Madry to Congress: Stop regulatory overreach ‘before it is too late’

Recent regulatory actions have credit unions facing a “tidal wave” of burdens and restrictions, Afena Federal Credit Union President/CEO Karen Madry told the Senate Banking Committee in testimony Thursday. Madry testified on behalf of America’s Credit Unions for a hearing on financial services fees.

“The onslaught of new regulations and attacks on income sources is making it harder for smaller credit unions to survive,” Madry said. “We urge Congress and regulators to consider these challenges and do something before it is too late.”

Committee Chair Sen. Sherrod Brown, D-Ohio, said in response to her testimony, “I appreciate Ms. Madry, the way she runs her credit union and credit unions overwhelmingly in Ohio I see the same way, they explain to their members better, they keep a simple structure, they really aren’t the problem.”

Ranking member Sen. Tim Scott, R-S.C., urged members of the committee to support his resolution to nullify the CFPB’s rule to cap credit card late fees at $8, noting the rule would “cut off access to credit and stymie financial inclusion for the families that need it most.”

 

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