Rep. Gary Miller (R-Calif.), vice chairman of the House FinancialServices Committee, said Wednesday he will introduce legislation toprovide regulatory relief to credit unions.

Miller made the announcement during his opening remarks for ahearing on credit union regulatory burden.

In a release, NAFCU said the legislation is expected to includemeasures to implement a risk-based capital system for credit unionsand give the NCUA flexibility in critical areas, such as theability to grant parity to a federal credit union on a broaderstate rule.

“We appreciate Vice Chairman Miller's leadership in developingthis legislation that incorporates recommendations in NAFCU'scomprehensive five-point plan,” said Dan Berger, NAFCU executivevice president of government affairs.

“We thank him and his staff for their commitment to easingcredit unions' regulatory burden,” Berger said. “

“NAFCU looks forward to the introduction of this legislation andin working toward its passage and enactment into law so that ournation's credit unions can continue to serve their 95 millionmembers,” he said.

The hearing featured three credit union witnesses: RobertBurrow, president/CEO of the $309 million Bayer Heritage FCU inProctor, W.Va.; Pamela Stephens, president/CEO of the $55 million Security OneFCU of Arlington, Texas; and Mitchell Reiver, general counsel forthe $1.8 billion Melrose Credit Union of Briarwood, N.Y.