The U.S. House Financial Services Committee, which includes four members from Missouri, is scheduled to hold two hearings on the regulatory burden faced by small financial institutions. One or both hearings should include testimony by credit unions, which were not included in a recent House Financial Services subcommittee hearing on the regulatory burden of community banks.
The additional hearings are part of a 2013 series to study the impact of the Dodd-Frank Act. The first of these scheduled small financial institution hearings is set for April 10, before the financial institutions and consumer credit subcommittee, with a second hearing on the same topic on April 16. Missouri U.S. Rep. Blaine Luetkemeyer (R-District 3) serves on this subcommittee. The other three Missouri members of the House Financial Institutions Committee include U.S. Reps. William Lacy Clay (D-District 1); Ann Wagner (R-District 2); and Emanuel Cleaver II (D-District 5).
“Credit unions are dealing with substantial regulatory burdens, and it is important to highlight the extreme challenges credit unions face due to these regulations with members of Congress,” says John McKechnie, a partner with Total Spectrum who works with the Missouri Credit Union Association. “If lawmakers don’t hear from credit unions, they will think regulatory burden only impacts ‘community banks’ - which we know isn’t the case.”
The community banker hearing was required by a bill passed last year stating the Governmental Accountability Office (GAO) would issue a study on community banks and that Congress would conduct a hearing within 150 days after the study was released. The GAO report came out in January.
Top L-R: U.S. Representative William Lacy Clay (D-District 1); U.S. Representative Ann Wagner (R-District 2)
Bottom L-R: U.S. Representative Blaine Luetkemeyer (R-District 3); U.S. Representative Emanuel Cleaver II (D-District 5)