U.S. Rep. Ron Paul | credit union |
credit union
Millennium Bug
24 February 1998 1998 Ron Paul 13:4
James Mills, of NAFCU, testified before the House Committee on Banking and Financial Services, “Historically, the role of providing education and training is one best performed by the private sector, namely trade associations and industry-related organizations . . . Rather than require federal agencies to offer seminars, perhaps any legislative efforts should require federal agencies to participate in such programs or make it advisable and permissible to participate.” NAFCU believes that the focus of H.R. 3116 should be strictly limited to ensuring compliance. In its present form, H.R. 3116 contains a broad and permanent expansion of NCUA’s examination and regulatory authority . . . Legitimate questions may be raised as to whether, absent the year 2000 issue, NCUA, as a federal financial regulatory agency, should have the authority not just to examine but to actually regulate private business enterprises incorporated under the laws of various states. The authority given to NCUA in H.R. 3116, is not limited to the examination and regulation of credit unions, but would allow NCUA to examine and regulate third-party businesses, vendors and outside providers. Do the members of the Committee intend to give NCUA authority to regulate private entities?”
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On Regulating Credit Unions
1 April 1998 1998 Ron Paul 32:3
For instance, it was bragged upon, the bill was bragged upon because the regulations of safety and soundness was good. We have had a lot of regulation, for safety and soundness for banks and savings and loan, and yet the FDIC and FSLIC had to be bailed out. The insurance deposit for credit unions was started by private money, no government subsidies, and has never been bailed out. So now we are going to overlook the credit unions and make sure they are safer and sound.
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On Regulating Credit Unions
1 April 1998 1998 Ron Paul 32:4
I think it is the wrong direction that we are going. I think the whole notion that we are going to have the Community Reinvestment Act applied to the credit unions is going in the wrong direction. This is a form of credit allocation and, actually, long term, will weaken the credit unions.
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On Regulating Credit Unions
1 April 1998 1998 Ron Paul 32:5
I would like to speak up for the credit unions and say this bill has been weakened to such a degree that they have opened up the doors, and down the road they are going to be treated like the banks, and down the road they will probably receive the taxation that banks have.
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On Regulating Credit Unions
1 April 1998 1998 Ron Paul 32:6
I resent the idea that the competitors and the small banks, who do not like the competition of the credit unions, they say, well, let us tax them and regulate them. So, in a way, we have accommodated the banks by adding the regulations onto the credit unions.
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Credit Union Membership Access Act
1 April 1998 1998 Ron Paul 33:1
Mr. PAUL. Mr. Speaker, since I was the first one in this Congress to step forward and introduce legislation affirming the NCUA’s position allowing multiple common bonds for credit unions and signed on as a cosponsor of H.R. 1151 as originally written, I feel that I am in a disagreement among friends. I must oppose this bill because of the new regulations it imposes on credit unions and does nothing to address the legitimate concerns of the banks.
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Credit Union Membership Access Act
1 April 1998 1998 Ron Paul 33:2
While I strongly support the expansion of the field of membership for credit unions, the new regulations imposed upon them demonstrate a decision to follow the wrong path to “level the playing field” with banks and other financial institutions. A better approach would have been to lead the congress towards less taxes and less regulation. H.R. 1151, The Credit Union Membership Access Act, as amended by the committee, follows a path of more regulations and leads toward higher taxes on credit unions while the Financial Freedom Act, H.R. 1121, which I introduced a year ago, lowers taxes and regulations on banks. While H.R. 1151 does not impose new, direct taxes on credit unions, I fear that that day is just around the corner.
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Credit Union Membership Access Act
1 April 1998 1998 Ron Paul 33:3
The NCUSIF was the only deposit insurance fund started without any federal seed money and the credit unions never came to Washington for a taxpayer-funded bailout. In fact, allowing multiple common bonds for credit unions enhanced their safety and soundness. This bill will add new “safety and soundness” and CRA-like regulations on credit unions. These regulations will add a burdensome regulatory cost. This cost will be passed on to the consumer in the form of higher fees, higher interest rates and less service. It is the marginal consumer who will lose the most when this bill becomes law.
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Credit Union Membership Access Act
1 April 1998 1998 Ron Paul 33:5
These regulations, under which the credit unions will now suffer a greater burden with the passage of this bill, impose a disproportionate burden on smaller institutions. These increased, and unfairly imposed, regulations will stifle the possibility of new entrants into the financial sector and contribute to a consolidation and fewer market participants of the industry. As the introduction of new entrants into the market becomes more costly, smaller institutions will face a marginally increased burden and will be more likely to consolidate. “The basic conclusion is similar for all of the studies of economies of scale: Average compliance costs for regulations are substantially greater for banks at low levels of output than for banks at moderate or high levels of output,” the Staff Study concludes.
