CUNA Says CFPB Mulling Reg Relief: Onsite at GAC
WASHINGTON — CUNA President/CEO Bill Cheney said Monday that despite many challenges, he has never been more optimistic about the future of the credit union industry.
Cheney highlighted regulatory burden as a key issue CUNA is trying to tackle.
“The ever growing cost of regulatory burden is making it tougher for credit unions to compete – all credit unions – but it affects some disproportionately,” Cheney said at CUNA’s Governmental Affairs Conference on Monday.
Cheney said he has discussed the Consumer Financial Protection Bureau’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 were required by the Dodd-Frank Act – they’re going to go back and look again at their regulatory authority and see what they can do to provide relief for credit unions. So, we’re anxious hear more about that from them,” Cheney said.
In his remarks before a packed hall at the Washington Convention Center, Cheney said credit union net worth is strong at $1.1 trillion collectively, despite the recession.
“Obviously, the greatest it’s ever been and growing,” Cheney said.
“What makes me most optimistic is membership growth,” he added.
According to CUNA data, membership has grown to 100 million as of February of this year, from 92 million in 2009.
Cheney also said CUNA is confident that the credit union tax exemption is going to be protected when the House Ways & Means committee releases its tax reform draft legislation later this week.
“We’re as confident as you can be about anything in Washington that our interests are going to be protected notwithstanding the millions and millions of dollars that bankers have spent on this issue,” he said.
“Bankers have financial resources, we have people resources,” Cheney added, noting that 1.3 million credit union members have contacted Congress through CUNA’s “Don’t Tax My Credit Union” campaign.