WASHINGTON (1/16/14)--Rep. Robert Pittenger (R-N.C.) took to the House floor this week calling for his colleagues' support of a bill to study reforms to Regulation D, and citing credit union concerns that members blow through the rule's six-transfer limit "in a matter of moments as they work online."
"Hats off to Rep. Pittenger for speaking up for credit union concerns on this important issue. It's time to study this requirement to determine how it really affects consumers and financial institutions, and to understand how or if modifying it would affect monetary policy," Credit Union National Association President/CEO Bill Cheney said in response.
Pittenger spoke on behalf of the H.R. 3240, which would require the Government Accountability Office to study Regulation D and recommend ways to modernize it. The rule affects transfers made via phone, online and ATMs.
CUNA supports the bill and improvements to Reg D and has testified before the U.S. Congress in support of such changes as increasing the number of automatic transfers allowed from a member's savings to share accounts.
Pittenger called Reg D "truly obsolete" in this age of online and mobile banking, and said it harkens back to a time when most banking transactions "ended with giving a free lollipop."