WASHINGTON (9/16/14)--The Credit Union National Association will testify before the Senate Banking Committee today in a hearing titled "Examining the State of Small Depository Institutions."
CUNA's testimony will be focused on the current regulatory burdens facing credit unions, bills it supports heading into the final months of this Congress and concerns with proposals from the National Credit Union Administration and the Federal Housing Finance Agency.
"We're hopeful this hearing is an important step toward preparing House-passed bills for Senate consideration during the post-election 'lame duck' session," said Ryan Donovan, CUNA's senior vice president of legislative affairs. "This is the time of year we hear a lot of discussions about potential packages of legislation that could be considered before Congress adjourns."
Dennis Pierce, CEO of CommunityAmerica CU, Lenexa, Kan., $1.9 billion in assets, and chair of the CUNA board, will testify on behalf of CUNA. He will speak about the effect that the more than 180 regulatory changes from at least 15 federal agencies since the start of the financial crisis have impacted credit unions, particularly small ones.
"It's not that any particular regulation presents an unmanageable situation for credit unions, but the accumulation of regulatory requirements and the frequency with which these requirements change that contributes to a degradation of member service because it diverts finite resources away from our purpose and mission," he said.
CUNA will recommend that the Senate take up the following bills:
Pierce will also speak to CUNA's concerns with the NCUA's risk-based capital proposal--concerns that have been echoed by many members of Congress (News Now Sept. 9)--and concerns with new proposed rules governing membership in the FHLB program.
Use the resource link below to access Pierce's written testimony that has been submitted by the committee.