“If I have anything to do with it, there will not be taxation on our credit unions,” the House Financial Services chairman said.
Borrowers and lenders of loans backed by the SBA will have greater access to capital and less paperwork to deal with.
The NWCUA has sounded the alarm about three bills that aim to tax many credit unions and implement new regulations.
Becker said he's heard reports of interest rate risk being tested under what he called "absurd" scenarios.
Fed governor said banks of $50 million or less in assets hit harder by need to staff up to meet compliance demands.
COMPASS 4 CUs has picked up its 18th client, the $152 million NARFE Premier FCU of Alexandria, Va.
Weak economy, low interest rates and most of all, regulatory burden, cited in responses.
Study shows 77% of senior financial services managers would consider ending relationships because of compliance concerns.
The CFPB has defined high-cost, first-lien mortgages as those that exceed prime by 1.5 percentage points.
Regulatory compliance, invoicing and other areas that may have been under the priority radar a few years ago, have aggressively come to the forefront at many credit unions.