McWatters Champions Regulatory Relief for Credit Unions

The National Credit Union Administration Acting Chairman Mark McWatters continues to champion regulatory relief. Yesterday, he testified at a hearing of the Senate Banking, Housing, and Urban Affairs Committee and recommended three specific areas where Congress can help reduce regulatory burdens on credit unions:

1. Field of membership, especially with an eye towards reaching underserved consumers and communities;

2. Member business lending, particularly granting regulatory parity with banks in residential lending; and

3. Supplemental capital, allowing healthy and well-managed credit unions access, which would lead to a stronger capital base for credit unions and greater protection for taxpayers.

McWatters also said he intends to revisit the agency’s risk-based capital rule to determine whether significant revision or repeal is warranted.

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