WASHINGTON — CUNA President/CEO Dan Mica has submitted a letter to four senators in response to their inquiry regarding financial services regulatory relief.
Senators Mike Crapo (R-Idaho), Jon Tester (D-Mont.), Tim Johnson (D-S.D.), and Chuck Hagel (R-Neb.) asked for financial services regulatory relief priorities to which CUNA responded last week. "It appears that these four senators may be beginning a process of looking at a comprehensive regulatory relief for financial institutions," Ryan Donovan, CUNA vice president of legislative affairs, said.
The letter listed the expansion of member business lending powers as the "top regulatory relief priority" for CUNA. "When Congress initially imposed these limits, there was a recognition that the cap would be examined in the future," Mica asserted.
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Second listed was creating a risk-based capital system for credit unions. NCUA reported to Congress in 2005, the letter noted, that the current system with regard to Prompt Corrective Act is "too inflexible and that a more fully risk-based system would both foster healthy capitalization levels and encourage more effective capital management."
Finally, CUNA asked for an increased ability for federal credit unions to serve underserved areas.
Donovan noted that these are the three key provisions in CURIA.
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