Overregulation is endangering our credit unions

first_imgby: B. Dan BergerAs the National Association of Federal Credit Unions (NAFCU) testified before the Senate Banking Committee this week for credit unions’ regulatory relief, one thing bears repeating: Credit unions, with their prudent business model and lending policies, proved their mettle during the financial crisis.Credit unions stood by millions of their members through the crisis and continue to provide unsurpassed service today. They have been widely recognized for this by policymakers and lawmakersWhen Congress proposed creating the Consumer Financial Protection Bureau (CFPB), NAFCU was the only financial services trade association to oppose placing credit unions under the bureau’s direct regulatory authority.NAFCU agreed there was a need to regulate the unregulated, to subject fringe providers to the same kinds of consumer protections that were already required of federally regulated depository institutions. We were concerned with the potential overregulation of credit unions. Regrettably, our concerns have become a reality. continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

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