WASHINGTON, DC (June 24, 2016) — National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement regarding the draft of House Financial Services Committee Chairman Jeb Hensarling’s (R-Texas) alternative plan to the Dodd-Frank Act, the “Financial CHOICE (Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs) Act.”
“NAFCU and our members welcome Chairman Hensarling’s commitment to regulatory reform and his proposed roll-back of several Dodd-Frank Act measures that have been particularly onerous for credit unions,” said Berger. “We look forward to reviewing this plan in full and continuing the dialogue on regulatory reform with Chairman Hensarling, the committee and staff. Alleviating the overwhelming regulatory burden on credit unions will go a long way toward ensuring credit unions have a level playing field in the financial services marketplace.“
Berger noted that based on first-quarter figures, the nation is losing a credit union nearly each business day. The number of federally insured credit unions declined by 252 during the past 12 months.
NAFCU was the only credit union trade association to oppose subjecting credit unions to the Consumer Financial Protection Bureau (CFPB) authority under Dodd-Frank. The association maintains that CFPB has the authority – and should be using that authority – to exempt credit unions from regulations aimed at bad actors.
The National Association of Federal Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. www.nafcu.org.
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.
