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Washington
House Financial Services plans to take up CU priorities
WASHINGTON (2/11/11)--Credit union priorities such as interchange fee legislation, financial regulatory burdens, and examination of some National Credit Union Administration (NCUA) actions will be among the oversight priorities of the House Financial Services Committee. The panel held a markup session to determine its oversight priorities for the 112th Congress yesterday. The committee in its oversight plan report said that the effectiveness of financial regulations and the difficulties caused by regulatory burdens will be examined, and added that it may require regulators to review their own rules to “identify those which may be unnecessarily burdensome or outdated.” A specific review of the corporate credit union system’s recent issues and possible reforms to the corporate system and the NCUA itself is also planned. The committee also plans to review whether government support of larger financial institutions has harmed credit unions and other small institutions by implying they are “too small to save.” The panel has scheduled a Feb. 17 hearing on interchange fees, and the committee also highlighted interchange fee examination in its oversight plan. Additional hearings had not been scheduled at press time. Regulatory burdens were also discussed during a Thursday House Committee on Government Reform and Oversight hearing Oversight Committee Chairman Darrell Issa (R-Calif.) earlier this year asked for companies, think tanks and trade groups to provide insight on how their respective regulatory situations could be improved. In a letter submitted as committee testimony, the Credit Union National Association told Issa and his fellow committee members that Congress can help credit unions by allowing credit unions to raise supplemental capital, reviewing and potentially amending the Fed's interchange fee proposal, and lifting the cap on credit union member business lending.


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