Reg relief lead Miller presses CU engagement
Rep. Gary Miller (Tripplaar photo)
Sept. 12, 2013 – House Financial Services Committee Vice Chairman Gary Miller, R-Calif., sponsor of a bill reflecting key elements of NAFCU’s five-point plan for regulatory relief, told credit unions Wednesday that they need to personally engage lawmakers to make relief happen.
Speaking during the final day of NAFCU’s Congressional Caucus, Miller, chief sponsor of H.R. 2572, the “Regulatory Relief Act for Credit Unions,” said all other issues before Congress aside, “I think regulatory relief is the issue we have to deal with today.”
Miller talked about the financial crisis, passage of the Dodd-Frank Act to prevent a recurrence and the loss of 700 credit unions from the marketplace since that measure was enacted. Indeed, he said the manner in which the law has been implemented has often been more of a problem than the law itself.
He said regulatory burden has grown so much under the Dodd-Frank Act that financial institutions can’t make the kinds of loans they were making in 2010 – and which were performing well – in today’s environment. But if credit unions are to change this, they need to get to know their members of Congress and make sure they know what credit unions are, what they do and why.
In addition to that, he said, credit unions should talk to lawmakers about combining the relief proposed for credit unions with relief proposed for community banks. Responding to an audience member on tips for success, he said, “You need to go to them and say they need to combine these bills.”
The bankers are pressing their own case on Capitol Hill, and that includes not only seeking relief for themselves but keeping credit unions from getting anything that the bankers see as providing them a competitive edge. Lawmakers need to be assured that regulatory relief is not going to give either sector an advantage over the other, Miller said, and there is currently “nothing in that bill that [bankers] would not agree with.”
NAFCU Congressional Caucus