Newsroom
September 16, 2015
Caucus: Clyburn, Huizenga, Murphy talk CU advocacy, reg relief
At NAFCU's Congressional Caucus, Reps. Jim Clyburn, D-S.C., Bill Huizenga, R-Mich., and Patrick Murphy, D-Fla., discussed the importance of credit union representatives reaching out to lawmakers to educate them about industry concerns.
Clyburn, who serves as Assistant Democratic Leader in the House, noted the intersection between credit union issues and other financial issues facing lawmakers, including issues relating to employment, infrastructure and the potential government shutdown. He argued, "There is always a battle taking place between efficiency and effectiveness," and he said government should focus on serving communities rather than being run like profit-seeking businesses. He urged credit union representatives to talk to lawmakers about their concerns.
Huizenga, chairman of the House Financial Services Subcommittee on Monetary Policy and Trade, also highlighted the importance of the fly-in conference. "What you're doing here today is very important – coming to Washington, meeting with your member [of Congress] if at all possible," he said. He also emphasized the need for a review of the Dodd-Frank Act, particularly the rules related to points and fees, which he cosponsored legislation on (H.R. 3211, the "Mortgage Choice Act"), and qualified mortgages.
Murphy touted the bill he cosponsored (H.R. 2769, the "Risk-Based Capital Study Act") that would make NCUA "stop and study" its second risk-based capital proposal, and he emphasized that credit union representatives must educate lawmakers about their issues. In terms of RBC2, he said it "doesn't make any sense" to impose Basel III regulations on credit unions.
"We've got to do something to make sure there is fairness" in regulation of credit unions, Murphy said. He also raised concerns about the "disappearing middle class" and said overregulation of credit unions is causing them to have to turn worth borrowers away.
Murphy emphasized the importance of bipartisan cooperation and said he would continue to reach across the aisle to help enact regulatory reforms.
Clyburn, who serves as Assistant Democratic Leader in the House, noted the intersection between credit union issues and other financial issues facing lawmakers, including issues relating to employment, infrastructure and the potential government shutdown. He argued, "There is always a battle taking place between efficiency and effectiveness," and he said government should focus on serving communities rather than being run like profit-seeking businesses. He urged credit union representatives to talk to lawmakers about their concerns.
Huizenga, chairman of the House Financial Services Subcommittee on Monetary Policy and Trade, also highlighted the importance of the fly-in conference. "What you're doing here today is very important – coming to Washington, meeting with your member [of Congress] if at all possible," he said. He also emphasized the need for a review of the Dodd-Frank Act, particularly the rules related to points and fees, which he cosponsored legislation on (H.R. 3211, the "Mortgage Choice Act"), and qualified mortgages.
Murphy touted the bill he cosponsored (H.R. 2769, the "Risk-Based Capital Study Act") that would make NCUA "stop and study" its second risk-based capital proposal, and he emphasized that credit union representatives must educate lawmakers about their issues. In terms of RBC2, he said it "doesn't make any sense" to impose Basel III regulations on credit unions.
"We've got to do something to make sure there is fairness" in regulation of credit unions, Murphy said. He also raised concerns about the "disappearing middle class" and said overregulation of credit unions is causing them to have to turn worth borrowers away.
Murphy emphasized the importance of bipartisan cooperation and said he would continue to reach across the aisle to help enact regulatory reforms.
Share This
Related Resources
The NAFCU 12: Twelve Topics for Immediate Action
Talking Points
Get daily updates.
Subscribe to NAFCU today.