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NAFCU Hails Rep. Miller’s Announcement on Credit Union Regulatory Relief Legislation
WASHINGTON, DC – The National Association of Federal Credit Unions today applauded House Financial Services Committee Vice Chairman Gary Miller’s (R- Calif.) announcement today that he will introduce legislation to provide regulatory relief for credit unions.
“We appreciate Vice Chairman Miller’s leadership in developing this legislation that incorporates recommendations in NAFCU’s comprehensive five-point plan,” said B. Dan Berger, NAFCU executive vice president of government affairs. “We thank him and his staff for their commitment to easing credit unions’ regulatory burden. NAFCU looks forward to the introduction of this legislation and in working toward its passage and enactment into law so that our nation’s credit unions can continue to serve their 95 million members.”
Miller made his announcement during a hearing today examining credit union regulatory burden by the House Financial Services Subcommittee on Financial Institutions and Consumer Credit. The legislation is expected to include measures to implement a risk-based capital system for credit unions and give the NCUA flexibility in critical areas, such as the ability to grant parity to a federal credit union on a broader state rule. At the hearing, Robert Burrow, President and CEO of Bayer Heritage FCU in West Virginia, testified on behalf of NAFCU.
Once introduced, Miller’s bill will complement already-introduced legislation that include NAFCU recommendations, specifically: H.R. 688, the Credit Union Small Business Jobs Creation Act , introduced by Reps. Ed Royce, (R-Calif.), and Carolyn McCarthy (D-N.Y.), which would raise the outdated member business lending cap; H.R. 719, the Capital Access for Small Businesses and Jobs Act, which was introduced by Reps. Peter King (R-N.Y.), and Brad Sherman (D-Calif.), focusing on credit unions’ need for access to supplemental capital; and H.R. 749, the Eliminate Privacy Notice Confusion Act, introduced by Sherman and Rep. Blaine Luetkemeyer (R-Mo.) and passed by the House, which would eliminate the requirement for financial institutions to mail privacy notices annually to members even when policies are unchanged.
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The National Association of Federal Credit Unions is the only national organization that focuses exclusively on federal issues affecting credit unions, representing its members before the federal government and the public.