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NCUA Examination and Insurance Director Larry Fazio will testify on his agency's perspective on regulatory burden during a hearing today by the House Financial Services Subcommittee on Financial Institutions and Consumer Credit, which is chaired by Rep. Randy Neugebauer, R-Texas.

NAFCU Vice President of Legislative Affairs Brad Thaler wrote Chairman Neugebauer and Ranking Member Lacy Clay, D-Mo., to highlight areas in which NAFCU is pushing for regulatory relief for its members. Thaler particularly emphasized NAFCU's opposition to NCUA's second risk-based capital reform, which NAFCU will officially comment on this week.

"NAFCU also believes that NCUA needs to provide greater transparency to the agency's budget and open their budget process for public comment," Thaler wrote. "Furthermore, we hope NCUA will take advantage of this opportunity to discuss what regulatory relief legislation it supports, and outline what regulatory actions the agency is willing to take within its current authority to provide regulatory relief to credit unions. NCUA providing relief to credit unions with field-of-membership concerns would be an example of help the agency could provide now."

The hearing will address the impact of regulatory burden on financial institutions' product and service offerings. It will also look at how regulators measure the impact on consumers when products are discontinued because of regulatory action.

Other witnesses set to testify include CFPB Office of Research, Markets and Regulations Associate Director David Silberman, and representatives from FDIC, the Federal Reserve, the Office of the Comptroller of the Currency and the Conference of State Bank Supervisors.