WASHINGTON—Credit unions and the shared need for regulatory relief to benefit communities were addressed during Wednesday’s House Financial Services Committee hearing, America’s Credit Unions reported.
Committee Chairman French Hill (R-AR) addressed credit unions in his opening remarks, saying credit unions and community banks have “suffered immensely” under overregulation and are “critical engines” for local economies.
Ranking Member Maxine Waters (D-CA) also said the hearing is to “discuss how to strengthen community banks and credit unions, vital institutions that are lifelines for families and small businesses across the country, particularly in underserved communities.”
Rep. Zach Nunn (R-IA) entered a letter for the record from the Iowa Credit Union League, and said their recommendations are a “very good framework of what’s working in Iowa, and some recommendations on what we could do at the federal level,” ACU noted.
Lack Scale To Compete
Rep. Bill Foster (D-IL), said credit unions and community banks “face many challenges and do not have the scale to compete with megabanks,” and said he hopes the committee will address these issues going forward.
Rep. Barry Loudermilk (R-GA) said many of the regulatory relief provisions he expressed support for during the hearing can also apply to credit unions, who “face many of same problems in terms of regulations.”
Members of America’s Credit Unions advocacy team attended the hearing and engaged with committee members, ACU said.
CUs Not Invited
While credit unions were addressed in the hearing, CUs were not invited to testify. As CUToday.info reported, the Independent Community Bankers of America proposed eliminating the credit union tax exemption in prepared remarks delivered to the HFSC before the hearing.