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Reps. Joyce Beatty, D-Ohio, and Denny Heck, D-Wash., both talked about how compromise in Congress can lead to meaningful regulatory relief for credit unions during remarks during the closing-day session of NAFCU's Congressional Caucus Wednesday.

Beatty spoke of her experience with a credit union as a young professional and how she learned financial literacy lessons. She also noted she had joined 328 other House members in sending a NAFCU-backed letter to CFPB in March urging the bureau to do more to grant exemptions under its Dodd-Frank Act authority.

"I say you have earned those exemptions," Beatty said. "I am so honored to serve on the Financial Services Committee where I can advocate for credit unions." Beatty also noted her support for extending the credit union exam cycle from 12 to 18 months.

"Being in Congress, it's important to understand how we can work together," she said. Beatty urged credit union advocates to prioritize bipartisan bills and asked for their support on her "Free Credit Score Act," H.R. 5058, which would provide consumers with their credit score as part of the free annual consumer reports provided for by the Fair Credit Reporting Act.

Heck noted that compromise is necessary to set practical goals. "I am from the school of compromise," he said. "What we ought to focus on is how it is that we could actually make a difference." He cited efforts at qualified-mortgage rule reform as a time when lawmakers reached for an overly high safe-harbor threshold level and therefore did not get anything.

"There are some things that we could do to lighten the load without sacrificing any of the things that we believe in," he said, noting consumer protections and safety and soundness as examples. He said he's spent months meeting with credit unions, community banks and large banks and has concluded that small institutions are being overregulated.

Heck also said he believes there is a good chance the House Financial Services Committee, of which he is a member, will undertake reform of the government-sponsored enterprise system, because the Federal Housing Finance Agency's conservatorship of Fannie Mae and Freddie Mac "was never intended to be a permanent state."