CUNA voiced its support for an amendment to the Senate budget resolution, which would establish a deficit-neutral reserve fund to tackle disproportionate regulatory burdens on credit unions and community banks.
The amendment, proposed by Sen. Kelly Ayotte (R-N.H.), would allow Congress to make improvements to the financial regulatory framework in a bill and expand access to capital markets without raising new revenue.
The proposed amendment also states that revisions of any bill must not increase the deficit over the total of fiscal years 2016 through 2020 or 2016 through 2025.
"The adoption of this amendment is another important acknowledgement of the fact that regulatory burden is a significant issue for credit unions, and we appreciate Senator Ayotte's leadership," CUNA Chief Advocacy Officer Ryan Donovan said.
Carrie Hunt, NAFCU SVP of government affairs and general counsel, said NAFCU supports any measures that would provide regulatory relief for credit unions.
A separate amendment to the Senate budget resolution would eliminate bailouts of too-big-to-fail banks with assets of $500 billion or more. The Senate budget resolution passed by a vote of 52-46. The House also passed a budget resolution last week in a 228-199 vote.
"CUNA continues to analyze the budget resolutions for anything that could potentially affect credit unions," the trade association added.
Congress is currently in a two-week recess for a spring district work session.
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