Newsroom

September 12, 2014

NAFCU before Senate Banking Tuesday on reg relief

NAFCU witness Linda McFadden, president and CEO of XCEL Federal Credit Union in Bloomfield, N.J., will seek regulatory relief for credit unions during a Senate Banking Committee hearing Tuesday that will also include witnesses for NCUA and banking regulators.

The hearing, "Examining the State of Small Financial Institutions," includes two panels of witnesses. McFadden will join a panel of other credit union and banking industry trade representatives. Larry Fazio, NCUA's director of examination and insurance, will testify alongside witnesses from FDIC, the Federal Reserve and others.

The NAFCU witness will address a wide range of regulatory relief needs and concerns, including NCUA's proposed risk-based capital rule, the need for access to supplemental capital, member business lending and more.

Additional hearings this week include:

The Senate Banking Committee also holds a hearing Thursday on "Assessing and Enhancing Protections in Consumer Financial Services." Witnesses will testify for The Pew Charitable Trusts, Lutheran Social Services of South Dakota and National Association for the Advancement of Colored People and others.

Hearings Wednesday include:

  • The House Financial Services Subcommittee on Oversight and Investigations will hold an oversight hearing on the Financial Stability Oversight Council.
  • The Senate Banking Committee will look at the impact of rising inequality in the American economy. Representatives from Demos, University of Chicago and the California Association for Micro Enterprise Opportunity will testify.
  • The House Small Business Committee will hold a hearing, "Is the FCC Responding to the Needs of Small Business and Rural America," with Federal Communications Commission Chairman Thomas Wheeler testifying.