WASHINGTON (6/17/13)--House Financial Services Committee Vice Chairman Gary Miller (R-Calif.) will soon unveil anticipated legislation that will open formal discussions in the U.S. House about possible regulatory relief measures for credit unions and community banks. The bill could be introduced as early as today.
Miller's bill will focus on credit unions and topics discussed within its section range from such things as enhancements to National Credit Union Administration authority in a few areas to improved capital standards for credit unions, to a cost-benefit analysis of rules, past and present.
"Credit unions wholeheartedly thank Rep. Miller for acting on their great need for regulatory relief so fewer resources are diverted from their true business of serving their members," said Sam Whitfield, Credit Union National Association vice president of legislative affairs. He added CUNA's appreciation that Miller included CUNA in the development of his legislation.
Miller's bill will join other CUNA-supported regulatory relief legislative initiatives already introduced in the House of Representatives, including:
Miller's credit union bill will likely be joined by other regulatory relief legislative initiatives coming out of the financial services panel this year.
Other Financial Services Committee members are said to be preparing to offer bipartisan regulatory relief bills and are working to find for areas where credit union and community bank interests may intersect in a bill. CUNA has assured lawmakers that such areas exist; for instance, one such area is examination fairness legislation.
During a hearing in April, CUNA delivered a 35-point plan for credit union regulatory relief to federal lawmakers. Among changes promoted by CUNA are: