WASHINGTON — Speaking at the Small Business Administration's national regulatory fairness hearing today, Mary Dunn, CUNA senior vice president and associate general counsel of regulatory advocacy, reiterated the trade association's positions on a number of regulations considered to be "burdensome."
The SBA hearing was a sounding board to report unfair or excessive federal regulatory enforcement by any federal agency that impacts their members and small businesses nationwide.
"Credit unions are one of the most heavily regulated entities and are currently subject to a wide range of regulatory requirements including an array of consumer protection rules on issues," Dunn testified, such as Truth-in-Lending, privacy and the Fair and Accurate Credit Transaction Act.
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Dunn said the 12.25% member business lending cap is limiting "at the very time when [small businesses] are finding it increasingly difficult to obtain credit."
The many amendments to the Bank Secrecy Act have resulted in "significant burdens" and penalties for non compliance, Dunn testified. The current prompt corrective action system also needs revising subjecting credit unions to "higher capital standards than all other financial institutions in the country," she said.
CUNA is also calling for more flexibility for credit unions to modify mortgage loans to help those avoid foreclosures in the midst of the subprime mortgage crash.
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