Reg Moratorium Called by CUNA
That’s CUNA’s message to the NCUA when it comes to regulations.
Willer, who testified at a Wausau, Wis., field hearing of the House Financial Services Committee’s subcommittee on consumer credit and financial institutions, noted that his credit union had to hire an additional compliance specialist to deal with all the new rules. This brings the total number of employees who deal with compliance to five (in addition to outside parties) at the $1.8 billion Eau Claire, Wis.,-based credit union.
NCUA spokesman David Small didn’t address the specific comments raised in CUNA’s letter or the testimony but said in an email that the agency is “in the process of summarizing all the regulatory relief comment letters received and will provide some recommendations for the board to initially review and consider (but not for immediate action) this month. This valuable feedback will be taken under consideration and is part of a larger, deliberate effort at regulatory modernization at NCUA.”