After 1 Year at CUNA, Bill Cheney Recalls More Highlights Than Frustrations
WASHINGTON — His predecessor had to lay people off and fight congressional efforts to dramatically increase the regulatory burden on credit unions.
By contrast, during Bill Cheney’s first year as CUNA president, the trade group was in a position to pay bonuses to its employees and credit unions weren’t in the line of fire as much on Capitol Hill.
The Treasury Department is also setting up the new Consumer Financial Protection Bureau, which is scheduled to begin operating on July 21. While CUNA and other credit union groups have been fearful that the bureau will increase the regulatory burden, Cheney said he has a "good working relationship," with Elizabeth Warren, who is leading the bureau’s set up.
"Elizabeth Warren has said ‘if any of our regulations result in a net increase in expenses for credit unions then we will have failed miserably,’ and we wish that were above the door of every regulator, including the NCUA," Cheney said. "When she spoke at GAC, she spoke of the bureau regulating us but also about their being a partnership between credit unions and the agency, and that was nice to hear. Other regulators, like the NCUA, don’t see the relationship in the same way."