Rep. John Boehner (R-Ohio) was elected the 61st Speaker of the U.S. House of Representatives today as the 112th Congress began work.
The GOP majority also means that Republicans will chair all committees. The House Financial Services Committee will be chaired by Rep. Spencer Bachus (R-Ala.).
The Democrats retained control of the Senate, though by a smaller margin. There are 51 Democrats, 47 Republicans and two independents who caucus with the Democrats in that chamber.
The Republicans have promised to exercise strong oversight over an array of executive branch activities, including the implementation of the financial overhaul bill passed last year.
Officials of CUNA and NAFCU met with lawmakers to discuss credit union priorities, including mitigating the impact of regulations to limit interchange fees.
"For both new and returning members of Congress, it is vital they know the valuable role of credit unions in the financial landscape," NAFCU President Fred Becker said in a statement. "We welcome the opportunity to work with Congress and the Obama administration to promote a fair and competitive marketplace that will allow for the continued success of credit unions and help promote our nation's economic recovery''
In a letter to congressional leaders, CUNA President/CEO Bill Cheney urged them to pass legislation that would provide regulatory relief to credit unions. These include interchange, raising the cap on member business lending and allowing credit unions to have access to supplemental capital.
"Because of this structure, the cost of a credit union's compliance with unnecessary and unduly burdensome regulation impacts its members more directly than bank customers. Every dollar that a credit union spends complying with regulation is a dollar that is not used to the benefit of the credit union's membership," Cheney wrote.