U.S. House members showed interest in regulatory relief for credit unions, and outlined some of their own plans for credit union action, during a Wednesday hearing in which the Credit Union National Association released a 35-point plan for relieving credit union regulatory burden.
CUNA’s comprehensive plan, presented to the subcommittee by its witness, Pamela Stephens, highlights ongoing concerns with the National Credit Union Administration, the Consumer Financial Protection Bureau, and the Financial Accounting Standards Board, among other things. Stephens is CEO of $55-million-in-assets Security One FCU of Arlington, Texas.
Ryan Donovan, CUNA senior vice president of legislative affairs, said the hearing is an indication that lawmakers have heard the need for credit union regulatory relief “and are preparing to put a solution on the table.”
The chairman of the House Financial Services financial institutions subcommittee, Rep. Shelley Moore Capito (R-W.Va.), and ranking subcommittee member Rep. Gregory Meeks (D-N.Y.) both noted the importance of credit unions to their communities.continue reading »