CUNA praised several regulatory relief suggestions from NCUA in a letter sent to Senate Banking Committee leadership Wednesday, a day before NCUA Acting Chair J. Mark McWatters is scheduled to testify. The hearing, scheduled to begin at 10 a.m. (ET) Thursday, will focus on financial regulators’ role in promoting economic growth.
“The NCUA as credit unions’ prudential regulator ensures the safety and soundness of the National Credit Union Share Insurance Fund and examines and supervises credit unions. Through this role, the NCUA has recognized the need for relief for credit unions from regulatory burdens,” wrote CUNA President/CEO Jim Nussle. “It recently memorialized several suggestions for alleviating unnecessary burdens and improving the ability of credit unions to serve consumers in a letter to the Consumer Financial Protection Bureau (CFPB).”
A letter sent by McWatters to CFPB Director Richard Cordray in May contains many of these suggestions, including:
In Nussle’s letter, he cites the Dodd-Frank Act UDAAP requirement that the CFPB consult with federal agencies as appropriate, concerning the consistency of the proposed rule with prudential, market, or systemic objectives administered by such agencies.
“As the NCUA notes it has a long history of successfully balancing consumer protection with supervision and regulation of credit unions, and these and other views it has for regulating credit unions, should at the very least be carefully analyzed and considered in a meaningful way,” Nussle wrote.
McWatters’ appearance before the committee meant postponing NCUA’s monthly board meeting, which will now take place Friday at 10 a.m. (ET).