Special Reality Check Coverage: CUNA’s Cheney Gives Attendees a Legislative and Regulatory Update

Wednesday, February 29, 2012 10:13:00 AM

 

 

ATLANTIC CITY, N.J. – At a special networking lunch at the 2012 Credit Union Reality Check on Tuesday, CUNA President/CEO Bill Cheney gave attendees an overall look at current and upcoming legislative and regulatory issues credit unions face. 

CUNA President/CEO Bill Cheney speaking at a special networking lunch.

Cheney opened with a positive message about the growth credit unions have been experiencing over the past year, with credit unions seeing a net growth of 2 million members in 2011.

CUNA is currently working on a number of legislative issues that will also have a positive effect on credit unions. The recently introduced supplemental capital bill is a “stake in the ground” and a great start of a “conversation about the need for it”, and CUNA is currently looking for co-sponsors.

Member business lending (MBL) is an ongoing issue that CUNA continues to support and push. In a recent poll, Cheney pointed out, 64% of small business owners said that access to capital is an issue for them. Pending MBL legislation, if passed, would immediately put $13 million into the economy, with no cost to taxpayers. According to Cheney, legislators are now grasping the potential positive impact of MBL. 

Taking on the subject of the growing regulatory burden for credit unions, Cheney addressed credit unions’ concern over NCUA and the new Consumer Financial Protection Bureau (CFPB). CUNA is working with both agencies to get some regulatory relief for credit unions. The current pressure from NCUA and potential CFPB regulations is “not sustainable” and in order for credit unions to survive and thrive, NCUA needs to take a “balanced approach”. 

He also mentioned that CUNA has met with the CFPB numerous times to express credit unions’ concern and to tell the good story of credit unions. CUNA is working with the agency specifically on remittance issues and ATM disclosures. CFPB Director Richard Cordray will also speak at CUNA’s Governmental Affairs Conference (GAC) in Washington, DC next month, Cheney reminded.

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