National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement today regarding Democratic presidential candidate Hillary Clinton’s plan to "streamline regulation and cut red tape” on credit unions as part of her small business platform which she unveiled today.
“We applaud Secretary Clinton’s recognition of the importance of credit unions as a resource for capital for small businesses,” said Berger. “Credit unions proved their mettle throughout the crisis providing much-needed capital to small business. Today, they want to continue to help small business and all their members achieve their financial dreams but nearly a credit union a day is disappearing due in large part to the overwhelming regulatory burden.”
NAFCU’s federal advocacy team has met with both Clinton’s and Republican presidential nominee Donald Trump’s campaigns and continues to advocate the need for regulatory relief for credit unions and to preserve credit unions’ federally tax-exempt status.
NAFCU also continues to push for CFPB to do more to grant credit unions relief through the bureau’s exemption authority under the Dodd-Frank Act. NAFCU was the only credit union trade association to oppose subjecting credit unions to CFPB authority under Dodd-Frank.