WASHINGTON — Two credit union advocates told lawmakers today that the increased regulatory burden faced by the industry was hurting the ability of institutions to serve their members.
Gerber Federal Credit Union President/CEO John Buckley told a House subcommittee that his institution stands to lose $210,000 per year if the Federal Reserve's proposed debit interchange rule is implemented.
CUNA President/CEO Bill Cheney said the differentiation between large and small financial institutions is “essentially meaningless.”
Buckley, testifying on behalf of NAFCU, urged the lawmakers to delay the implementation of certain rules and index the monetary thresholds in the financial overhaul bill for inflation.
Cheney also called for raising the cap on member business lending and urged the lawmakers to “peel back decades of outdated and burdensome regulations.”
The hearing was conducted by the House Financial Services Committee's Subcommittee on Financial Institutions.