CUNA appreciates a mention in Speaker of the House Paul Ryan’s “A Better Way”report, in which Ryan cited CUNA’s data on the negative effects of overregulation. The six-part report is meant to serve as a platform outlining solutions to a number of challenges facing the country, and CUNA’s mention comes in the section on the economy.
The report notes that regulatory costs on credit unions have increased by $2.8 billion since the Dodd-Frank Act was adopted, and a disproportionate amount of this cost is being borne by credit unions with less than $100 million in assets. Ryan uses CUNA’s research, along with bank information from the Federal Deposit Insurance Corp., to note that overregulation is causing closure of an average of one community financial institution per day since Dodd-Frank became law.
The report supports CUNA-backed notions such as changing Consumer Financial Protection Bureau (CFPB) leadership to a five-person commission and bringing the bureau under the appropriations process.
It also favors improving the transparency of the NCUA’s budget process.
It also cites a number of CUNA-supported regulatory relief items, including:
Ryan’s initiative includes papers on topics such as the economy, the Constitution and health care.