Removing Barriers Blog

NCUA Chairman Testifies before Senate Banking Committee
Posted June 23,2017 by CUNA Advocacy

The Senate Banking, Housing and Urban Affairs Committee held a hearing entitled, “Fostering Economic Growth: Regulator Perspective.”   

During his opening statement, NCUA’s Acting Chairman McWatters gave an overview of his written testimony including how the NCUA is participating in the Economic Growth and Regulatory Paperwork Reduction Act, recommendations that were included in the Treasury Department’s report that was recently released, and a few of NCUA’s current initiatives.   

A few highlights from Chairman McWatter’s questioning include: 

  • Agreeing with Senator Menendez that CDFI Funding is critical; 

  • Arguing that credit unions should be able to add underserved areas to their field of membership with fewer restrictions; 

  • Responding that “[r]egulations should be targeted like a laser” to a question about tailoring credit union regulations. 

Prior to the hearing, CUNA sent a letter to Chairman Crapo and Ranking Member Brown reminding the Committee of the important role credit unions play in the American economy and how credit unions could better serve under a regulatory scheme calibrated for size and complexity, rather than the current one-size-fits all mentality.   

CUNA will continue to advocate on behalf of America’s credit unions and their 110 million members as the Senate continues their process to enact common sense regulatory relief legislation.