The National Association of Federally-Insured Credit Unions defended the credit union tax exemption and called for other financial reforms during a meeting Tuesday with Treasury Secretary Steven Mnuchin.
The National Credit Union Administration has laid out a detailed and comprehensive reform plan, with proposals ranging from minor procedural changes to more ambitious goals, like a firmer assertion of federal preemption over state laws.
House lawmakers including Jeb Hensarling are preparing to move on a series of targeted regulatory relief bills in an effort to give Senate Banking Committee Chairman Mike Crapo, R-Idaho, more leeway when he tries to craft a relief measure.
Federal regulators supported several changes the banking industry has been seeking in an appearance before the Senate Banking Committee on Thursday, acknowledging the need to limit the Volcker Rule and better define systemically important banks.
Fed Chair Janet Yellen called the Treasury's report a "complicated document" that shared many of the central bank's objectives, including reducing regulatory burden without sacrificing safety and soundness.