CUNA pinpoints CU priorities before NCUA hearing

July 21, 2015

WASHINGTON (7/21/15)--In advance of Friday’s testimony by National Credit Union Administration Chair Debbie Matz before a House subcommittee, CUNA has met with subcommittee members and staff to detail opportunities for regulatory relief from the agency.

“It’s been about six years since the NCUA last held a hearing on its budget, and it’s been about four years since an NCUA chairman has testified before the House Financial Services Committee,” said Ryan Donovan, CUNA chief advocacy officer. “So this hearing on Friday will provide members of Congress, particularly those on the financial institutions and consumer credit subcommittee, a chance to explore that topic and several others.”

CUNA’s discussions with members of the House Financial Services subcommittee addressed the NCUA’s revised risk-based capital proposal, particularly the agency’s legal authority to present such a rule and the capital adequacy provisions.

CUNA also addressed the NCUA’s interest on lawyer trust accounts (IOLTAs) proposal, and how the agency could expand share insurance coverage to more accounts, member business lending, field of memberships and the Temporary Corporate Credit Union Stabilization Fund.

“I would expect many of those would be topics members of the subcommittee will explore during Friday’s hearing,” Donovan said.

CUNA will send a letter to the committee in advance of the hearing.

Other items CUNA will be watching on Capitol Hill this week include:

  • Wednesday, 10 a.m. (ET): House Financial Services subcommittee on monetary policy and trade hearing, “Examining Federal Reserve Reform Proposals;”
  • Wednesday, 10:15 a.m. (ET): Senate Banking subcommittee on securities, insurance and investment hearing, “Oversight of the Financial Stability Oversight Council Designation Process;”
  • Wednesday, 2 p.m. (ET): House Financial Services task force to investigate terrorism financing hearing titled, “The Iran Nuclear Deal and its Impact on Terrorism Financing;” and
  • Thursday, 2 p.m. (ET): Senate Judiciary Committee hearing, “The Administrative State v. the Constitution: Dodd-Frank at Five Years.”