Since I launched my Regulatory Modernization Initiative in 2011, the NCUA has taken 15 actions that will provide lasting relief to credit unions. We have done so by modernizing regulations, streamlining processes, and clarifying legal opinions.

Among the most significant changes, we have:

• Doubled the number of low-income designations, exempting more than 2,100 credit unions from the statutory cap on member business lending;

• Approved more low-income credit unions to raise secondary capital;

• Eased troubled debt restructurings to keep more credit union members in their homes;

• Extended loan maturities to encourage affordable refinancing;

• Authorized derivatives to hedge interest rate risks; and

• Shortened examinations for most credit unions.

But I believe we can still do more to remove unnecessary regulatory burdens within the NCUA's authority, consistent with safety and soundness and the Federal Credit Union Act.