The Department of the Treasury released a report Monday outlining more than 100 changes to financial regulations. CUNA is analyzing the report.
"We are carefully reviewing the Treasury's report. Based on our initial review, the report appears to reflect input that we gave the administration in meetings and other engagements, and it shows that that the administration understands that credit unions need common-sense regulations," said CUNA President/CEO Jim Nussle. "For too long, the one-size-fits-all rules meant for Wall Street have been hurting Main Street’s financial sector. We appreciate that the Treasury Department recognizes that credit unions know how to lend and promote economic growth in their communities, and we will continue to work with policymakers to improve the operating environments for credit unions and their members."
The majority of the changes would be made at the regulatory level, not through legislation.
Recommendations include requiring tailored regulations, changes to the Consumer Financial Protection Bureau, risk-based capital requirements and more.