WASHINGTON (6/28/13, UPDATED 11:35 a.m. ET)--House Financial Services Committee Vice Chairman Gary Miller (R-Calif.) introduced long anticipated legislation today, H.R. 2572, that would provide regulatory relief for credit unions and community banks.
Miller's bill focuses on credit unions and topics discussed within its section range from such things as some enhancements to National Credit Union Administration authority, to improved capital standards for credit unions, to a cost-benefit analysis of rules, past and present.
"Credit unions wholeheartedly thank Rep. Miller for acting on their great need for regulatory relief so fewer resources are diverted from their true business of serving their members," Sam Whitfield, Credit Union National Association vice president of legislative affairs, said as CUNA welcomed the bill. He added CUNA's appreciation that Miller included CUNA in the development of his legislation.
Miller's bill will likely be joined by other regulatory relief legislative initiatives coming out of the financial services panel this year.
Other Financial Services Committee members are said to be preparing to offer bipartisan regulatory relief bills and are working to find 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.
During a hearing in March, CUNA delivered a 35-point plan for credit union regulatory relief to federal lawmakers. Among changes promoted by CUNA are:
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.