Rep. Gary Miller (R-Calif.), the vice chairman of the House Financial Services Committee, said on Wednesday that he plans to introduce legislation that would provide regulatory relief to credit unions.
Miller said he planned to craft the legislation to draw from the five-point plan presented by the National Association of Federal Credit Unions, which recommended capital reforms, administrative improvements to the National Credit Union Administration, structural improvements, operational improvements and data security reforms.
The legislation would include the authorization of NCUA to grant a federal credit union parity under state rules, the implementation of a risk-based capital system for credit unions, enhanced cost-benefit rule analyses, a “look-back” requirement on regulatory costs, the modernization of the Central Liquidity Facility and modernization of credit union investment authorities.
“NAFCU looks forward to the introduction of this legislation,” Dan Berger, the executive vice president of government affairs at NAFCU, said. “We have been in close consultation with lawmakers since last year in our efforts to craft meaningful regulatory relief for credit unions. We welcome Rep. Miller’s proposal and thank him and his staff for their effort and commitment to easing credit unions’ regulatory burden.”
Miller’s proposed bill is just one of a number of bills recently introduced to provide regulatory relief to credit unions. Other legislation pertains to additional capital, privacy notice disclosures and member business lending.