Creating Influence

NCUA Chair to Senate: Credit Unions Help Foster Economic Growth

On June 22nd NCUA Chair J. Mark McWatters testified before the Senate Banking Committee as part of the committee’s focus on fostering economic growth. The committee previously hosted two other hearings on this topic, one in which CUNA testified to draw attention to the need for common-sense regulatory reform. This hearing was centered on economic growth from the regulators’ perspective, and included other federal regulators of the financial industry.

The hearing comes at a good window of time for credit unions, as the U.S. House on June 9th passed Rep. Jeb Hensarling’ s (R-TX) Dodd-Frank alternative bill, the Financial CHOICE Act H.R. 10, over to the U.S. Senate. This federal bill contains a number of regulatory relief provisions positive for credit unions, which include:

  • Changes to the structure of the Consumer Financial Protection Bureau and how it operates,
  • Improvements to mortgage lending laws,
  • Examination fairness with NCUA, and
  • Safe harbor for reporting elder financial abuse.

These hearings help the bill’s chances, laying the groundwork for the need for common-sense regulations and a departure from the “one size fits all” approach that has negatively impacted credit unions and others. Stay tuned!

Follow us

Don't be shy, get in touch. We love meeting interesting people and making new friends.