WASHINGTON–It’s a “big week for credit unions on Capitol Hill,” notes one person.
When three credit union CEOs testify before the Senate on Thursday, they will have a long list of issues and proposals they want Congress to address.
In addition, the full House will be voting on HR 10, the Financial CHOICE Act, which rolls back portions of the Dodd-Frank Act and which includes numerous provisions supported by credit unions (although there is some opposition to others).
Testifying before the Senate Banking Committee hearing on “Fostering Economic Growth: The Role of Financial Institutions in Local Communities” will be Dallas Bergl, CEO of INOVA FCU (testifying on behalf of CUNA), Steve Grooms, CEO of 1st Liberty FCU (testifying on behalf of NAFCU) and John Bissel, CEO of Greylock FCU. Representatives of the American Bankers Association and Independent Community Bankers of America are also on the witness list.
CUNA’s Chief Advocacy Officer Ryan Donovan called it a “big week for credit unions on Capitol Hill,” and added that the Senate had asked for “comprehensive” testimony.
As a result, the issues credit unions want Congress to address are numerous. They include the impact of the member business lending cap on credit unions; a call for a five-person board to replace the single director overseeing the CFPB; emphasizing that the CFPB should exercise its exemption authority with credit unions; addressing how current and future CFPB rulemakings are affecting credit unions; speaking to proposals around housing finance reform; calling on NCUA to continue modernizing the examination process; telling Congress S&Ls should not be able to act as national banks in order to get around lending limits in that industry, and urging Congress not to bring NCUA under the appropriations process.
The Senate hearing is scheduled for 10 a.m. Thursday.