LAS VEGAS – While there can be no letup in defending against banker tax attacks, credit unions must focus a little more heavily now on regulatory relief because of its crippling burdens. That was a message of Fred Becker, president and CEO of NAFCU, who told the annual conference attendees that CUs might be able to shift tactics a little since bank attacks seem to be going nowhere in Congress. Becker maintained the endless stream of regulations is hurting CUs across the U.S. as underscored by NCUA Board Member Deborah Matz’ recent comments blaming regulatory burdens as a factor in the decline of small CUs. The trade group head cautioned, however, against “letting your guard down even for a moment” on CU taxation but still new regulations are forcing CUs to divert valuable resources which should be targeted on growing the membership base. Credit unions, he said, need to work at gaining “the regulatory relief that is long overdue.” “You are all too familiar with the burdens of complex regulation and you are telling us about it more and more frequently,” said Becker. “As we push for CURIA and the Reg Relief bill we must also ponder whether other laws and regulations not addressed in these pieces of legislation actually provide member benefits or justify the cost burden.” Becker also touched on the mutual conversions stating CUs are correctly pushing for a fully informed membership and that “we must continue to be advocates for the credit union system.” NAFCU like other trade groups has a task force developing new policy to address conversions but he concluded, “We should apologize to no one for making the conversion process fully transparent and ensuring that it is effectively regulated.” [email protected]

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