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In response to a call from the Senate Homeland Security and Governmental Affairs Committee to review government regulation through the #CutRedTape Initiative, NAFCU urged the committee to allow financial institutions to push back against overregulation.

In March, Committee Chairman Ron Johnson, R-Wis., and Ranking Member Tom Carper, D-Del., noted, "There is no central venue where businesses and citizens can voice their thoughts about regulations across the federal government. Our hope is that as we continue to hold hearings, conduct investigations and examine potential improvements, our committee will be a place where Americans feel their concerns are heard."

Subcommittee on Regulatory Affairs and Federal Management Chairman James Lankford, R-Okla., and Ranking Member Heidi Heitkamp, D-N.D., also signed the letter seeking regulatory improvement and requesting input from stakeholders.

In a letter responding to the lawmakers' request for input, NAFCU Vice President of Legislative Affairs Brad Thaler emphasized NAFCU's continued push for regulatory relief for credit unions as not-for-profit institutions that were not among the bad actors that caused the financial crisis.

Thaler also attached testimony from NAFCU Chair Ed Templeton before the Senate Banking Committee in February, in which Templeton noted a major disconnect between regulators and the regulated.

"While smaller credit unions continue to disappear from the growing burden, all credit unions are finding the current environment challenging," Templeton said in his testimony. "Finding ways to cut-down on burdensome and unnecessary regulatory compliance costs is the only way for credit unions to thrive and continue to provide their member-owners with basic financial services and the exemplary service they need and deserve."