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Removing Barriers Blog

Letter Sent in Support of Reducing the Regulatory Burden
Posted April 14, 2017 by CUNA Advocacy

This morning, CUNA and the Leagues sent a letter to Chairman Crapo (R-ID) and Ranking Member Brown (D-OH) of the Senate Committee on Banking, Housing and Urban Affairs.  The letter is in response to the Committee’s hearing on fostering economic growth, held at the end of March, where they requested proposals to spur the economy. 

In the letter, CUNA and the Leagues outline a number of changes that should be made in order to reduce the one-size fits all overly burdensome regulations currently imposed on credit unions – which in turn would help grow the economy and stop impeding their ability to provide safe and affordable products and services. 

Highlights Include 

  • Further clarifying and enhancing the CFPB’s Exemption Authority; 

  • Providing Parity in the treatment of 1-4 Family Non-Owner Occupied Residential Loans; 

  • Eliminating the Statutory Member Business Lending Cap; and 

  • Modernizing the Credit Union Fields of Membership. 

In addition to our suggested changes, which were selected in an effort to be directly responsive to the Committee's emphasis on economic growth, there are several more ways to reduce regulatory burden, and CUNA and the Leagues will continue to work with both the House and Senate to fight for a common-sense regulation agenda. This includes structural changes to the CFPB, modifications to harmful CFPB rules, among other priorities to reduce the regulatory burden on credit unions allowing them to more fully serve their members. 

Learn more and get involved with the Campaign for Common-Sense Regulation