Nussle to HFSC: Credit unions are solution to increasing capital access

CUNA President/CEO Jim Nussle stressed the importance of regulatory relief Tuesday before the House Financial Services Committee. Nussle was a witness at a hearing examining committee chair Rep. Jeb Hensarling’s (R-Texas) alternative bill to the Dodd-Frank Act, the Financial CHOICE Act.

“A constant refrain I hear from our members is that they’re being crushed by regulations implemented mostly in response to a crisis they neither caused, nor contributed to,” Nussle told the committee. “The time and financial costs of regulatory burden impedes the ability of credit unions to serve their members, and is really the leading driver of credit union consolidation, which has accelerated since 2010 and is now at a record pace.”

Nussle submitted to the committee a copy of CUNA’s comprehensive regulatory burden study, which estimates that regulatory burden cost America’s credit unions and their members $7.2 billion in 2014, up from $4.4 billion in 2010.

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