League's Carrie Hunt Testifies on NCUA's Budget Proposal; Urges Agency to Consider Impact of Increased Regulation, Rising Costs on CUs' Ability to Serve Members

League President/CEO Carrie Hunt testified today during the National Credit Union Administration’s public hearing on the agency’s 2024-2025 budget proposal.

During her testimony, Hunt noted three key areas of concern: cybersecurity, the agency’s allocation of resources as it relates to serving credit unions of every size, and increased scrutiny on consumer compliance.

read Hunt’s submitted testimony

“I do not understand how credit unions will continue to thrive with the ever-increasing cost of doing business and additional regulatory scrutiny," noted Hunt. "Credit unions need to provide services in the way that their members want those services delivered and this costs money. Under the CFPB’s war on fees, credit unions question whether they will even be able to charge for services in the future. Fraud is skyrocketing. Staffing costs are dramatically increasing. Cyber threats are increasing, and consumers are demanding more. Additional regulation and exams will only serve to diminish what credit unions can provide."

"Credit unions are continually being squeezed and the additional regulatory burden will only serve to further reduce the number of credit unions," said Hunt. "I truly believe that credit unions continue to be the best option for consumers to have access to savings and credit at an affordable price. We must at all costs protect that - and we can start today by focusing less on administration and more on facilitation. Something must give here, and with so many factors that credit unions can’t control, we ask the NCUA to reconsider what it can control.”

Your League is also submitting additional detailed written testimony next week.