Community bank regulatory changes coming soon, credit unions left out?

The Treasury Department shortly will issue recommendations on how to better tailor regulations for community banks, Secretary Steven Mnuchin told the Senate Banking Committee Thursday.

“We have taken a systematic approach in our work by meeting with a variety of stakeholder groups to hear what works, what does not work, and what can be improved,” Mnuchin said, during testimony before the committee.  “Our initial report will contain recommendations to provide relief for community banks and make regulations more efficient, effective and appropriately tailored.”

It is unclear what impact those recommendations may have on credit unions, since, during more than two hour of testimony, Mnuchin never mentioned credit unions.

At one point, Mnuchin said that report may be issued within the next few weeks, but was not more specific than that. And he said that report will be followed up with others recommending further changes to the financial regulatory regime.

 

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