CUNA to build off early 2016 momentum to secure reg. relief
WASHINGTON (3/31/16)--The Credit Union National Association (CUNA) will build off momentum from the first quarter of 2016, using it to advance credit union advocacy priorities going forward. In particular, CUNA is encouraged by bipartisan efforts from Congress to highlight the regulatory burden facing credit unions, and those same members calling for relief from regulators.
In CUNA’s latest Advocacy Update video, Chief Advocacy Officer Ryan Donovan highlighted CUNA’s numerous successes on the advocacy front so far this year. Most notable are the 329 legislators who called for the CFPB to use its exemption authority and the subsequent requests for regulatory relief language to be inserted into appropriations legislation.
At least six legislators have requested CUNA-supported regulatory relief language--everything from general regulatory relief to raising the member business lending cap--be included in appropriations bills.
“Having these members of Congress weigh in at this stage is really important to making sure our priorities are at the table,” he said.
Other CUNA victories on the advocacy front in 2016 include:
Making progress on extending the National Credit Union Administration’s (NCUA) examination cycle, which NCUA Chair Debbie Matz said could happen by the end of 2017;
Achieving a victory in an interchange fee case in Texas;
Paving the way for more than 11,000 comment letters to be submitted on the NCUA’s field-of-membership proposal;
Seeing the NCUA finalize its member business lending rule, which removes most requirements not directly present in the federal statute;
Successfully advocating for the NCUA to publish its overhead transfer rate methodology and accept public comments;
Seeing a tax reform bill, introduced by Rep. Devin Nunes (R-Calif.) that leaves the credit union tax status untouched; and
- Sending a message to the Consumer Financial Protection Bureau (CFPB) with 329 members of Congress calling for the bureau to use its exemption authority to help ease the regulatory burden facing credit unions.
The last item, Donovan noted, has been particularly helpful in establishing a bipartisan tone to calls for regulatory relief.
“Getting that kind of response from 329 members of Congress, representing majorities in both parties, sends a powerful message, and is a big accomplishment for CUNA’s 360-degree advocacy efforts,” Donovan said.
Members of the House Financial Services Committee referred to the message during a hearing earlier this month with CFPB Director Richard Cordray. The letter’s message will likely be carried through to two CFPB-related hearings before the Senate Banking Committee next week, one of which will include Cordray’s testimony.