Rep. Miller to Introduce Credit Union Regulatory Relief Legislation

Washington, Apr 12, 2013 -

The financial crisis had a devastating impact on our region. While I fully support effective regulation in the financial services sector, it is clear that credit unions did not contribute to the financial crisis. Unfortunately, they have been caught up in the wave of new regulations that have been imposed post-crisis. Instead of focusing on providing consumers in the Inland Empire and across our country access to credit and basic financial services, credit unions now have over five thousand pages of rules to implement just from the Consumer Financial Protection Bureau alone.

Credit unions play a unique role in our economy. Unlike other financial institutions, they are cooperatives and exist to serve their members, allowing them to provide lower loan rates, higher interest on deposits, and lower fees. Hampering their ability to perform these services and to provide loans to families and small businesses will harm millions of American consumers and stifle economic growth and job creation.

That is why I am introducing legislation that will help ease the regulatory burden on credit unions while ensuring that the consumer protection-driven intent behind the regulations is maintained.  I look forward to working with my colleagues to ensure that the regulatory environment for our nation’s credit unions and other financial institutions promotes safe and sound banking practices without stifling innovation and consumer choice.

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