In testimony yesterday before the Senate Budget Committee, Treasury Secretary Steven Mnuchin said his number one priority is creating sustainable growth for all Americans, and that includes regulatory relief for America’s credit unions.
In questioning from Sen. Mike Crapo, R-Idaho, Mnuchin said one of the administration’s goals is to ease some of the burdens that have been placed on credit unions and small community banks.
A Treasury report issued Monday contains a number of NAFCU-requested relief measures for credit unions, including:
In questioning yesterday, Mnuchin said that while the Treasury’s tax reform proposal will likely zero out most deductions, it will preserve the home mortgage and charitable deductions.
Crapo, who chairs the Senate Banking Committee, said at an industry event yesterday that he will use the Treasury Department’s recommendations to craft a bill to bolster economic growth and provide relief to financial institutions.
Crapo specifically noted Treasury’s recommendations to raise the $50 billion "systemically important financial institution" (SIFI) threshold under the Dodd-Frank Act and to change the CFPB’s structure and authority. He also mentioned possibly tackling government-sponsored enterprise reform this year.