Late last week, U.S. Rep. Gary Miller, R-Calif., House Financial Services Committee vice chairman, introduced H.R. 2572, legislation that would provide regulatory relief for credit unions and community banks.
Miller's bill focuses on enhancements to NCUA authority, improved capital standards for credit unions, and cost-benefit analysis of rules, past and present. The legislation will likely be joined by other regulatory relief initiatives from Rep. Miller’s colleagues on the committee later this year. Other members are said to be preparing bipartisan regulatory relief bills, and are working to find areas where credit union and community bank interests may intersect. The MCUL has asked members of Michigan’s delegation to co-sponsor Rep. Miller’s legislation.