Press
Credit unions, bankers working together towards bipartisan regulatory relief
WASHINGTON, D.C. (May 15, 2015) — Credit unions and bankers have come together to strongly urge the Senate Banking Committee to find bipartisan agreement and Congressional action to provide regulatory relief for financial institutions.
“Regulatory relief is critical for America’s credit unions,” said CUNA President and CEO Jim Nussle. “Bipartisan cooperation will be essential toward passage of these important reforms.”
The trade groups often send letters of support for legislation, but rarely are they sent jointly on regulatory relief. In a letter to Chairman Richard Shelby and Ranking Member Sherrod Brown, CUNA, ABA, ICBA and NAFCU say they appreciate the work that’s been done and stand ready to work with members of the Committee from both sides of the aisle with the goal of developing legislation that provides meaningful, bipartisan relief.
See the full letter below:
May 15, 2015
The Honorable Richard Shelby
Chairman
Committee on Banking, Housing and Urban Development
United States Senate
Washington, D.C. 20515
The Honorable Sherrod Brown
Ranking Member
Committee on Banking, Housing and Urban Development
United States Senate
Washington, D.C. 20515
Dear Chairman Shelby and Ranking Member Brown:
On behalf of the nearly 14,000 financial institutions of all charter types represented by the undersigned trade associations, we write to express appreciation for the advancement of the “Financial Regulatory Improvement Act of 2015” discussion draft. We appreciate the focus and commitment to addressing urgently needed regulatory relief for financial institutions and the millions of consumers they serve.
The onerous regulatory burden on community financial institutions is growing both in volume and complexity, suffocating the true potential of these institutions to spur economic growth, create jobs, help consumers purchase a home and benefit our members and customers by helping them meet their financial goals. The draft is an important step toward addressing the statutory and regulatory obstacles that stymie banks and credit unions from more fully serving the diverse financial needs of American consumers. We hope it sparks a robust discussion and results in meaningful regulatory relief that will allow the institutions we represent to focus on providing safe and affordable financial services that create jobs and grow American communities. We strongly urge bipartisan agreement and Congressional action that will result in a genuine focus on real-world issues financial institutions face as they serve their communities.
We stand ready to work with you and members of the Committee from both sides of the aisle with the goal of developing a product that provides meaningful, bipartisan relief.
Thank you for your consideration.
Sincerely,
American Bankers Association
Credit Union National Association
Independent Community Bankers of America
National Association of Federal Credit Unions
CC: Members of the Senate Banking Committee
About CUNA:
With its network of affiliated state credit union leagues, Credit Union National Association (CUNA) serves America’s credit unions, which are owned by more than 100 million consumer members. Credit unions are not-for-profit cooperatives providing affordable financial services to people from all walks of life. For more information about CUNA, visit www.cuna.org or follow @CUNA on Twitter. For more information about credit unions, visit www.aSmarterChoice.org and follow @asmarterchoice on Twitter. Visit the CUNA Press Room for a full listing of media mentions, press releases and resources to stay informed on current events within the credit union industry.