FOR IMMEDIATE RELEASE
Contact: Vicki Christner – CUNA Communications; 202-508-6754; firstname.lastname@example.org
Washington, DC (October 21, 2015) – In advance of House Financial Services Committee’s Subcommittee on Financial Intuitions and Consumer Credit hearing today on legislative proposals to reduce regulatory burden on Main Street job creators, Credit Union National Association (CUNA) chief advocacy officer Ryan Donovan released the following statement:
“Today, the House Financial Services Committee Subcommittee on Financial Institutions and Consumer Credit will hold a legislative hearing on several bills aimed at removing barriers for credit unions to serve their members and customers.
“Credit unions have been subjected to tens of thousands of pages of new regulations in the last seven years; just last Thursday, the NCUA and the CFPB finalized more than 1,000 pages of new regulations for credit unions. This hearing is part of the long process of rolling back the regulatory burden unfairly put on credit unions. This is at least the tenth hearing the committee has held since the beginning of the year; and, so far this year, 17 CUNA supported bills have been approved by the committee. Three more will be subject to a hearing this week, ripening them for future committee consideration: H.R. 2473, the Preserving Capital Access and Mortgage Liquidity Act; H.R. 2287, the National Credit Union Administration Budget Transparency Act; H.R. 2896, the Taking Account of Institutions with Low Operational Risk (TAILOR) Act.
“These bills, combined with the other 17 bills the committee has approved this year, cut to the heart of the problem that credit unions face in the aftermath of the financial crisis with respect to regulatory burden. Policymakers from across the political spectrum acknowledge that credit unions were not responsible for the financial crisis, but the public policy response to the crisis without question fails to recognize this seemingly indisputable fact.”
With its unique network of affiliated state credit union leagues, Credit Union National Association (CUNA) serves America's credit unions, which are owned by 100 million consumer members. Credit unions are not-for-profit cooperatives providing affordable financial services to people from all walks of life. For more information about CUNA, visit www.cuna.org or follow @CUNA on Twitter. For more information about credit unions, visit www.aSmarterChoice.org and follow @asmarterchoice on Twitter. Visit the CUNA Press Room for a full listing of media mentions, press releases and resources to stay informed on current events within the credit union industry.