While some of the proposals to revamp the way financial services are regulated are well meaning, they could have unintended consequences that harm credit unions and therefore lawmakers should proceed with caution.

That's the message representatives of CUNA and NAFCU conveyed today during testimony on the impact of regulatory restructuring on small businesses at a hearing of the House Small Business Committee.

"There needs to be recognition that in certain areas-credit unions come to mind-the regulation [that preceded the crisis] and enforcement was sound and the regulated enteritis performed well, and an appreciation that smarter regulation is appropriate," said CUNA Senior Vice President Bill Hampel.

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