WASHINGTON (4/2/13)--Ryan Donovan, senior vice president of legislative affairs for the Credit Union National Association, said Monday that he thinks it is positive development that a House Financial Services subcommittee is billing its upcoming hearings as studies into "regulatory relief," and not of "regulatory burden."
"CUNA testified at 12 regulatory burden hearings in the last Congress. We testified at zero regulatory relief hearings. I think it is a signal that (lawmakers) have heard the pleas of credit unions and other community-based financial institutions and are preparing to put a solution on the table," Donovan said.
As a CUNA witness will detail at the upcoming April 10 hearing by the House Financial Services subcommittee on financial institutions and consumer credit, CUNA has a comprehensive package of regulatory relief proposals that it has been sharing on Capitol Hill as reg relief talks grow.
Pamela Stephens, president/CEO of $52-million asset, community-chartered Security One FCU, Arlington, Texas, and a former Texas Credit Union League board chairman, will urge lawmakers to allow credit unions to have supplemental sources of capital beyond retained earnings, and to increase the cap on credit union member business lending.
The CUNA witness also will recommend other statutory changes that will:
Address other means to help credit union meet the needs of their small business members;
Improve restrictive Federal Credit Union Act provisions;
Improve other provisions of law that affect credit unions; and more.
CUNA also will propose a series of studies, such as a comprehensive look at the credit union examination appeals process.
The House and Senate are on Spring District Work breaks this week and will return to session in Washington, D.C. next week.