A self-described “raving credit union fan,” Senate Banking Committee Chair Tim Scott, R-S.C., shared his priorities for the committee Wednesday at the Governmental Affairs Conference, part of a fireside chat with the Carolinas Credit Union League.

“As new chairman of the banking committee, one thing I recognize is the seven years I served as a credit union board member. It’s the foundation of how I view financial services,” he said. “It was such a powerful experience to understand that there are financial institutions created with one objective: making sure the person feels seen. In the world we live in today, one of the most important things we can do is make sure the folks walking into a credit union never lose that sense of relationship that is the cornerstone of the credit unions.”

Scott said his agenda for the committee this Congress includes right-sizing regulations, housing, access to capital, and financial inclusion.

“The challenge is, of course, whatever you do to the largest institutions in our country, somehow it trickles all the way down to our smallest institutions,” he said. “So right-sizing the regulatory state is absolutely essential if we’re going to have more people becoming homeowners. If you want to start more businesses, it requires a positive, healthy regulatory state.”

He said the CFPB has continuously overreached, and that he has confidence that CFPB Director nominee Jonathan McKernan is a “fantastic choice” because he believes that.

“Within 24 hours to seven days, I’d love to see him taking over the CFPB so we actually have a consumer protection bureau that actually focuses on protecting the consumer,” he said. 

Scott also noted his support for moving the leadership structure to a board and putting the bureau under the Congressional appropriations process.

The Senate Banking Committee is expected to vote on McKernan’s nomination Thursday.