In Congress, CUNA, NCUA to hone in on reg. relief before SBC

February 9, 2015

WASHINGTON (2/10/15)--In what are the first two financial institutions-related hearings by the U.S. Senate Banking Committee this year, the committee will be focusing this week on the need for regulatory relief for credit unions and community banks.

The National Credit Union Administration and other federal and state financial regulators will testify today on their efforts to provide relief from regulatory burden for institutions under their supervision. (See related story: "SBC seeks CU, small bank reg. relief ideas in today's hearing.")

Just two days later, CUNA will testify at a Thursday hearing and will submit a strong statement concerning the need for such relief (News Now Feb. 6).

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

The testimony will include:

  • Identification of several statutory barriers preventing credit unions from serving their members better and recommendation 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.

"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.

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