Royce: 'Business Lending has Tremendous Traction.'
CUs should take pride in their efforts to save members money.
“Credit unions are one of the most engaged and active groups we see in Washington,” Rep. Ed Royce, R-Calif., told attendees at Tuesday morning’s General Session. “You should be proud of the fact you’re helping your members save their hard-earned money.
“The credit union business model works,” he said. “You didn’t get us into the recession, but your business model can get us out. And I don’t want to see Congress make it any harder for you to get us out of this recession.
“The small-issuer exemption of the interchange rule is for all practical purposes unworkable. We need to slow down this rule, study it more thoroughly, and get it right. And I’ll work with the subcommittee chairman to make sure we address this issue,” Royce told an appreciative audience.
“We failed to get your business lending bill off the Senate floor during the last session,” Royce said, “but we gained tremendous traction for this bill that will benefit us next time around. Sometimes it takes a few tries to get even a common-sense bill through the legislative process.”
Royce also said he was wary of the role of the Consumer Financial Protection Bureau. “Whenever you have broad government bureaucracy with broadly defined authority, it will inevitably overreach,” he said.
He also told attendees that any expansion of the Community Reinvestment Act to encompass credit unions is “off the table.”