Harbin details value-based programs offered by credit unions despite reg burdens

Regulatory overreach is impeding credit unions’ ability to improve the financial wellbeing of members and Congress and regulators must take action to reverse this trend, America’s Credit Unions Transition Board Secretary Karen Harbin told members of a House Financial Services subcommittee Thursday. Harbin, president/CEO of Commonwealth Credit Union in Frankfort, Ky., testified on behalf of America’s Credit Unions for a hearing on the impact of politicized financial regulations.

“The regulatory burden on credit unions—whether from the CFPB, Federal Reserve, or even the NCUA—continues to increase. Credit unions, including mine, do not boast the massive earnings of big banks, but our impact lies in our genuine commitment to serving communities,” she said. “We are not here to merely facilitate financial transactions; our goal is to empower, educate and uplift our members, ensuring their financial wellbeing.

Harbin’s testimony also covered:

• The CFPB’s broad definition of “junk fees” that bears “no resemblance to the type of surprise hotel, ticket, and airline fees referenced by others as ‘junk fees’ and, in contrast, are all subject to comprehensive federal or state laws and regulations that include clear and conspicuous consumer disclosures.”

 

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