WASHINGTON (3/16/15)--With the U.S. House Financial Services Committee still seeking input on regulatory relief for credit unions and other small financial institutions, CUNA will testify in a hearing on the subject Wednesday.
Patrick Miller, president/CEO of CBC FCU, Oxnard, Calif., will testify on behalf of CUNA.
The hearing is titled "Preserving Consumer Choice and Financial Independence." Committee members and witnesses will examine the regulatory burden facing credit unions and community banks and its effects.
This hearing marks the second time since February that CUNA has testified on credit union regulatory relief needs before members of Congress. CUNA testified before the Senate Banking Committee Feb. 12.
At that time, CUNA announced the launch of a comprehensive study examining the true, real-life costs of complying with the myriad of regulations credit unions face.
Prior to CUNA's testimony, the Senate Banking Committee asked federal regulators during another hearing about specific regulatory costs, and most were unable to provide anything except anecdotal evidence.
"I have heard many times from members of Congress and regulators that they are looking for more data about the cost credit unions are forced to bear related to regulatory compliance," said CUNA President/CEO Jim Nussle when announcing the study.
Since 2004, CUNA has testified before Congress on regulatory relief 32 times and sent 118 letters supporting legislation that would provide some kind of regulatory relief for credit unions.
Last year, a bill allowing share insurance coverage of interest on lawyer trust accounts was signed into law by the president, and bills calling for an increase in the member business lending cap, allowing credit unions to raise forms of supplemental capital and changing the definition of "rural" areas were all introduced.
Since the end of February, seven regulatory relief bills have been introduced or reintroduced that would help remove barriers for credit unions to more fully serve their members. CUNA Chief Advocacy Officer Ryan Donovan says he expects additional regulatory relief legislation to be introduced in the coming weeks.
The House Financial Services Committee hearing is scheduled to begin at 10 a.m. (ET) Wednesday and will be streamed live on the committee's website.