WASHINGTON– Representatives Mike Quigley (D-IL) and Robert Pittenger (R-NC) have proposed legislation that would create credit union and community bank advisory committees at the Treasury Department.
“NAFCU and our members appreciate Representatives Mike Quigley's and Robert Pittenger’s leadership and bipartisan collaboration in introducing the Small Financial Institution Advisory Committees Act today,” said Brad Thaler, Vice President of Legislative Affairs at NAFCU, which has supported introduction of the legislation. “We welcome the opportunity to help advance this valuable legislation with Congress and the Administration.”
In a letter Wednesday to the bill sponsors, Thaler wrote, “While Treasury often engages credit unions, this legislation will formalize credit union engagement with the Department, helping to ensure that the credit union perspective continues to be heard. Credit unions did not cause the financial crisis, but are being increasingly burdened with regulations aimed at those who did. The Small Financial Institution Advisory Committees Act will ensure that as Treasury and the Administration set future financial services policy, credit unions will have a seat at the table to provide feedback and input.”
NAFCU said the proposed legislation, the Credit Union Advisory Committee and the Community Bank Advisory Committee would each have from 15 to 20 members from credit unions and community banks, respectively, of different charter types, asset sizes, geographic locations and ownership types. Committee members would have a single two-year term and would meet at least four times a year.
Under the bill, Treasury would be required to review and respond publicly to committee findings and recommendations.