WASHINGTON — CUNA President/CEO Bill Cheney said Monday thatdespite many challenges, he has never been more optimistic aboutthe future of the credit union industry.

Cheney highlighted regulatory burden as a key issue CUNA istrying to tackle.

“The ever growing cost of regulatory burden is making it tougherfor credit unions to compete – all credit unions – but it affectssome disproportionately,” Cheney said at CUNA's GovernmentalAffairs Conference on Monday.

Cheney said he has discussed the Consumer Financial ProtectionBureau's new mortgage rules with CFPB Director Richard Cordray.

“He (Cordray) told me they were going to go back and look again– now that they've completed all of the regulations that wererequired by the Dodd-Frank Act – they're going to go back and lookagain at their regulatory authority and see what they can do toprovide relief for credit unions. So, we're anxious hear more aboutthat from them,” Cheney said.

In his remarks before a packed hall at the Washington ConventionCenter, Cheney said credit union net worth is strong at $1.1trillion collectively, despite the recession.

“Obviously, the greatest it's ever been and growing,” Cheneysaid.

“What makes me most optimistic is membership growth,” headded.

According to CUNA data, membership has grown to 100 million asof February of this year, from 92 million in 2009.

Cheney also said CUNA is confident that the credit union taxexemption is going to be protected when the House Ways & Meanscommittee releases its tax reform draft legislation later thisweek.

“We're as confident as you can be about anything in Washingtonthat our interests are going to be protected notwithstanding themillions and millions of dollars that bankers have spent on thisissue,” he said.

“Bankers have financial resources, we have people resources,”Cheney added, noting that 1.3 million credit union members havecontacted Congress through CUNA's “Don't Tax My Credit Union”campaign.