NCUA’s Fazio highlights agency support for regulatory relief legislation
The National Credit Union Administration supports several CUNA-backed regulatory relief bills, including ones that would raise the member business lending cap and allow supplemental capital.
Larry Fazio, director of the NCUA’s Office of Examination and Insurance, testified before the U.S. House Financial Service subcommittee on financial institutions and consumer credit at a hearing designed to get regulators’ perspectives of regulatory burden.
“NCUA encourages Congress to consider providing regulators like NCUA with flexibility to write rules to address such situations, rather than imposing rigid requirements,” Fazio said. “Such flexibility would allow the agency to effectively limit additional regulatory burdens, consistent with safety and soundness.”
Fazio said the NCUA supports three bills:
- The Credit Union Small Business Jobs Creation Act (H.R. 1188), which would raise the member business lending cap to 27.5% of assets;