Rep. Gary Miller (R-Calif.), vice chairman of the House Financial Services Committee, said Wednesday he will introduce legislation to provide regulatory relief to credit unions.
Miller made the announcement during his opening remarks for a hearing on credit union regulatory burden.
In a release, NAFCU said the legislation is expected to include measures to implement a risk-based capital system for credit unions and give the NCUA flexibility in critical areas, such as the ability to grant parity to a federal credit union on a broader state rule.
“We appreciate Vice Chairman Miller’s leadership in developing this legislation that incorporates recommendations in NAFCU’s comprehensive five-point plan,” said Dan Berger, NAFCU executive vice president of government affairs.
“We thank him and his staff for their commitment to easing credit unions’ regulatory burden,” Berger said. “
“NAFCU looks forward to the introduction of this legislation and in working toward its passage and enactment into law so that our nation’s credit unions can continue to serve their 95 million members,” he said.
The hearing featured three credit union witnesses: Robert Burrow, president/CEO of the $309 million Bayer Heritage FCU in Proctor, W.Va.; Pamela Stephens, president/CEO of the $55 million Security One FCU of Arlington, Texas; and Mitchell Reiver, general counsel for the $1.8 billion Melrose Credit Union of Briarwood, N.Y.