Press

NAFCU’s Monterrubio pushes reg relief for credit unions in letter to treasury

WASHINGTON, DC (July 31, 2017) — National Association of Federally-Insured Credit Unions (NAFCU) Director of Regulatory Affairs Alexander Monterrubio today wrote to the Treasury Department expressing support for the department’s Executive Order 13771, “Reducing Regulation and Controlling Regulatory Costs” (the Order).

“NAFCU believes that the operative language of the Order, which requires agencies to ascertain the net incremental cost of all new regulations and ensure that it falls below zero, has the potential to result in positive outcomes for credit unions,” said Monterrubio. “Specifically, the most significant opportunities for reducing regulation and mitigating costs were listed in the Department of the Treasury’s (Treasury Department or Department) recent report on “A Financial System that Creates Economic Opportunities” (the Report), which highlights both legislative and regulatory reforms aimed at providing relief for the financial services industry at large. NAFCU applauds the Report’s discussion of improvements that would uniquely benefit credit unions.”

This Treasury report, which cites NAFCU’s Report on Credit Unions, highlights nearly 100 legislative and regulatory reforms for the financial service industry at large and includes 31 provisions that would offer relief specifically to credit unions and their members. Key among those are:

  • reduced regulatory fragmentation, overlap and duplication;
  • flexibility for community development financial institutions and minority depository institutions;
  • tailored regulations and exemptions for small institutions where permitted;
  • an annual review of the CFPB’s regulations;
  • reform of the Financial Stability Oversight Council to further facilitate information sharing and coordination among member agencies (which include the NCUA and CFPB);
  • harmonization of financial regulatory agencies’ cybersecurity standards and principles;
  • rigorous cost-benefit analyses and great use of notices of proposed rulemaking to solicit public comment; and
  • review of the Financial Accounting Standards Board’s current-expected-credit-loss standard.

Attached please find the full text of the letter.

The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.

About NAFCU

The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.

Contacts

Molly Safreed, msafreed@nafcu.org (NAFCU)

More News