Becker To House Financial Services: All Credit Unions Need Regulatory Relief

NAFCU President and CEO Fred Becker wrote the leaders of the House Financial Services Committee yesterday to praise the panel’s efforts on regulatory relief and to re-emphasize that all credit unions need regulatory relief as the panel moves forward on this issue.

Addressing the chairmen and ranking members of both Financial Services and the Subcommittee on Financial Institutions and Consumer Credit, Becker thanked them for the opportunity to participate in a hearing on regulatory relief last month. He also reminded the representatives of the need to include all credit unions in future reforms: “As the committee continues to work on this issue, NAFCU wants to be clear that regulatory relief is needed by all credit unions. It is with this in mind that we could not support efforts to bifurcate the credit union industry based on asset size or any other arbitrary threshold.”

Becker also noted NAFCU’s five-point plan for regulatory relief and expressed NAFCU’s support for Rep. Gary Miller’s announced intention to introduce legislation incorporating aspects of NAFCU’s five-point plan for regulatory relief. These include creation of a risk-based capital system for credit unions and giving NCUA the ability to allow federal credit unions to follow state rules in certain situations. Becker urged that any final package by the committee include these provisions.

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