WASHINGTON—The House Financial Services Subcommittee on Financial Institutions will be holding a hearing today looking at the regulatory burden—from the regulator’s perspective. NCUA is expected to provide a witness.
In advance of the hearing, NAFCU’s VP-Legislative Affairs, Brad Thaler, sent a letter to Chairman Randy Neugebauer and Ranking Member WM. Lacy Clay in which he states that credit unions are drowning in an ever increasing tidal wave of new regulations, both from NCUA and the CFPB. This hearing is particularly timely, with the comment deadline for NCUA’s second risk-based capital proposal only days away. If enacted, this proposal would be very detrimental to credit unions, forcing them to hold hundreds of millions of dollars just to maintain current capital cushion.”
Thaler also reiterated NAFCU’s call for greater transparency into NCUA’s budget, including a request for a comment period, and said NCUA could provide relief immediately with one issue, field of membership.