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Reg Relief Testimony Gets Cheney Report Preview
WASHINGTON (4/8/13)--Wednesday's House Financial Services subcommittee hearing on credit union regulatory relief "will be a good day for credit unions," and Credit Union National Association President/CEO Bill Cheney previewed the issues that CUNA's witness will emphasize this week in the latest edition of The Cheney Report.

"We're set for the great opportunity presented by Wednesday's House subcommittee hearing on regulatory relief," Cheney said. The last 12 times Congress has looked at this issue, Cheney noted, hearings have been under the banner of regulatory burden. "This is the first characterization as 'relief', and this characterization, Cheney said, is "more than semantics...It signals the Financial Services Committee's intent to move actual legislation, the first of its kind in years."

In her testimony on behalf of CUNA and credit unions, Pamela Stephens, CEO of $55-million-in-assets Security One FCU, Arlington, Texas, plans to recommend nearly three dozen statutory changes or studies, all aimed at delivering substantive regulatory relief to credit unions. The recommendations will address:
  • Exam fairness and the appeals process;
  • Greater openness in the National Credit Union Administration's budgeting;
  • Assessing the unintended consequences of accounting standards;
  • Increasing maturity limits on student loans; and
  • Expanding investment authority in credit union service organizations.
Implementing capital reforms, making greater use of Consumer Financial Protection Bureau exemption authority for credit unions, and adding small business service flexibility are other topics the CUNA witness plans to touch upon, Cheney added.

This week's Cheney Report also includes:
  • Recent regulatory relief efforts by the Credit Union Association of the Dakotas;
  • News on NCUA legal actions against Wall Street firms;
  • An update on how credit unions are working together to foster service excellence; and
  • Encouraging credit union financial data.
Each Friday, The Cheney Report delivers Cheney's insights on three to four key events and policy developments affecting credit unions into the e-mail inboxes of credit union CEOs. The report also provides a valuable window into CUNA's actions on behalf of member credit unions and reinforces the value of CUNA membership, CUNA Executive Vice President of Strategic Communications Paul Gentile notes.

To sign up for The Cheney Report, click the resource link below and use the "subscribe" tab on the right of the page.

Past issues of The Cheney Report are also archived on cuna.org.
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