On Compliance: The mid-term election’s impact on regulation
New faces, new balance of power after November’s mid-term elections likely a mixed bag for credit unions.
One thing is clear after November’s mid-term elections: A lot of new people will be involved in the decisions.
“Due to retirements and seats flipping in the election, there will be a lot of new faces,” notes CUES member Todd M. Lane, president/CEO of $2.5 billion California Coast Credit Union, San Diego. “We’ll have some work to do acquainting them with credit unions and our causes.”
Dennis Dollar, principal partner at Dollar Associates LLC, Birmingham, Alabama, and former NCUA chairman predicts gridlock, since the House is under control of the Democrats and the Republicans have a larger majority in the Senate. He says this actually works both for and against credit unions.
“For example, any legislation to delay the NCUA’s RBC rule or to put in place a commission at the CFPB won’t get much of a hearing in the Democrat-controlled House. But, on the other hand, any efforts to increase regulatory authority at CFPB or even at NCUA may get more traction in the House under the Democrats but will almost certainly find itself without any real support—and probably automatic opposition—in the GOP-controlled Senate with its larger majority.”
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