October 18, 2013

NAFCU to testify on CFPB, regulatory burden

Oct. 21, 2013 – NAFCU witnesses will testify on CFPB reform and the regulatory landscape for small financial institutions in hearings slated this Thursday before two House subcommittees.

At a 2 p.m. hearing before the House Financial Institutions Subcommittee on Financial Institutions and Consumer Credit, Lynette Smith, president and CEO of Washington Gas Light FCU in Springfield, Va., will testify for NAFCU on legislative proposals for CFPB reform. Smith will talk about previous proposals NAFCU has supported, including a change in CFPB structure, less restrictive authority for the Financial Stability Oversight Council to veto CFPB rules and protection of sensitive data collected by the bureau.

In a 10 a.m. hearing before the House Small Business Subcommittee on Investigations, Oversight and Regulations, Linda Sweet, president and CEO of Big Valley FCU in Sacramento, Calif., will air NAFCU's views on the impact of regulatory burden on small institutions. Other witnesses include a senior research fellow from George Mason University, the president and CEO of Industrial Bank – testifying on behalf of the Independent Community Bankers of America – and a Georgetown University law professor.