Aug. 17, 2012 – Credit unions in the West Virginia region should take note of a special field hearing Monday aimed at garnering feedback from local financial institutions about how the current regulatory environment is affecting their ability to spur job creation.
The field hearing, held by the House Subcommittee on Financial Institutions and Consumer Credit, will also look at how stringent federal bank examinations are impacting the economic recovery. Chaired by Rep. Shelley Moore Capito, R-W.Va., the subcommittee has already held similar field hearings in Wisconsin, Illinois, Georgia and Texas.
Tom Brewer, president of Peoples FCU in Nitro, W.Va., will be among those testifying at Monday’s field hearing. Other witnesses include:
- Charles Hageboeck, president and CEO of City National Bank William Loving, president and CEO of Pendleton Community Bank
- John Wohlever, owner of Mountaineer Mobile Homes
- Sarah Brown, attorney with Mountain State Justice, Inc.
In announcing the hearing, Capito expressed concerns that the deluge of new regulations “is crushing small, community-based financial institutions.” She added that Congress should examine “the cumulative impact all these regulations are having on our economy and see what can be done to eliminate unnecessary roadblocks to our recovery.”
The hearing will be held at 11:00 a.m. Eastern in Charleston, W. Va., at the Robert C. Byrd U.S. Courthouse.