WASHINGTON–CUNA has sent letters to Rep. Scott Tipton and Rep. Andrew Barr thanking them for introducing H.R. 2896, “Taking Account of Institutions with Low Operation Risk Act of 2015.”
In the letter, CUNA CEO Jim Nussle noted that the “ever-increasing and ever-changing regulatory burden credit unions face means that credit and services are less available and more expensive for members. We appreciate your efforts to understand the burden small institutions face and the emphasis you placed on removing or reducing unnecessary barriers so that credit unions can more fully serve their members.”
The legislation, HR 2896, is designed to reduce the regulatory load on FIs with lower risk profiles.
“We believe credit unions are precisely the type of institutions for which this legislation is designed to help because they are well-capitalized, member-owned financial cooperatives with a long history of meeting their mission to promote thrift and provide access to credit to their members – in good times and bad,” Nussle said. “Consumers win when credit unions are able to meet their savings and credit needs, and this legislation would help remove barriers so credit unions can more fully serve their members.”