California Republican Gary Miller last week filed
HR 2572, the Regulatory Relief for Credit Unions Act. The bill, which CUNA President Bill Cheney called a “good first step toward modernizing the credit union charter,” includes several regulatory improvements. Among them:
Updating credit union investment authorities;
Amplifying the National Credit Union Administration's authority to implement a risk-based capital regime;
Providing the agency with flexibility to adjust leverage requirements;
Allowing the NCUA to adjust capital requirements as needed; and
Clarifying the insurance coverage of funds held in trust accounts at credit unions.
The bill would also request the NCUA to perform a cost-benefit analysis of rules, past and present. Miller’s bill is likely to be joined by other regulatory relief legislation initiatives coming out of the financial services committee this year. The League will be seeking cosponsorship on this bill from our Alabama and Florida delegations.