WASHINGTON (1/8/13)--"Credit unions need and deserve significant regulatory relief," Credit Union National Association (CUNA) President/CEO Bill Cheney emphacizes when talking about CUNA's goals for the year. "That is why CUNA's 2013 regulatory advocacy initiatives and efforts will concentrate on improving the examination process, minimizing restrictions and maximizing flexibility for credit unions."
Cheney added that CUNA will continue efforts to coordinate with the state credit union leagues and CUNA Councils on regulatory advocacy issues and that CUNA will challenge regulatory burden on the legislative front as well.
On the regulatory side, CUNA, working closely with the New Jersey Credit Union League, developed a survey asking credit unions to describe the strengths and weaknesses of their state and federal regulatory examination experiences. The deadline for responses is Jan. 15. (CUNA members can use the resource link below to access the survey.)
In encouraging credit unions to participate, CUNA has said the survey results will provide a good picture of the current state of the exam process and help shape CUNA's discussions with the National Credit Union Administration (NCUA) and state supervisory authorities. (See related story: Exam survey sparks big response of CUS' stories.)
In addition to exam issues, CUNA's 2013 regulatory advocacy, including with the NCUA and the Consumer Financial Protection Bureau (CFPB), will be focusing on:
- Containing new regulatory requirements, including from the NCUA and the CFPB, that limit credit unions' operations and divert them from serving their members;
- Pressing for more regulatory latitude for well-managed credit unions;
- Continuing to educate the CFPB and other regulators on credit union distinctions;
- Urging increased regulation for unregulated entities in the financial marketplace, such as predatory lenders;
- Seeking further improvements in the examination and appeals process;
- Pursuing greater cost management of the NCUA's budget; and
- Achieving enhanced congressional oversight of regulatory concerns.
When regulators take positive actions that facilitate the ability of credit unions to serve their members, CUNA will ensure credit unions are aware of those steps. Likewise, when there are concerns about a rule or other agency actions, CUNA will continue to identify those concerns to its credit union members and work with members to address them.
Also throughout the year, CUNA will be encouraging the NCUA and other regulators to utilize industry-based working groups to address regulatory issues and determine if a new rule is even needed or how it could be tailored to achieve the best results for credit unions and regulators alike. In 2012, the NCUA successfully used that approach when it formed a working group to allow credit unions to restructure a member's loan under the Troubled Debt Restructuring rule, a move CUNA strongly supported.
CUNA will also continue to address concerns about the NCUA budget and its process, specifically cost containment and accountability. In 2012, CUNA urged the agency to do more to make its resource allocation decisions transparent and to increase accountability to credit unions regarding its budget decisions. NCUA has established a new webpage with information about the agency's budget that previously was not available.
Use the resource link below for more from CUNA's regulatory advocacy department.
Last week, CUNA's Cheney identified the top priorities that will drive CUNA's action agenda in 2013: Protecting credit unions, easing their regulatory burden, and helping them prepare for the future.
News Nowis featuring an in-depth look at each area of CUNA's 2013 priorities. This article is the second in that series. The first unveiled CUNA's legislative priorities.
Use the resource links below to read more about CUNA's 2013 action agenda and legislative priorities.