, the tax exempt status of federal credit unions, and access to supplemental capital. During the meeting, CUNA thanked Wolin for Treasury’s continued support of a statutory increase that would allow credit unions to devote up to 27.5% of assets to MBLs, up from the current cap of 12.25%. Bills are pending action in the U.S. House (H.R. 1418) and Senate (S. 509). At the Treasury meeting, CUNA also emphasized the need to protect the tax-exempt status of federal credit unions; CUNA will follow up with Treasury staff who are developing proposals for the administration to revise the U.S. tax code. CUNA also raised the issue of supplemental capital for credit unions and the importance of revisions to current rules, which would allow credit unions to boost their capital and to improve the capital scheme under which federally insured credit unions operate. CUNA also discussed the Consumer Financial Protection Bureau (CFPB) and its regulatory role. CUNA noted that while credit unions are concerned about regulatory burden overload , CUNA commends the approach the CFPB has taken to date to include credit unions in discussions and to consider credit unions’ regulatory burden concerns. Before the meeting’s conclusion, CUNA also told Wolin that the group looks forward to working with a new Treasury Assistant Secretary for Financial Institutions once the nominee is confirmed. Cyrus Amir-Mokri has been nominated by the Obama administration for that position. The Treasury's Assistant Secretary for Financial Institutions is charged with developing and coordinating Treasury's policies on legislative and regulatory issues affecting financial institutions. In addition to Cheney, CUNA officials who participated in the meeting with Wolin were Executive Vice President for Government Affairs and Special Assistant to the CUNA President John Magill, General Counsel Eric Richard, and Deputy General Counsel Mary Dunn, and Vice President of Economics Mike Schenk.


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