CUNA participated in the Treasury Department’s “Cut the Red Tape” summit Monday to discuss ways the agency might facilitate regulatory relief for financial institutions and other entities. CUNA Deputy Chief Advocacy Officer Elizabeth Eurgubian was in attendance.
The summit included remarks by Treasury Secretary Steven Mnuchin, and a panel discussion featuring Treasury General Counsel Brent McIntosh, Assistant Secretary for Tax Policy David Kautter and Counselor to the Secretary Craig Phillips.
“In his statement, Secretary Mnuchin said that regulatory relief is a top priority of the administration as it makes efforts to correct regulatory ‘dead weight,’” Eurgubian said. “CUNA has worked with the administration to highlight ways it can help credit unions get some form of regulatory relief, and we’ve been happy to see some suggestions used by the Treasury. We plan to continue our work with the Treasury and other agencies so credit unions can see relief from regulations that are hampering access to credit and financial services.”
Members of the panel made several remarks supporting Mnuchin’s support for regulatory relief, including:
Several of those suggestions were included in a Treasury report on streamlining recommendations, and CUNA responded to that report outlining areas where regulatory burdens are harming the ability of credit unions to serve their members.