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Federal Reserve Chairman Ben Bernanke told lawmakers Wednesday that Congress should take a look at the Dodd-Frank Act with an eye toward making associated regulations more manageable for small institutions.

Bernanke, testifying before the House Financial Services Committee, was replying to a question from Rep. Jim Himes, D-Conn., about which areas of the Dodd-Frank Act could be improved. Bernanke first suggested that Congress look at the act's provisions on derivatives. He then expanded his remarks to suggest that lawmakers look at how the law's objectives could be achieved more efficiently.

The Fed chairman suggested that Congress take a broad look at the rules affecting small institutions and said it would be "prudent" to consider ways to simplify those to reduce the burden.

NAFCU has worked closely with regulators, including NCUA and CFPB, regularly over the past two years to find ways to ease the impact of rules on credit unions and their members. The association is broadening its effort to win relief through its five-point plan released Feb. 12.

The NAFCU plan seeks enhanced administrative powers for NCUA, capital reforms, structural improvements for credit unions, operational improvements for credit unions and data security reforms. For more, read the plan submitted to Congress.

Wednesday's hearing followed a similar one held by the Senate Banking Committee Tuesday. The two committees hold hearings on the Fed's monetary policy activities twice a year.

• Bernanke's testimony
• "Bernanke defends policy actions," 2/27
• NAFCU five-point plan