CUNA President/CEO Jim Nussle and several other credit union leaders left CUNA’s Governmental Affairs Conference briefly Monday for a meeting at the White House to talk regulatory relief with President Donald Trump.
Along with Nussle, the credit union CEOs talked to the president about burdens facing credit unions and what could be done to fix them, including support for S. 2155, the Senate’s bipartisan regulatory relief bill.
“The meeting was all about reducing regulatory burden on all of us,” says Mary Ott Wood, president/CEO of Florida West Coast Credit Union in Brandon, Fla.
Lisa Ginter, president/CEO of Community America Credit Union in Lenexa, Kan., says a key message they wanted to get across was credit unions’ cooperative nature.
“We shared our dissatisfaction with the regulatory burden in place. We said we’re not part of Wall Street, we’re part of Main Street,” Ginter says. “Our goal is to continue to help our members in their journey and give them affordable means to secure credit and put them in homes, cars, whatever they need.”
Dallas Bergl, president/CEO of Inova Federal Credit Union in Elkhart, Ind., brought up some specific issues facing credit unions.
“We were able to share some of the issues facing not only our credit union, but the industry, particularly with the Qualified Mortgage rules and the effect on the ability of smaller credit unions to get loans out," Bergl says. "We were also able to convey to them we were supportive of the changes in Consumer Financial Protection Bureau (CFPB) leadership, and we’re pleased with the improvements at the NCUA.”
“One of the points we tried to make in the meeting is a point CUNA has been echoing for some time—that one-size-fits-all regulations for all institutions doesn’t work,” says Maurice Smith, president/CEO of Local Government Employees Credit Union in Raleigh, N.C., and incoming CUNA Board chairman. “Credit unions are unique. Credit unions were not the cause of the recession years ago, but at the same time, common-sense regulation makes sense. Regulations should be tailored.”
Tailoring regulations is a primary goal of CUNA’s bipartisan, pro-consumer Campaign for Common-Sense Regulation, which CUNA launched last year and continues to work on through advocacy on S. 2155 and other legislation.
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