Credit union witnesses will testify before two House subcommittees Thursday that address CFPB reform and regulatory burden.
At 10 a.m., the Small Business Subcommittee will question a panel that includes Linda Sweet, president and CEO of the $57 million Big Valley Federal Credit Union of Sacramento, Calif. Sweet, a NAFCU witness, will share the trade’s views on the regulatory impact on small institutions.
At 2 p.m., Lynette Smith, president and CEO of the $90 million Washington Gas Light Federal Credit Union of Springfield, Va., will testify before the Financial Institutions and Consumer Credit Subcommittee regarding CFPB reform.
Also a NAFCU witness, Smith will discuss the trade’s proposals to change CFPB structure, the Financial Stability Oversight Council’s ability to veto CFPB rules and the protection of sensitive data collected by the CFPB.
Smith testified before the House’s Oversight and Investigations Subcommittee in July 2012 regarding compliance burden, saying she would have to hire a full-time compliance officer to keep up with new regulations. In response to a question from Rep. Jim Renacci (R-Ohio), Smith also said rising compliance costs could force Washington Gas Light to increase fees to members.
The Financial Services Committee has not yet released more information regarding the location of the hearings, additional witnesses or whether the hearings will be broadcast online.
CUNA said Monday it will not have witnesses at the hearings, but the trade will submit statements for the record.