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CUNA Continues Regulatory Relief Message at Wednesday HFSC Hearing
Monday, March 16, 2015 6:40 AM

With the U.S. House Financial Services Committee still seeking input on regulatory relief for credit unions and other small financial institutions, CUNA will testify in a hearing on the subject Wednesday. Patrick Miller, president/CEO of CBC FCU, Oxnard, California, will testify on behalf of CUNA.

The hearing is titled "Preserving Consumer Choice and Financial Independence." Committee members and witnesses will examine the regulatory burden facing credit unions and community banks and its effects.

This hearing marks the second time since February that CUNA has testified on credit union regulatory relief needs before members of Congress. CUNA testified before the Senate Banking Committee Feb. 12. At that time, CUNA announced the launch of a comprehensive study examining the true, real-life costs of complying with myriad regulations credit unions face.

"I have heard many times from members of Congress and regulators that they are looking for more data about the cost credit unions are forced to bear related to regulatory compliance," said CUNA president/CEO Jim Nussle when announcing the study.

Since the end of February, seven regulatory relief bills have been introduced or reintroduced that would help remove barriers for credit unions to more fully serve their members. CUNA Chief Advocacy Officer Ryan Donovan says he expects additional regulatory relief legislation to be introduced in the coming weeks.

The House Financial Services Committee hearing is scheduled to begin at 9 a.m. (CT) Wednesday and will be streamed live on the committee's website.