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CUNA to Congress Oppose extraneous additions to H.R. 4173
WASHINGTON (12/10/09)--With significant regulatory reform action set to take place this week, the Credit Union National Association (CUNA) has reached out to legislators through a Wednesday letter on H.R. 4173, the Wall Street Reform and Consumer Protection Act. In the letter, Credit Union National Association (CUNA) President/CEO Dan Mica urged House members to oppose extraneous and unrelated amendments to H.R. 4173, which combines a total of seven financial regulatory reform and restructuring bills into one mammoth piece of legislation. Mica also sought congressional support of language that would explicitly direct the CFPA to streamline and simplify regulation and disclosure, and thanked the House Financial Services Committee for giving “serious consideration” to credit union concerns during the regulatory debate. While many credit union concerns regarding the CFPA were addressed in the committee process, CUNA believes that some require more thorough review, and advocated for legislative language that better ensures that the new agency will reduce regulatory burden and eliminate regulatory duplication, and in general simplify compliance with regulation. CUNA “strongly” prefers maintaining the National Credit Union Administration as sole regulator for credit unions, but nonetheless said it is pleased with Chairman Frank's Manager's amendment, which would retain the NCUA’s examination and enforcement authorities for credit unions with less than $10 billion in total assets. Mica said that while CUNA would have preferred that credit unions were “excluded from the scope” of pending systemic risk legislation, CUNA again thanked the Committee for adopting an amendment that would exclude any institution with assets of under $50 billion from inclusion in the systemic risk dissolution fund. That amendment was offered by Reps. Brad Sherman (D-Calif.) and Daniel Maffei (D-N.Y.). Over 250 amendments to H.R. 4173 have been filed, and work on those amendments continued at press time. A vote and possibly final passage of H.R. 4173 could happen as soon as Friday, but the legislation may linger into early next week. For the full letter, use the resource link.


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