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Credit unions play a vital role in the economic health of local economies, NAFCU Vice President of Legislative Affairs Brad Thaler wrote in a letter Monday to the leaders of the Senate Banking Committee, which holds a hearing today on the importance of financial companies to economic prosperity.

Thaler cited the recent financial crisis and how credit unions continued to lend and help creditworthy consumers and small businesses during those years. He also noted the regulatory burden imposed on the industry despite the fact that credit unions played no part in causing the financial crisis.

"Unfortunately, every credit union dollar spent on regulatory compliance is a dollar that can't be used to help consumers through member service, better rates or additional money to lend," he wrote in the letter to Senate Banking Committee Chairman Mike Crapo, R-Idaho, and Ranking Member Sherrod Brown, D-Ohio. "This is why regulatory relief remains a top priority for our nation's credit unions, and a key tool to help foster economic growth."

Today's hearing begins at 9:30 a.m. Eastern. Witnesses include former Federal Reserve Gov. Robert Heller, former FDIC Chairman Donald Powell and Professor of Economics and Chief Economist of AFL-CIO William Spriggs.