WASHINGTON, DC (December 31, 2015) — The National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement regarding the Government Accountability Office (GAO) Report on “Dodd-Frank Regulations: Impacts on Community Banks, Credit Unions, and Systemically Important Institutions.”
“Today’s GAO report confirms that Dodd-Frank regulations have increased compliance burdens on credit unions,” said Berger. “Unfortunately, the methodology of the study, and the GAO acknowledges this in its report, fails to capture the full impact of these crushing regulatory burdens.”
“We believe the numbers speak volumes about the devastating impact of the Dodd-Frank regulations. Since the second quarter of 2010, the number of credit unions has decreased by more than 17 percent (more than 1,280 institutions). Specifically, 96 percent were smaller institutions with assets of less than $100 million.”
“Given the fact that many Dodd-Frank regulations have yet to be implemented, we expect the cumulative burden will no doubt exacerbate the negative impact on the credit union industry. It has been widely recognized by Congress that credit unions did not participate in the risky behavior that led to the financial crisis that these regulations were intended to address. This is why we have and will continue to urge the Consumer Financial Protection Bureau and the National Credit Union Administration to use their authority to provide all possible regulatory relief to credit unions.”
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.
