America’s credit unions were fully represented at a House Financial Services subcommittee hearing Wednesday, as Rick Nichols, president/CEO of River Region CU, Jefferson City, Mo., testified on behalf of the Heartland Credit Union Association to discuss the need for regulatory relief for credit unions.
CUNA worked closely with Nichols to craft his testimony.
During the hearing, which focused on legislative proposals to provide targeted relief to community financial institutions, Nichols clearly outlined for committee members the need for Congress to appropriately tailor regulations to a financial institution’s size.
One-size-fits-all regulations designed to reign in Wall Street, he said, have significantly harmed credit unions and other small financial institutions, which often have difficulty marshaling the resources necessary to comply, straining service to members.
Nichols further voiced his support for a number of bills the committee has proposed recently that would provide relief to credit unions, including the CUNA-backed Community Lending Enhancement and Regulatory Relief (CLEARR) Act of 2017, which was introduced by Committee Chairman Blaine Luetkemeyer (R-Mo.) earlier this year.
Additional highlights from the hearing: