WASHINGTON—Senator. Roy Blunt (R-MO) urged attendees at CUNA’s GAC to make the most of their Hill visits this year as the window of opportunity to achieve regulatory relief opening now may close.
Blunt said that the regulatory relief “winds” are blowing favorably now more than any time since Dodd-Frank due to the Trump administration’s crackdown on unnecessary rules.
“I am not sure how long this will last, so you need to take advantage of the moment,” said Blunt.
As many GAC speakers have noted, CU staff and members are the best ones to tell the credit union story on Capitol Hill.
“Tell the stories about the times you were unable to make a loan to a member because of new rules,” said Blunt. “Talk about how you could not make a business loan to a member that led to a small business never getting off the ground. You need to tell your stories, how rules stopped you, and what the impact of that is.”
Blunt—just as credit unions and their trade groups have argued since Dodd-Frank was created—emphasized that one-size fits-all rules don’t work, especially for credit unions.
“These types of rules never fit everyone and almost never fit anyone,” said Blunt. “When we talk in Congress about cutting the red tape, they often want to cut it the long way—we need to cut it the short way and we have to do that right now.”
Blunt said the he is backing a data security bill that would provide one standard for FIs to comply with, and would also devise standards that apply to merchants.
“Those who take your credit cards have to have a stake in the game,” Blunt emphasized.
Blunt concluded by saying that unnecessary government regulation costs companies about $2 trillion annually. “If we cut that in half, image what putting one trillion dollars toward chasing the future would mean, rather than being spent on needless regulation.”