Wisconsin lawmakers have joined other Members of Congress who have signed a letter to financial regulators urging them to tailor their regulations to minimize adverse impact on small banks and credit unions.
"Rules must differentiate by business model, risk profile and also take into account whether the institution has the resources available to comply," the letter said.
The letter asked regulators to identify specific areas where regulators:
- Have taken action within their jurisdiction to tailor rules to the business model and risk of institutions or classes of institutions, outlining how that has been done.
- Lack the authority to tailor regulations to specific institutions or classes of institutions based on business model or risk, and where they believe additional authority would be helpful.
- Contemplate taking additional action to tailor regulations based on business model and risk.
Regulators receiving the letter
- Richard Cordray, Director, Consumer Financial Protection Bureau (CFPB)
- Deb Matz, Chairman, National Credit Union Administration (NCUA)
- Thomas Curry, Comptroller of the Currency, U.S. Treasury Dept.
- Janet Yellen, Chair, Federal Board of Governors of the Federal Reserve System
- Marin Gruenberg, Chairman, FDIC
The Unite for Good effort is an internal growth strategy developed by CUNA in conjunction with its Board, state leagues, credit unions and system partners. The plan's action steps - to remove barriers, increase awareness and foster service excellence - are aimed at helping more credit unions become their members' primary financial institution by compelling members to see credit unions as their best financial partner. Read more articles in our Unite for Good series.