CUNA
  • Advocacy
    • Priorities we’re fighting for
    • Actions you can take
  • News
  • Learn
  • Compliance
  • Shop
  • Topics
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact
Learn More about Member Value

News

Member Benefits
Learn more
Learn more about the benefits of membership.
Home » CUs need reg. relief: CUNA to present strong message to Senate panel
Policy & Issues

CUs need reg. relief: CUNA to present strong message to Senate panel

February 11, 2015

WASHINGTON (2/12/15)--CUNA will testify today on one of its top advocacy issues--the need for regulatory relief for credit unions. The Senate Banking Committee hearing starts at 10 a.m. (ET) and will be livestreamed.

Wally Murray, president/CEO, Greater Nevada CU, Carson City, Nev., with $474 million in assets, will testify on CUNA's behalf.

Key points in the testimony will include:

  • Identification of several statutory barriers preventing credit unions from serving their members better and recommendations for more than two dozen statutory changes;
  • Noting that the Federal Credit Union Act has not been updated in nearly 20 years and identifying several areas in need of improvement; and
  • Discussing the rulemaking processes of the Consumer Financial Protection Bureau (CFPB), encouraging the bureau to use its exemption authority more and supporting legislation to change the CFPB's leadership structure to a five-person board instead of a director.

View the video below to hear Murray discuss the hearing as he prepares for the hearing with CUNA staff.

"We'll also call on Congress to encourage the National Credit Union Administration to conduct additional cost-benefit analyses of its proposals, and require the NCUA to hold an annual public hearing on its budget," said Ryan Donovan, CUNA's chief advocacy officer.

Donovan also thanked Senate Banking Committee Chair Richard Shelby (R-Ala.) for moving forward so quickly in the early days of the 114th Congress to investigate the issue of regulatory relief for small financial institutions like credit unions.

"CUNA is grateful for the chairman's attention to the burden credit unions face amid the creeping crisis of regulatory complexity," Donovan noted.

Today's hearing, paired with a similar session for federal and state financial regulators' testimony on Tuesday, are the committee's first hearings of the year on financial institution issues.

The hearing today is scheduled to run from 10 a.m. to noon (ET). More information on other witnesses, as well as the streaming live video, can be found on the Senate Banking Committee's website.

Credit Union Magazine - Winter 2019

Winter 2019

Alternative lending, compliance management systems, and ideas for boosting credit card portfolios are among the topics of Credit Union Magazine’s Winter 2019 edition.
App •  Digital Edition •  Subscribe

Trending

  • CFPB proposes to raise remittance threshold to 500 transfers

  • Compliance: Using alternative data in underwriting

  • Concerns over credit union-bank mergers, CRA ‘inaccurate, misinformed’

Tweets by CUNA_News

Polls

What's the pace of staff turnover at your CU?

View Results
More

Champion of America’s Credit Unions

Credit Union National Association is the only national association that advocates on behalf of all of America’s credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • About
  • Careers
  • Contact Us
  • Recommended Websites

Resources for

  • CUNA Board Members
  • Credit Union Advocates
  • Leagues
  • Press
  • Vendors