Removing Barriers Blog

CUNA Participates in Treasury Summit
Posted October 03, 2017 by Chandler Schuette

CUNA participated in the Treasury Department’s “Cut the Red Tape” summit to discuss ways the agency might facilitate regulatory relief for financial institutions and other entities. CUNA's Deputy Chief Advocacy Officer & Senior Counsel Elizabeth Eurgubian was in attendance.

The summit included remarks by Treasury Secretary Steven Mnuchin, and a panel discussion featuring Treasury General Counsel Brent McIntosh, Assistant Secretary for Tax Policy David Kautter and Counselor to the Secretary Craig Phillips.

“In his statement, Secretary Mnuchin said that regulatory relief is a top priority of the administration as it makes efforts to correct regulatory ‘dead weight,’” Eurgubian said. “CUNA has worked with the administration to highlight ways it can help credit unions get some form of regulatory relief, and we’ve been happy to see some suggestions used by the Treasury. We plan to continue our work with the Treasury and other agencies so credit unions can see relief from regulations that are hampering access to credit and financial services.”

Members of the panel made several remarks supporting Mnuchin’s support for regulatory relief, including:

  • McIntosh said financial services regulation should be “open, clear, [and] minimally intrusive;”
  • Kautter said the Treasury is reviewing tax regulations and how to fix the tax burden on Americans;
  • Philips said federal agencies are capable of fixing most issues with credit union and community bank regulations. He also added 2 Treasury reports are forthcoming, one on capital markets this week and one next week on asset management and insurance. Another report on financial technology is expected in late 2017 or early 2018; and
  • Philips also said a lot of streamlining regulations is “common sense.”

CUNA met with Treasury officials in April to discuss regulatory relief, and followed up that meeting with a letter containing numerous relief suggestions.

Several of those suggestions were included in a Treasury report on streamlining recommendations, and CUNA responded to that report outlining areas where regulatory burdens are harming the ability of credit unions to serve their members.