Rep. Frank Guinta Leads Effort to Relieve NH Credit Unions, Families and Entrepreneurs

Press Release

More than a year of negotiations with the National Credit Union Administration led to Congressman Frank Guinta's introduction today of the Credit Union Examination Reform Act, a bill the Financial Services Committee member said would ensure critical regulatory relief for New Hampshire credit unions and others around the country.

Yesterday, NCUA Chairman Rick Metsger pledged to move forward with an extended 18-month examination cycle that Rep. Guinta's bill requires by law. In a June 8th letter to New Hampshire's First District congressman, Metsger described his agency's change of policy as "only the first step of NCUA's efforts to improve the entire examination and supervision process."

"The next logical step," said Rep. Guinta, "was introducing today's reform bill, the product of a long collaboration among community financial institutions, Congress and regulators, as we determined how best to protect financial markets and customers' access to credit, which feeds the economy."

He thanked Chairman Metsger for his willingness to take action.

Last year, Rep. Guinta hosted NCUA leaders at America's Credit Union Museum in Manchester to hear concerns from Granite Staters about over-regulation. "Credit union employees' time and money could be better spent providing good service to car and home buyers, as well as entrepreneurs, who rely on local credit lines," said Rep. Guinta.

"Our present prescriptive calendar-year requirement creates a logjam of examination at the end of each year, which is neither effective nor efficient," writes Chairman Metsger. "Well-run credit unions will experience a decrease in disruptions caused by examinations."

Also this week, House Financial Services Committee Chairman Jeb Hensarling announced that Rep. Guinta's bill will become part of the Financial CHOICE Act to replace Dodd-Frank. "I'm grateful for the Chairman's support," said Rep Guinta, a member of the Subcommittee on Financial Institutions and Consumer Credit. "We're working hard to provide relief to middle-class families."

Rep. Hensarling added, "Pro-growth reforms in our plan will provide much-needed relief to community financial institutions, allowing America's small hometown banks and credit unions to focus their time and resources on their customers."

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