According to Rep. Carolyn Maloney (D-N.Y.) and 46 co-sponsoring House Democrats, the Federal Reserve’s opt-in rule for courtesy pay didn’t go far enough.
Small institutions particularly hard hit by increased compliance costs and falling debit card interchange rate, subcommittee told.
Regulatory burden, National Flood insurance Program on the agenda.
Credit unions have two CEOs on the agenda Wednesday at the House Financial Institutions Subcommittee’s hearing on compliance burdens.
Trade group asks agency to implement changes before proposed law is passed.
The disagreement between financial institutions and regulators over changes in the exam process may not be resolved on Capitol Hill any time soon.
While industry representatives said new legislation on financial institution exams is sorely needed, an NCUA executive more than begged to differ.
Agency executive director tells House panel that bill would raise NCUSIF tab, add regulation and not give any assurance of added benefit.
The NCUA’s decisions aren’t reviewed by third parties and credit unions don’t receive consistent messages, trades testify to Congress.
Wednesday House hearing will focus on bill that would give financial institutions ability to appeal results of examinations to an independent ombudsman.