The regulatory overhaul being proposed by House Financial Services Chairman Jeb Hensarling (R-Texas) should be considered a starting point for legislation to repeal the Dodd-Frank Act, CUNA President/CEO Jim Nussle told a House panel July 12.
"We think this is a good place to start," Nussle said, in the first hearing on the Hensarling plan, dubbed the CHOICE Act. He added, "We know this is a work in progress."
In written testimony, Nussle said CUNA supports much of the legislation, but is still reviewing the massive plan and will inform the panel of the association's objections.
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As expected, Nussle said that CUNA supports efforts to create a path for well-capitalized credit unions to be exempt from capital or liquidity requirements.
The legislation would provide regulatory relief for banks and credit unions meeting an asset level of 10%. Nussle said about 65% of credit unions would be eligible for that regulatory relief.
Nussle said credit unions already are trying to meet an asset level of 10%, adding regulators have a tendency to look more favorably during examinations of those credit unions.
He said credit unions are being crushed by regulations and don't understand why Washington cannot deal with the problem.
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