CUNA and NAFCU to Testify on Reg Relief Before House Subcommittee

WASHINGTON-The credit union industry will have the opportunity to present its point of view yet again on the Financial Services Regulatory Relief Act (H.R. 3505) on Tuesday, Oct. 18. Phillip Buell, president and CEO of Superior Federal Credit Union in Lima, Ohio, will represent CUNA at the hearing in the House Financial Institutions and Consumer Credit Subcommittee. Nevada Federal Credit Union President and CEO Bradley W. Beal, a NAFCU director, will testify on behalf of NAFCU. Though credit unions strongly support the bill, the trade groups have been lobbying, along with others, to add the risk-based capital framework and business lending easements from the Credit Union Regulatory Improvements Act (H.R. 2317) to the general reg relief bill. However, committee leadership is said to be trying to keep the provisions of the broader bill uncontroversial. In addition to the 13 provisions from last year's bill, it also includes a provision to permit credit unions to pool the assets of merging credit unions for purposes of accounting under Prompt Corrective Action. Another provision recently added would reduce the number of currency transaction reports financial institutions must file by exempting customers that regularly conduct transactions over $10,000. Congressmen Jim Hensarling (R-Texas) and Dennis Moore (D-Kan.) introduced the bill in July. Very similar legislation passed the House overwhelmingly last year. The legislation has been held up in the Senate due to a lack of consensus concerning industrial loan company regulation. -scooke@cutimes.com