WASHINGTON — Rep. Michael Michaud, D-Maine, the only sitting credit union director in Congress, called for NCUA and the Consumer Financial Protection Bureau to trim regulatory burdens on the nation's credit unions.
Michaud, a director Eastmill FCU in East Millinocket, Maine, until his 2002 election to the House and now honorary director, sent separate letters to the two regulatory agencies expressing concern about new regulations and their impact on Maine's credit unions.
"I am concerned that the implementation of financial reforms is becoming proportionately burdensome on credit unions, particularly the smaller community-based institutions, and leading to the consolidation of institutions. I urge you to consider the unintended consequences of a 'one size fits-all' regulatory approach, and to the extent practicable, exempt or alleviate unnecessary burdens on credit unions," wrote the House member to both NCUA Chairman Debbie Matz and CFPB Director Richard Cordray.
The six-term House member has been a leading congressional advocate for credit unions since his election to Congress.
