Newsroom
March 18, 2015
NAFCU witness: Reg burden is CUs' top challenge
NAFCU witness Peggy Bosma-LaMascus, president and CEO of Patriot Federal Credit Union in Chambersburg, Pa., will deliver NAFCU's message that credit unions need substantial regulatory relief during a hearing this morning by the House Financial Services Committee.
Bosma-LaMascus will testify before the panel alongside other financial industry witnesses in a hearing titled "Preserving Consumer Choice and Financial Independence" and focused especially on rising compliance costs under the Dodd-Frank Act.
Today's hearing will be the second in two months in which NAFCU has urged lawmakers to address onerous constraints of current rules and take action to reduce the proliferation of new ones.
Bosma-LaMascus will emphasize that credit unions have a long history of helping the economy grow, even during the recent financial crisis, yet they remain highly regulated and are restricted in their ability to provide services and build capital. She will push the provisions of NAFCU's five-point plan for credit union regulatory relief to address this.
She will note a 2012 NAFCU member survey in which 94 percent of respondents said their compliance burdens grew in the period following the 2010 enactment of Dodd-Frank. She says the growing costs of regulatory burden are hurting her credit union.
Bosma-LaMascus will discuss the full range of regulatory burden concerns that could be addressed by federal legislation or changes to current rules. She'll also note progress made with last year's NAFCU "Dirty Dozen" list of rules that should be changed or eliminated; and the association's "Top Ten" list going forward.
Of special note will be concerns about the legality and potential ill effects of NCUA's second risk-based capital proposal; the need for expanded member business lending authority; the need for improved field-of-membership rules for federal credit unions; and, among other things, improvements in CFPB rules and structure.
Bosma-LaMascus will testify before the panel alongside other financial industry witnesses in a hearing titled "Preserving Consumer Choice and Financial Independence" and focused especially on rising compliance costs under the Dodd-Frank Act.
Today's hearing will be the second in two months in which NAFCU has urged lawmakers to address onerous constraints of current rules and take action to reduce the proliferation of new ones.
Bosma-LaMascus will emphasize that credit unions have a long history of helping the economy grow, even during the recent financial crisis, yet they remain highly regulated and are restricted in their ability to provide services and build capital. She will push the provisions of NAFCU's five-point plan for credit union regulatory relief to address this.
She will note a 2012 NAFCU member survey in which 94 percent of respondents said their compliance burdens grew in the period following the 2010 enactment of Dodd-Frank. She says the growing costs of regulatory burden are hurting her credit union.
Bosma-LaMascus will discuss the full range of regulatory burden concerns that could be addressed by federal legislation or changes to current rules. She'll also note progress made with last year's NAFCU "Dirty Dozen" list of rules that should be changed or eliminated; and the association's "Top Ten" list going forward.
Of special note will be concerns about the legality and potential ill effects of NCUA's second risk-based capital proposal; the need for expanded member business lending authority; the need for improved field-of-membership rules for federal credit unions; and, among other things, improvements in CFPB rules and structure.
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