Congress and NCUA should work with credit unions to pursue a legislative and regulatory approach aimed at ensuring credit unions can continue to serve their millions of members, CUNA and NAFCU wrote to the Senate Banking, Housing, and Urban Affairs Committee Monday. Federal financial regulators, including NCUA Chairman Todd Harper, are scheduled to testify before the committee Tuesday.
“It is critical that the Committee understand the immense pressure credit unions—large and small—are under in terms of compliance and operational challenges,” the letter reads. “This is evident by the ongoing consolidation within the industry which will only be accelerated should the recent proposal on Regulation II at the Fed be enacted. Similarly, the NCUA Board must appreciate the risks to the industry and take appropriate action to ensure its ongoing viability.”
- Continue to strongly support NCUA’s status as an independent regulator and insurer.
- Note NCUA’s budget continues to increase despite industry consolidation and recommend several ways NCUA can enhance its budget efficiency.
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