Small Financial Institutions Regulatory Burden Is On House Financial Services’ April Agenda

The regulatory burden faced by small financial institutions, like credit unions, is on the U.S. House Financial Services Committee agenda twice in April.

The April hearing schedule is in its early planning stages and few details are available. Credit unions are not named on the hearing schedule. However, a committee spokesman on Wednesday told News Now that the panel does intend to hold a hearing to study the regulatory burden of credit unions. That session will be part of a 2013 series to study, in part, the impact of the Dodd-Frank Act.

“We welcome the upcoming hearings on the regulatory burdens facing community-based financial institutions,” Credit Union National Association Senior Vice President of Legislative Affairs Ryan Donovan said Thursday.

“We testified several times in the last Congress regarding what we’ve called the crisis of creeping complexity with respect to regulatory burden, and this has been the subject of several of our recent meetings with Committee members and staff. Sadly, this problem is not going away–in fact, it is getting worse.

“These hearings will give us the opportunity to shed more light on this problem and hopefully represent the beginning of the process in this Congress to move legislation to provide relief to America’s credit unions,” he added.

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