Fred Becker, president and CEO of the National Association of Federal Credit Unions, praised the House Financial Services Committee’s efforts on providing regulatory relief last week and urged the committee to continue in its efforts.
“Finding ways to cut down on burdensome and unnecessary compliance costs is a chief priority of our members, and NAFCU appreciated the opportunity to put forward the thoughts and ideas of our credit union members during the Financial Institutions and Consumer Credit Subcommittee hearing on this issue last month,” Becker said in the letter.
Becker pointed to the compliance burden under Dodd-Frank, saying that while credit unions played no part in the financial crisis, they are “routinely caught in the crosshairs of regulations aimed at those entities that did.”
Additionally, Becker referenced NAFCU’s five-point plan for regulatory relief, which includes administrative improvements to the National Credit Union Administration, capital reforms, structural improvements, operational improvements and data security reforms.
“As the committee continues to work on this issue, NAFCU wants to be clear that regulatory relief is needed by all credit unions,” Becker said. “It is with this in mind that we could not support efforts to bifurcate the credit union industry based on asset size or any other arbitrary threshold. Regulatory relief efforts are critical to the survival of credit unions, and we appreciate the steps you have taken and continue to take to ensure all credit unions are recognized and included in any such relief efforts.”