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CUNA, Bank Letter Urges Bipartisan Regulatory Relief Action
Monday, May 18, 2015 6:45 AM

In a letter sent Friday to Senate Banking Committee leadership and penned collectively by CUNA, the American Bankers Association, and the Independent Community Bankers of America, nearly 14,000 financial institutions of all charter types are struggling with an onerous and growing regulatory burden.

The letter notes that a regulatory relief package unveiled last week by Sens. Richard Shelby (R-AL), chair of the banking panel, and Sherrod Brown (D-OH), its ranking member, "is an important step" to addressing the regulatory barriers that stymie credit unions and banks from "more fully serving the diverse financial needs of the American consumer."

The Senate package contains three credit union-specific regulatory relief provisions, as well as more than a dozen other relief items that benefit credit unions. Shelby's much-anticipated bill is expected to be marked up by the Senate Banking Committee on May 21.

The letter also notes that the U.S. Congress must act in a bipartisan manner to address the "real-world" issues faced by credit unions and banks. Each member of the Senate Banking Committee was copied on the joint trade group letter.