NAFCU statement on five-year anniversary of Dodd-Frank and credit unions

WASHINGTON, D.C. (July 21, 2015) — National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement today regarding the five-year anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act and its impact on credit unions.

“Since the implementation of the Dodd-Frank Act, we have lost 1,250 federally-insured credit unions – over 17 percent of the industry – since the second quarter of 2010 due to the overwhelming regulatory burden,” said Berger. “Credit unions – not-for-profit, member-owned financial institutions – have been widely recognized for not having caused the financial crisis and for their prudent business model, but they are bearing the heavy burden of regulations imposed on them in response to Dodd-Frank and there appears to be no end in sight.”

“As credit unions disappear, consumers suffer the most. Credit unions offer financial services with low fees, competitive interest rates and exceptional service.”

To help stem the tide of overregulation, NAFCU released a “Five Point Plan for Credit Union Regulatory Relief” and a list of “Top Ten Regulations to Eliminate or Amend.”

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.

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