WASHINGTON (2/10/15)--The U.S. Senate Banking Committee today will conduct its first hearing of the 114th Congress involving financial institutions issues, and the topic will be regulatory relief for credit unions and community banks.
Larry Fazio, director of examinations and insurance for the National Credit Union Administration, will be a witness in today's hearing.
Ryan Donovan, CUNA's chief advocacy officer, said the hearing likely will involve regulators highlighting ways they have worked to improve or remove overly burdensome regulations or proposals. Fazio is likely to point to the NCUA's revised risk-based capital proposal as an example of the agency working to improve a proposal based on stakeholder comments.
"We think that NCUA is going to receive a number of questions from the panel regarding the impact the proposal still will have on credit unions, and whether the agency has statutory authority to finalize a rule," Donovan said.
"In addition," Donovan said, "regulators have been asked to present legislative recommendations for regulatory relief. We know in the past the NCUA has talked about working toward supplemental capital and member business lending legislation, so we'll look to that as well."
Fazio will be joined by witnesses from the Office of the Comptroller of the Currency, Federal Deposit Insurance Corp., Federal Reserve Board of Governors and Conference of State Bank Supervisors.
The hearing is scheduled for 10 a.m. to noon (ET) and will be streamed live on the committee's website.
Just two days after today's session, CUNA will testify before the same panel on the same topic--regulatory relief. CUNA will submit a strong statement concerning the need for relief.
Wally Murray, president/CEO, Greater Nevada CU, Carson City, Nev., with $474 million in assets, will testify on CUNA's behalf. The hearing 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.