Friday, February 25, 2011 11:05:00 AM
WASHINGTON - CUNA President/CEO Bill Cheney is scheduled to testify Wednesday before a House Financial Services subcommittee, which is studying the impact of the Dodd-Frank Act on small financial institutions and small businesses.
The Dodd-Frank financial regulatory reform package, which was signed into law last year, contains numerous changes to current financial laws, but few of the over 2,000 new laws directly impact credit unions.
CUNA has noted that while credit unions are still going to experience burdens related to the regulations, there are not many "wholesale" changes. CUNA continues to work with the Fed to shield credit unions from any unneeded regulatory burdens.
Bank and other regulators are supposed to develop around 170 new rules and regulatory amendments by July, some as early as April. Credit unions will be subject to far fewer rules but CUNA has nonetheless made it a priority to minimize the burden to credit unions of any new regulation, including those under Dodd-Frank.
The Senate Banking Committee last week held its own hearing on Dodd-Frank implementation. That committee examined regulators' implementation progress at the half-year mark, and substantial concern was expressed by lawmakers regarding the Federal Reserve's proposed implementation of an interchange fee cap.
Cheney's testimony will come on the same day that several thousand credit union advocates will be on Capitol Hill to meet lawmakers and their staffs during the annual CUNA Governmental Affairs Conference (GAC) and Hike-the-Hill. More than forty credit union professionals and volunteers from New Jersey will participate in the Hike-the-Hill to voice credit union concerns and goals to their delegation members and staffers.