Compliance Blog

Written by Steve Van Beek

On Friday, Representative Gary Miller (R-CA) introduced H.R. 2572 - the Regulatory Relief for Credit Unions Act of 2013. NAFCU's legislative and regulatory teams have worked extremely hard with Representative Miller's staff to introduce this bill and will continue to push for additional support in the House. 

The provisions in the Miller bill, as reflected in NAFCU’s five-point plan, would:

• allow NCUA to grant federal credit unions a waiver to follow a state rule instead of a federal one in certain situations;

• authorize NCUA to step in where appropriate to modify a CFPB rule affecting credit unions;

• establish a risk-based capital system for credit unions;

• require that NCUA and CFPB revisit cost/benefit analyses of rules after three years so they have a true sense of the compliance costs for credit unions;

• require NCUA to conduct a study of the Central Liquidity Facility and make legislative recommendations for its modernization;

• give credit unions better control over their investment decisions and portfolio risk; and

• provide credit unions parity with FDIC-insured institutions when it comes to deposit insurance coverage on Interest on Lawyers Trust Accounts (IOLTAs).

For additional information on the Miller bill and NAFCU's Five-Point plan, head to NAFCU's Regulatory Relief webpage.

And, be sure to view a special video from NAFCU's President and CEO Fred Becker:

If the video above does not work - click here to view.