NAFCU Top Officials Meet with Senator Crapo on Reg Relief

WASHINGTON-Officials at NAFCU met recently with the senator who has been charged with drafting the Financial Services Regulatory Relief legislation in the Senate. NAFCU Director of Legislative and Political Affairs Brad Thaler said he and NAFCU President and CEO Fred Becker had “a good sit-down meeting” with Senator Michael Crapo (R-Idaho) regarding regulatory relief. “The senator indicated to us that they are looking at a number of issues, both what was included in the House passed regulatory relief bill and issues that are included in the Credit Union Regulatory Improvements Act that’s in the House and other issues that the regulators and others may be interested in seeing in a regulatory relief bill,” Thaler said. No outline of the bill or text has been prepared yet, but the lawmakers said he is looking forward to the April 20 regulatory oversight hearing in the Senate Banking Committee to help bring regulatory relief to the forefront. However, Crapo told NAFCU he did not expect to have a bill ready by then. “[Crapo and his staff] indicated that they still would like to get a bill introduced this year.however, Senator Crapo did mention that the Senate Banking Committee has a pretty heavy agenda,” Thaler explained. One of the items that will likely take up a lot of the committee’s time is reforming the mutual fund industry.