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NAFCU witness Steve Grooms, president and CEO of 1st Liberty Federal Credit Union of Great Falls, Mont., will testify today before the Senate Banking Committee on the importance of regulatory relief for credit unions and the economic benefits credit unions offer.

"Fostering Economic Growth: The Role of Financial Institutions in Local Communities" is set for 10 a.m. Eastern and will review proposals on ways to foster economic growth and improve regulatory conditions for community financial institutions.

Additional credit union representatives slated to testify are Dallas Bergl, CEO of INOVA Federal Credit Union, on behalf of CUNA; and John Bissel, president and CEO of Greylock Federal Credit Union. Representatives of the American Bankers Association and Independent Community Bankers of America are also on the witness list.

NAFCU President and CEO Dan Berger touted the economic benefits that credit union regulatory relief would create in a letter this spring to Senate Banking Committee Chairman Mike Crapo, R-Idaho, and Ranking Member Sherrod Brown, D-Ohio.

The Senate Banking Committee plans to hold future hearings regarding broader economic growth topics.