Credit unions could play a bigger role in the economy under a tailored regulatory structure, CUNA and all 38 credit union leagues wrote to Senate Banking Committee leadership Friday. In the letter, CUNA and the leagues listed 4 proposals that could create economic growth by fostering a more favorable environment for credit unions.
“America’s credit unions have become a growing and more essential part of the American economy. Still, the law in many areas holds credit unions back from doing even more for their members, their communities and the economy in general,” the letter reads. “We hope you will give the proposals we have put forward full and fair consideration, and we look forward to working with you toward ensuring credit unions can continue to do their part to grow the economy.”
The proposals are:
“The Banking Committee asked for us to submit economic growth proposals, and our letter identifies proposals that we think would have a very significant impact on credit union members and communities,” said CUNA Chief Advocacy Officer Ryan Donovan. “However, there is more Congress could do to reduce credit unions regulatory burden and allow them to more fully serve their members. An improved regulatory structure, beginning with CFPB reforms, would also go a long way in this regard, and we will continue to encourage Congress to proceed with this type of legislation.”
Several of the principles are part of CUNA’s bipartisan, pro-consumer Campaign for Common-Sense Regulation, which aims to reduce regulation on credit unions by compelling Congress to end one-size-fits-all regulations better suited for Wall Street than credit unions on Main Street.