Reg. reform for CUs, small banks a priority: Neugebauer in PoliticoPro

February 18, 2015

WASHINGTON (2/19/15)--Citing the unintended consequences after the U.S. Congress "threw this big blanket over the entire financial market," Rep. Randy Neugebauer (R-Texas) says regulatory reform is among his top priorities for the 114th Congress. Neugebauer, chair of the House subcommittee on financial institutions and consumer credit, made those remarks in a wide-ranging interview with PoliticoPro published Tuesday.

"One of our priorities is going to be looking at some regulatory reform for our Main Street lending institutions," he said, adding that credit unions and community banks are the institutions he has in mind.

Neugebauer said his committee is currently prioritizing a list of proposals to enact some form of regulatory relief, and said they first intend to focus on bills that passed committee with strong bipartisan support.

While Neugebauer didn't name any specific bills, CUNA-supported bills that passed the full House Financial Services committee last year include: The Portfolio Lending and Mortgage Act, Financial Regulatory Clarity Act and Community Institution Mortgage Relief Act.

Neugebauer is one of several key legislators confirmed to speak at CUNA's Governmental Affairs Conference, which will see nearly 5,000 credit unions leaders descend on the nation's capital to discuss issues with legislators and other members of the credit union community.

See the related story in today's News Now, in which CUNA Chief Advocacy Officer Ryan Donovan notes that CUNA's agenda on data security and regulatory relief closely mirrors the agenda brought forth by legislators in the early days of the 114th Congress.

Politico Pro interview (subscription required)