Monday, September 26, 2011 10:30:00 AM
WASHINGTON - Deputy Secretary Neal Wolin, the number two ranking official at Treasury, met with CUNA President/CEO Bill Cheney and CUNA senior staff on Friday to discuss a number of credit union priority issues, such as an increase in MBL authority, the tax exempt status of credit unions, and access to supplemental capital.
During the meeting, CUNA thanked Wolin for Treasury's continued support of a statutory increase in MBL authority Bills that are pending action in the U.S. House (H.R. 1418) and Senate (S. 509).
At the Treasury meeting, CUNA also emphasized the need to protect the tax-exempt status of credit unions; CUNA will follow up with Treasury staff who are developing proposals for the administration to revise the U.S. tax code.
CUNA also raised the issue of supplemental capital for credit unions and the importance of revisions to current rules, which would allow credit unions to boost their capital and to improve the capital scheme under which federally insured credit unions operate.
The new CFPB and its regulatory role was also discussed. CUNA noted that while credit unions are concerned about regulatory burden, CUNA commends the approach the CFPB has taken to date to include credit unions in discussions and to consider credit unions' regulatory burden concerns.
Before the meeting's conclusion, CUNA also told Wolin that the group looks forward to working with a new Treasury Assistant Secretary for Financial Institutions once the nominee is confirmed. Cyrus Amir-Mokri has been nominated by the Obama Administration for that position.
The Treasury's Treasury Assistant Secretary for Financial Institutions is charged with developing and coordinating policies on legislative and regulatory issues affecting financial institutions.