NAFCU President and CEO Dan Berger touted the economic benefits that credit union regulatory relief would create in a letter Thursday to the chairman and ranking member of the Senate Banking Committee.

Berger responded to the committee’s call for ideas and proposals on fostering economic growth by highlighting the vital role credit unions play in the economy and the urgency of granting them more flexibility.

“Credit unions play an essential and vital role in the economic health of local economies,” Berger wrote to Chairman Mike Crapo, R-Idaho, and Ranking Member Sherrod Brown, D-Ohio. “This was demonstrated during the recent financial crisis when credit unions were able to continue to lend and help creditworthy consumers and small businesses during difficult times, often when no one else would.

“Despite the fact that credit unions played no part in causing the financial crisis, they are still heavily regulated and affected by many of the regulations that have come from it,” Berger continued. “Unfortunately, every credit union dollar spent on compliance with regulatory burdens is a dollar that can’t be used to help consumers through member service, better rates or additional money to lend.”

 

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