July 17, 2012 – Lynette Smith, CEO of the $87-million-in-assets Washington Gas Light FCU in Springfield, Va., will testify on behalf of NAFCU on Dodd-Frank Act costs in a hearing Thursday by the House Financial Services Subcommittee on Oversight and Investigations.
The hearing, set for 10 a.m., is titled “Who’s In Your Wallet? Dodd-Frank’s Impact on Families, Communities and Small Businesses.” This is one of a series of hearings planned this month on the impact and cost of the Dodd-Frank Act.
NAFCU has been making its concerns known on the Dodd-Frank Act’s impact on credit unions in congressional hearings, letters to regulators and in meetings and discussions with both NCUA and the Consumer Financial Protection Bureau.
Smith testified for NAFCU last year on the growth in credit unions’ regulatory burden due to activities of the Consumer Financial Protection Bureau. She testified in favor of giving the CFPB a five-person commission to ensure a greater breadth of experience for CFPB leadership; and making it easier for the Financial Stability Oversight Council to veto CFPB rules for safety-and-soundness reasons.