National Association of Federally Insured Credit Unions (NAFCU), along with representatives from various financial industry trade organizations, met with lawmakers on Capitol Hill last week to discuss a range of issues, including regulatory concerns.
NAFCU President and CEO Dan Berger met with Rep. Shelley Moore Capito (R-WV) to talk about
topics raised in a recent report by the U.S. Treasury Department on regulatory relief for credit unions and banks.
The Treasury report to President Donald Trump, released in June, detailed executive actions and administrative changes that are needed to provide regulatory relief. Among the key findings, it said capital, liquidity and leverage rules can be simplified to increase the flow of credit. It also found that regulations need to be better tailored, more efficient, and effective. The report additionally said the Consumer Financial Protection Bureau must be reformed, and that Congress should review the organization and mandates of the independent banking regulators to improve accountability.
That report also came up during a subcommittee hearing earlier in the day, featuring testimony from Treasury Secretary Steven Mnuchin, who noted plans for three more reports to come.
NAFCU’s Carrie Hunt, executive vice president of government affairs and general counsel, met with Sen. Mike Crapo (R-ID) to address the banking panel’s work on housing finance reform. NAFCU has testified twice in recent months before the Senate Banking Committee, focusing on regulatory relief and housing finance, and has supplied the panel – and all of Congress – with a set of housing finance reform principles it wants to see included in any final reform measure.