WASHINGTON (3/28/13)--Credit Union National Association Executive Vice President of Government Affairs John Magill Wednesday underscored the importance that for the first time at a congressional hearing, credit unions will have the stage all to themselves: The House Financial Services financial institutions and consumer credit subcommittee has scheduled a hearing on credit union regulatory burden on April 10.
CUNA is scheduled to testify at the hearing. "We're breaking new ground here. Years ago, we would have been a side dish," Magill said. Even at a member business lending hearing in the last Congress, credit unions shared the day with banks. "Not so this time," he noted.
The credit union hearing is part of a 2013 series to study, in part, the impact of the Dodd-Frank Act, and will take place one week before an April 16 hearing on bank regulatory issues.
CUNA is working to select a witness for the credit union regulatory burden hearing. Additionally, CUNA has communicated routinely with financial services committee staff, providing specific and detailed suggestions for ways to ease the regulatory burden on credit unions. "We expect to elaborate on these ideas when we testify," Magill said.
The hearings are expected to be a precursor to a legislative package on regulatory relief with elements addressing the concerns of credit unions and community banks.