WASHINGTON—As CUToday.info reported, Rep. French Hill (R-AR) recently released a set of principles to support community-based financial institutions, including credit unions. Hill is seeking feedback on the policies through the end of the year.
America’s Credit Unions highlighted what Hill’s proposals call on federal prudential regulators—including NCUA—to do:
- Tailor their actions based on the capital structure, risk profile, complexity, financial activities, business model, and size of the institution
- Conduct a comprehensive review of their compliance with the statutory mandate for regulatory tailoring under S. 2155, and to remedy any noncompliance
- Be open to innovation in a way that is consistent with safety and soundness and provide clear supervisory expectations to financial institutions about their third-party relationships including with financial technology companies
- Conduct a review periodically on the cumulative impact of their regulations
- Better coordinate exams with state regulators and the CFPB to streamline the exam cycle for individual institutions and reduce the compliance burden on smaller institutions
- Submit a plan to Congress to address the surge in mail theft-related check fraud and debit card fraud at the point of sale
“America’s Credit Unions is the leading advocate for regulatory relief that supports credit unions’ ability to serve more Main Street Americans,” said America’s Credit Unions Chief Advocacy Officer Carrie Hunt. “Simplified and tailored regulations enable credit unions to focus more resources on member services, fostering financial wellness and enhancing their ability to be consumer's best financial partner at any stage of life. America’s Credit Unions thanks Congressman French Hill for prioritizing this important issue and outlining these critical proposals. We look forward to working side-by-side to get these enacted with the incoming Congress and administration.”