FOR IMMEDIATE RELEASE
Contacts: Zan McKelway – CUNA Communications; (202) 508 6701; firstname.lastname@example.org
Washington, D.C. (May 21, 2015) – Credit Union National Association President and CEO Jim Nussle issued the following statement regarding today’s mark-up of regulatory relief legislation in the Senate Banking, Housing, and Urban Affairs Committee.
CUNA greatly appreciates the Committee’s commitment to meaningful regulatory relief for small depository institutions. We particularly appreciate that the legislation includes three specific credit union provisions and several other significant regulatory relief provisions to reduce the unnecessary and overly burdensome regulations that negatively impact credit unions, their members and their communities.
I’m also grateful for Sen. Pat Toomey’s (R-Penn.) amendment, which passed with bi-partisan support, to increase the Consumer Financial Protection Bureau examination threshold to $50 billion in assets--five times the current $10 billion cut off. Only CUNA and ICBA have worked to support this higher threshold.
We hope that conversations will continue on both sides of the aisle to achieve bipartisan agreement for regulatory relief for small financial institutions before the bill comes to the Senate floor.
The Credit Union National Association (CUNA) represents America's credit unions and their more than 100 million members. Credit unions are not-for-profit cooperatives providing affordable financial services to people from all walks of life. For more information visit www.cuna.org or follow @CUNA on Twitter.