House Hearing to Spotlight Regulatory Burden a Win for Credit Unions

Advocates meeting with lawmakers have long shared the talking points about the regulatory burden—being painted with the same brush as the Wall. St. banks responsible for the financial crisis, time consuming and expensive reporting requirements and overreach in examinations.

Now credit unions get the stage all to themselves in a formal on-the-record hearing. The House Financial Services Financial Institutions and Consumer Credit Subcommittee will host credit union leaders during an April 10th hearing.

“This hearing is a win in itself for credit unions,” said Jennifer Wagner, vice president of legislative advocacy for the Northwest Credit Union Association (NWCUA). “For the first time in history, credit unions have been invited to testify before this committee as a stand-alone industry,”

The hearing is a “major boost” for credit unions and a “precursor to a regulatory relief bill, which we all agree is long overdue,” according to Bill Cheney, president and CEO of the Credit Union National Association (CUNA).

CUNA has selected Pamela Stephens, president and CEO of Security One FCU in Arlington, TX, to testify at the hearing. Stephens is a member of CUNA’s Government Affairs Committee as well as a former Texas League Chairman.

The bank lobby will not have voice at that hearing, but will have to wait to testify before the subcommittee on another date.

“The banks don’t get their hearing until the week after,” said Wagner. “This is our opportunity to set the stage for a meaningful regulatory reform bill in the house.

An added bonus for Northwest credit unions, Wagner pointed out, is that Washington 10th District Congressman Denny Heck is a member of the committee.

“Northwest credit unions are well represented, and we will be working with his office to share regional specific data, examples of the increased regulatory burden on credit unions, and the unintended consequences being imposed on our members,” Wagner said.

 

Questions? Contact a member of the Association’s Legislative Affairs team:

Jennifer Wagner, Vice President of Legislative Advocacy
Mark Minickiello, Vice President of Legislative Affairs
Pam Leavitt, Policy Advisor

Posted in Advocacy News, Business Solutions, Industry Insight.