LOUISVILLE, Ky. (4/25/13)--
U.S. Rep. Andy Barr, center, (R-Ky.) recently met with Kentucky Credit Union League's Debbie Painter, executive vice president, and Wendell Lyons, president, to learn more about the regulatory burden on credit unions. Barr reiterated his support for the credit union tax exemption and pledged to work toward regulatory relief, said the league. (Photo provided by the Kentucky Credit Union League)
U.S. Rep Andy Barr (R-Ky.) invited the Kentucky Credit Union League earlier this month for a dialogue on regulatory relief and pledged his support for credit unions' tax-exempt status, said the league.
Barr met with league President Wendell Lyons and Executive Vice President Debbie Painter to discuss the impact of the regulatory burden on credit unions (By The Way April). The meeting was held just before the April 10 House Financial Services subcommittee hearing on examining credit union regulatory burdens.
"It provided a great opportunity to discuss credit unions in great detail," said the league, which provided the congressman more in-depth information about structure, governance, share insurance, liquidity, federal charter and state charter, and community/multiple select employee groups/single sponsors, and "operations from the inside out."
Other issues discussed included intermittence and mortgage rules that are impacting credit unions' ability to serve their members. Barr also had questions about the Consumer Financial Protection Bureau, the National Credit Union Administration and the Kentucky Department of Financial Institutions and their role regulating credit unions.
"Congressman Barr pledged his support for our tax exemption and to work toward regulatory relief," the league's newsletter said. "In addition, he expressed his appreciation and support for the cooperative nature for financial institutions."
The Credit Union National Association has made preserving the tax exemption its top priority.
Barr also used information provided by the league about examples of the negative effect of current rules implemented by the Dodd -Frank Act in his question and comment time during the subcommittee hearing. Use the link for archived webcast of the hearing.