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Credit Union Membership Access Act
1 April 1998 1998 Ron Paul 33:7
The IBAA study identifies the Community Reinvestment Act as the most burdensome regulation with the estimated cost of complying with CRA exceeding the next most burdensome regulation by approximately $448 million or 77%. Respondents to the IBAA study rated the CRA as the least beneficial and useful of the thirteen regulatory areas surveyed. In short, this bill takes the most costly and least beneficial and useful regulation on banks and adds a similar, new regulation on credit unions. Reducing the most costly, and least beneficial and useful regulation on the banks would have been a better approach.
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Credit Union Membership Access Act
1 April 1998 1998 Ron Paul 33:9
The unintended consequences of the passage of this bill, as written, will be to stifle the formation on new credit unions, consolidate current credit unions into larger ones better able to internalize the cost of the additional regulations, and lower productivity and economic growth due to the misallocation of credit. This increased burden must ultimately be passed on to the consumer. The increased costs on credit unions this bill imposes will lead to a reduction of access to credit unions, higher fees and higher rates. These provisions are anti-consumer. The marginal consumers, those who currently can only receive a loan from a credit union without the burden of CRA, are the ones who will suffer under the provision of this bill. I hope that the bill can be improved as the process continues and lead to less regulations and other taxes on banks rather than more regulations and other taxes on credit unions.
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Banking Regulations
4 August 1998 1998 Ron Paul 93:4
For this reason, I argued the case that instead of equity being achieved by taxing credit unions or making it more difficult for them to survive with more regulations, the best thing we should do now is talk about at least the smaller banks that compete with credit unions, to lower their taxes, get rid of their taxes and get rid of the regulation.
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Banking Regulations
4 August 1998 1998 Ron Paul 93:6
We should work to lower taxes, not only on the credit unions, and lower regulations. We must do the same thing for the banks. We must lower the taxes and get rid of these regulations in order for the banks to remain solvent and that we do not have to bail the banks out like we have in the past. But the regulations do not achieve this.
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Banking Regulations
4 August 1998 1998 Ron Paul 93:8
Since I strongly support the expansion of the field of membership for credit unions and was the first one in this congress to introduce multiple common bonds for credit unions in the Financial Freedom Act, H.R. 1121, I am happy to speak in support of the passage of H.R. 1151 here today. Having argued forcefully against the imposition of new regulations imposed upon credit unions, I congratulate the senate for not increasing the regulatory burden on credit unions in an attempt to “level the playing field” with banks and other financial institutions.
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Banking Regulations
4 August 1998 1998 Ron Paul 93:9
A better approach is to lead the congress toward lower taxes and less regulation — on credit unions, banks and other financial institutions. H.R. 1151, The Credit Union Membership Access Act, as amended by the senate, takes us one step in the right direction of less government regulation restricting individual choice. We must continue on the path of fewer regulations and lower taxes.
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Banking Regulations
4 August 1998 1998 Ron Paul 93:14
Let’s all work together now, credit unions, banks and other financial institutions, to reduce their regulatory burden. Credit unions have demonstrated that fewer regulations contribute to lower costs passed on to consumers and greater consumer choice. Let’s extend that model for banks and other financial institutions.
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The War On Terrorism
November 29, 2001 2001 Ron Paul 98:56
“Know Your Customer” type banking regulations, resisted by most Americans for years, have now been put in place in an expanded fashion. Not only will the regulations affect banks, thrifts and credit unions, but also all businesses will be required to file suspicious transaction reports if cash is used with the total of the transaction reaching $10,000. Retail stores will be required to spy on all their customers and send reports to the U.S. government. Financial services consultants are convinced that this new regulation will affect literally millions of law-abiding American citizens. The odds that this additional paperwork will catch a terrorist are remote. The sad part is that the regulations have been sought after by federal law-enforcement agencies for years. The 9-11 attacks have served as an opportunity to get them by the Congress and the American people.
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RECOGNIZING THE 100-YEAR ANNIVERSARY OF THE ESTABLISHMENT OF ST. MARY’S COOPERATIVE CREDIT ASSOCIATION
11 June 2008 2008 Ron Paul 33:1
Mr. PAUL. Mr. Speaker, I am pleased to support H. Con. Res. 1145, which recognizes the 100-year anniversary of the establishment of St. Mary’s Cooperative Credit Association. Created to service the financial needs of textile workers, St. Mary’s Cooperative Credit Association, or the People’s Bank, as it was appropriately renamed, was the Nation’s first credit union.
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RECOGNIZING THE 100-YEAR ANNIVERSARY OF THE ESTABLISHMENT OF ST. MARY’S COOPERATIVE CREDIT ASSOCIATION
11 June 2008 2008 Ron Paul 33:2
Since the creation of St. Mary’s Cooperative Credit Association, credit unions have grown to become a major part of the American financial services system. Today there are over 8,500 credit unions in the United States, serving over 90 million members.
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RECOGNIZING THE 100-YEAR ANNIVERSARY OF THE ESTABLISHMENT OF ST. MARY’S COOPERATIVE CREDIT ASSOCIATION
11 June 2008 2008 Ron Paul 33:3
During my years of service on the House Committee on Financial Services, I have had the opportunity to get to know many credit union employees. I have always been impressed with their commitment to serving their credit union members and their communities. In many ways, credit unions exemplify the best of the free market system. Since credit unions are formed specifically to serve their members, credit unions put the interests of their depositors first.
