WASHINGTON, DC (June 14, 2016) — National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement in response to House Speaker Paul D. Ryan’s (R-Wis.) latest release of his regulatory overhaul plan: “A Bettter Way.”
“NAFCU and our members greatly appreciate Speaker Ryan’s leadership in creating a plan to stem the tide of overregulation that is stifling our economy and impacting credit unions,” said Berger. “Credit unions proved their mettle during the financial crisis, standing by millions of their members, continuing to lend and provide unsurpassed service. In fact, legislators and regulators lauded credit unions for their prudent business model and for not creating the crisis. We look forward to reviewing this plan in greater detail.”
Berger added that since the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was aimed at reining in bad actors, we have lost 1,499 federally-insured credit unions – over 20 percent of the industry since the second quarter of 2010. In fact, based on 1st Quarter figures, we are losing nearly a credit union 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.
NAFCU is also monitoring the progress of a Dodd-Frank alternative unveiled last week by House Financial Services Committee Chairman Jeb Hensarling, R-Texas.
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.
