A healthy and reasonable regulatory environment is important for credit unions to thrive. Reducing regulatory burdens will allow credit unions the ability to create jobs, help consumers, and boost our nation’s economy.
A robust credit union industry is good for our nation’s economy, as credit unions fill a need for consumers and small businesses in the financial services marketplace that may otherwise not be met by other institutions. NAFCU was the first trade association to call on Congress to provide comprehensive broad-based regulatory relief for credit unions. We remain committed to reducing regulatory burdens on credit unions in order to significantly enhance their ability to create jobs, help consumers, and boost our nation’s economy.
How This Impacts You
Even though they did not contribute to the financial crisis, credit unions have been victims in the new tide of regulations aimed at those institutions who did. Over 1,000 institutions have disappeared since the passage of the Dodd-Frank Act, primarily due to the new regulatory burdens. Total compliance expenses have grown by an estimated 59% since the act passed, and they are expected to grow by 86% over the next three years.
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