Shelby Asks for NCUA's Opinion for Senate Reg Relief Bill

WASHINGTON-Senate Banking Committee Chairman Richard Shelby (R-Ala.) recently requested suggestions for a regulatory relief bill in the Senate from NCUA Chairman Dennis Dollar. Shelby explained in his May 23 letter that he felt regular review of the effectiveness of banking laws and regulations is important. “To this end, I respectfully request that you direct the staff at NCUA to review the regulator issues under your jurisdiction and offer any reforms or changes that may be needed,” he wrote, asking that NCUA also prioritize the list. The senator added that he intends to use Dollar’s response to formulate regulatory relief legislation later this year. While the bill is up for consideration before the full House, the Senate is just now formally beginning work on the legislation. Previously House Financial Services Committee Chairman Mike Oxley had requested NCUA’s help for the House bill. Dollar’s response to the Senate is expected to be similar to the letter he sent the House.