Recently honored Ney working on legislation to remove credit union burdens

WASHINGTON-In honor of October being National Co-op Month, CUNA President and CEO Dan Mica awarded Congressman Bob Ney (R-Ohio). Senate Majority Leader Tom Daschle also received the award separately. Ney, a member of the House Financial Services Committee, is working on legislation to remove legal and regulatory burdens on credit unions. He wrote as much in a letter dated September 24 to Ohio Credit Union League President Paul Mercer. “I strongly support our nation’s credit unions, and the valuable services they provide to their members. Your members should be applauded for the work they do.I remain committed to reducing or removing regulator burdens and obstacles that stand in the way of credit unions enhancing the range or products they offer to their members. “You and your member credit unions will be pleased to know that I am currently working with the Credit Union National Association to look at their ideas for comprehensive legislation to achieve the goal of eliminating burdens that prohibit credit unions from offering a full range of services.” CUNA Senior Vice President of Government Affairs John McKechnie explained that the organization has been working with Ney “in concept” since the mark up of the Financial Services Regulatory Relief Act (H.R. 3951) in June, where provisions expanding member business lending, alternative capital and credit union governance were stripped out of the bill. These three areas will be included in the new legislation though not exclusively, McKechnie said. He added that while CUNA has made suggestions to the congressman’s office for the drafting of the bill, Ney has certainly “put his own stamp on it.” The legislation is still being drafted and is expected out late this session or early in the 108th. [email protected]