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May 21, 2013 – NAFCU urged better coordination among federal financial institution regulators in a letter sent Monday in advance of today's Senate Banking Committee hearing on the 2012 annual report of the Financial Stability Oversight Council, which is chaired by Treasury Secretary Jack Lew.

"Our nation's credit unions are struggling under an ever-increasing regulatory burden," NAFCU President and CEO Fred Becker said in a letter to Senate Banking Chairman Tim Johnson, D-S.D., and Ranking Member Michael Crapo, R-Idaho. "As the tide of regulation rises, there has never been a more critical time for the FSOC, led by Secretary Lew, to facilitate regulatory coordination among its member regulators."

Becker said FSOC member agencies should be coordinating the rollout of new rules as well as sharing information about domestic financial services policy development, examinations, reporting requirements and enforcement. He reminded the committee that the Dodd-Frank Act charges the FSOC with repairing weaknesses in the regulatory structure to help provide a safe and more stable system. He said such coordination would help further the kind of regulatory relief NAFCU is pursuing in its five-point plan for comprehensive regulatory relief for credit unions.

Lew is scheduled to discuss the FSOC's annual report during a Senate Banking hearing slated for 10:15 a.m. Eastern. The FSOC includes the heads of all the federal financial institution regulators, including NCUA and the CFPB.