Clendaniel welcomes Reg D review, more
July 16, 2014 – Dover Federal Credit Union President and CEO David Clendaniel, testifying for NAFCU yesterday on regulatory relief measures, supported H.R. 3240, the "Regulation D Study Act," during Q&A with the bill's sponsor, Rep. Robert Pittenger, R-N.C.
Clendaniel was testifying before the House Financial Services Subcommittee on Financial Instituions and Consumer Credit, chaired by Rep. Shelley Moore Capito, R-W.Va.
The NAFCU representative included extensive remarks in his testimony on NCUA's risk-based capital proposal. He also noted the association's support for several bills under consideration by the subcommittee and lodged recommendations for other measures that would advance key elements of NAFCU's five-point plan for credit union regulatory relief.
During Q&A, Pittenger asked witnesses about their views on H.R. 3240, which would require the Government Accountability Office to study the impact of the Federal Reserve's Reg D reserve requirements on depository institutions, consumers and monetary policy. Clendaniel told the panel Reg D is on NAFCU's "Dirty Dozen" list of rule that could be improved or eliminated.
He said NAFCU is confident that a thorough GAO study would support full repeal of Reg D's outdated requirements.
In other testimony, Clendaniel also recommended excluding all credit unions – not just those with less than $10 billion in assets – from CFPB examination authority; increasing and indexing other Dodd-Frank Act thresholds; allowing more credit union member business lending; and enactment of H.R. 1553, a bill introduced by Capito and Rep. Carolyn Maloney, D-N.Y., to help ensure timeliness and clear guidance for financial institution examinations and an independent appeal process.
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