WASHINGTON–Credit unions that had been hopeful of hearing President Trump speak to the issue of deregulation during his State of the Union address got their wish, albeit it was brief.
During his hour-long remarks the president said, “In our drive to make Washington accountable, we have eliminated more regulations in our first year than any administration in history.” Trump then said he had ended the “war on American energy…and clean coal,” and then added he had “halted government mandates that crippled America’s autoworkers.”
In the wake of the State of the Union address, CUNA CEO Jim Nussle issued a statement saying, “The voices of credit union members have helped put regulatory relief for small financial institutions on the mind of the administration. CUNA, our state associations and our member credit unions are strong proponents of S. 2155, the Senate’s bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act, and we stand ready and willing to work with the administration and Congress about additional ways for community financial institutions to see a better operating environment. At the end of the day, credit unions are fighting to remove these barriers for the benefit of their members, and American consumers as a whole."
Ahead of the address, NAFCU issued a statement also calling for increased regulatory relief for the credit union industry. NAFCU noted it had joined with other financial trade groups in sending a letter to Senate Majority Leader Mitch McConnell (R-KY) and Minority Leader Chuck Schumer (D-NY), urging them to bring a bipartisan regulatory relief package to the Senate floor for a vote.
In addition, NAFCU also called for support for bills to repeal the NCUA's risk-based capital (RBC) rule, raise the CFPB's exemption threshold for community institutions, and further offered ways in which the CFPB could provide credit unions with regulatory relief.