Since the day I agreed to become the next president/CEO of CUNA, I've made it my mission to become more familiar with credit union philosophy, operations and goals. And as I've done so, the priorities of credit unions have become clear to me: Protect the credit union tax exemption; reduce the regulatory burden, and realize the shared vision that “Americans choose a credit union as their best financial partner.”

As priorities, these goals are equal in stature. But let me focus some more on the regulatory burden – which, in my view, must be eased on credit unions as quickly as possible.

My advance research into credit unions quickly showed me that they were established to promote thrift and provide access to credit for provident purposes, and to provide consumers and small businesses with an alternative to for-profit financial institutions.

My studies also showed that credit unions do not engage in the practices that contributed to the financial crisis, which prompted action for new laws and rules. I found that the post-crisis reaction of targeting all financial institutions, especially credit unions, misses the point about what caused this disaster. Frankly, it's difficult for me to understand why a credit union's member service should suffer because another institution made bad decisions and treated its customers poorly.

From what I've seen, it is becoming increasingly difficult for credit unions to serve their members when the laws and regulations coming out of Washington are blind to the business structure and size difference between our cooperatives and banks. Too often, regulators force small, not-for-profit credit unions to comply with the same rules written to address the misdeeds of banks like J.P. Morgan and Bank of America.

And the conversations I've already had with CUNA Board members and other credit union leaders from across the nation have made it clear to me: Excessive regulation is piling up on credit unions – and that has to end.

For example, the rules issued so far by the CFPB – an institution that was a legislative response to the banks' questionable practices – have not taken the key distinctions between large and small institutions into consideration as much as they can or should under the law. One step in the right direction would be for Congress to require the CFPB to use its existing, statutory exemption authority relieve credit unions and community banks from burdensome and unnecessary requirements.

Further, I understand that the NCUA earlier this year issued a deeply flawed proposed rule on risk-based capital. News reports I have seen told of the NCUA receiving a record 2,000 comment letters on the proposal from numerous credit unions, CUNA, other trade groups, 27 senators and 334 members of the House of Representatives, and many others who weighed in to express their concerns. I know that the NCUA has signaled major changes to the proposal, but credit unions deserve a final rule that is both balanced and fully consistent with the Federal Credit Union Act.

I know that CUNA in the past has been deeply engaged in reducing the regulatory burden. In fact, I've learned that in this Congress alone, CUNA has actively worked on 39 regulatory relief bills and has testified 10 times in support of regulatory relief. I also know that CUNA has filed more than 95 comprehensive comment letters with federal regulators on all proposals of concern to credit unions. Those are impressive numbers, but there's still work to do.

I can assure you that, under my watch, CUNA's deep commitment to reducing regulatory burden will continue.

And let me add: I am just as committed to enhancing the credit union charter as much as possible – particularly with regard to business lending and supplemental capital. We need relief, yes. But we also need greater flexibility in our charter in order to serve our members.

I'm learning more and more about credit unions every day – but I know right now that regulatory relief is needed and deserved for credit unions.

Jim Nussle is president/CEO of CUNA. He can be reached at 800-356-9655 or [email protected].