LINCOLN, Neb. (7/28/14)--Nebraska credit union advocates took their message of regulatory relief to Capitol Hill during a Hike the Hill event earlier this month.
|Nebraska credit union advocates met with Sen. Deb Fischer (R-Neb.) during their Hike the Hill visit to Washington, D.C., earlier this month. (Nebraska Credit Union League Photo)|
"Our credit unions are being inundated with hundreds of new complex regulations from multiple agencies that they must now comply with," said Scott Sullivan, Nebraska Credit Union League president/CEO (The Affiliate July 21).
There have been 180 new regulations from 15 separate agencies since 2008, not including those from the CFPB, according to the Credit Union National Association.
Ronny Miller, president/CEO of $16 million-asset Gallup FCU, Omaha, Neb., told lawmakers that small credit unions are bearing the brunt because of their limited staff and resources. "Their staffs (small credit unions) are spread so thin that it hurts the members," said Miller.
Steve Edgerton, vice president of operations and governmental officer for Centris FCU, Omaha, with $531 million in assets, said that larger credit unions are hiring more compliance officers to keep up with the new rules and regulations coming out of Washington, D.C.
Nebraska advocates thanked U.S. Reps. Jeff Fortenberry (R-Neb.), Adrian Smith (R-Neb.) and Lee Terry (R-Neb.) for co-signing the risk-based capital (RBC) letter sent to the National Credit Union Administration. The letter was co-sponsored by Rep. Peter King (R-N.Y.) and Rep. Greg Meeks (D-NY). The letter garnered support from more than 300 House members. During visits to Sens. Deb Fischer (R-Neb.) and Mike Johanns (R-Neb.), Nebraska credit union representatives asked them to pen a letter to the NCUA.
In addition to meeting with federal lawmakers, the advocates met with NCUA Chair Debbie Matz and NCUA board member Rick Metsger. Much of the focus of both meetings was the proposed RBC rule.
Other states participating in Hike the Hill visits this spring and summer include Michigan, Minnesota, Maine, Missouri, New Mexico, Arkansas, Oklahoma, Texas, North Carolina, South Carolina, New York, Ohio, Iowa, Oregon, Washington, California, Nevada, Alabama, Florida, Wisconsin, Georgia, Kentucky, Montana, Massachusetts, New Hampshire and Rhode Island.