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RECOGNIZING THE 100-YEAR ANNIVERSARY OF THE ESTABLISHMENT OF ST. MARY’S COOPERATIVE CREDIT ASSOCIATION
11 June 2008 2008 Ron Paul 33:4
I hope that Congress will follow-up today’s legislation by soon considering H.R. 5519, the Credit Union Regulatory Relief Act of 2008, which repeals Federal regulations that hinder credit unions from improving their services.
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RECOGNIZING THE 100-YEAR ANNIVERSARY OF THE ESTABLISHMENT OF ST. MARY’S COOPERATIVE CREDIT ASSOCIATION
11 June 2008 2008 Ron Paul 33:5
In conclusion, Mr. Speaker, I am pleased to support H. Con. Res. 1145, and I encourage all my colleagues to join me in supporting this resolution and saluting all credit unions for their vital role in strengthening America’s financial services industry.
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CONGRATULATIONS TO RANDY SMITH
24 July 2008 2008 Ron Paul 51:1
Mr. PAUL. Madam Speaker, it is with great pleasure that I rise today to recognize Randy M. Smith, the CEO/President of Randolph- Brooks Federal Credit Union, on his recent election to the Board of Directors of the National Association of Federal Credit Unions (NAFCU).
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CONGRATULATIONS TO RANDY SMITH
24 July 2008 2008 Ron Paul 51:2
For the past 21 years, Mr. Smith has dedicated his life to improving financial institutions in America, serving on the Credit Union Oversight Task Force of the Campaign for Consumer Choice, NAFCU’s Legislative, Regulatory and Accounting Standards Committees and various committees of state and national credit union organizations. Currently, he is a member of the Air Education and Training Command’s Community Council and the Board of Trustees of the local United Way. I am also very proud to say that he is a fellow retired officer of the United States Air Force.
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CONGRATULATIONS TO RANDY SMITH
24 July 2008 2008 Ron Paul 51:3
As the President/CEO, Mr. Smith has focused on strengthening the way Randolph- Brooks delivers services aimed at improving the economic well being and quality of life of its members. Consistently ranked among the top 25 of the nearly 8,300 financial cooperatives, Randolph-Brooks is one of the strongest credit unions in the country with more than 265,000 members and total assets exceeding $3 billion. Randolph-Brooks FCU was originally chartered in 1952 to serve personnel at Randolph Air Force Base but has since expanded to include employees and associates at more than 1,300 select groups and eight underserved communities in the San Antonio and Austin areas. Randolph-Brooks FCU prides itself on doing more than just conducting business in the communities they serve, instead becoming members of the community and sharing in the credit union philosophy of “people helping people.” With this in mind, Randolph-Brooks provides assistance to hundreds of local charitable organizations including the Children’s Miracle Network, Society of St. Vincent de Paul, USO, American Red Cross, and the Fisher House Foundation.
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CONGRATULATIONS TO RANDY SMITH
24 July 2008 2008 Ron Paul 51:4
It is because of the good work of Mr. Smith and others like him that credit unions across the Nation have had such a tremendous impact of the lives of millions of Americans. Such service is the hallmark of the credit union movement and I know that he will bring this dedication to his service on the NAFCU Board of Directors. I wish Mr. Smith the best of luck in this new role and I look forward to working with him in this new capacity.
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- Paul's legislation focuses on individual liberty
25 August 1997 Texas Straight Talk 25 August 1997 verse 12 ... Cached
The second piece of legislation I will discuss this week is HR 1121, the Financial Freedom Act. This legislation will directly affect every American who does business with a credit union or a bank. Over the years banks and credit unions have rightly perceived that they are disparately burdened by federal regulations and taxation, and have seen any relief for their 'competitors' as harmful to their own business.
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- Paul's legislation focuses on individual liberty
25 August 1997 Texas Straight Talk 25 August 1997 verse 14 ... Cached
For the banks, HR 1121 ends the Community Reinvestment Act and lowers federal taxes; for the credit unions, the common and multiple membership bonds are expanded.
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- Paul's legislation focuses on individual liberty
25 August 1997 Texas Straight Talk 25 August 1997 verse 15 ... Cached
But the biggest winner is the consumer, who benefits either way: with fewer regulations and lower taxes consumers will see savings in their banking costs, while the needed flexibility for credit unions will give individuals greater choices in their financial dealings as competition between institutions increases.
Texas Straight Talk from 20 December 1996 to 23 June 2008 (573 editions) are included in this Concordance. Texas Straight Talk after 23 June 2008 is in blog form on Rep. Paul’s Congressional website and is not included in this Concordance.
Remember, not everything in the concordance is Ron Paul’s words. Some things he quoted, and he added some newspaper and magazine articles to the Congressional Record. Check the original speech to see.