Newsroom

Rep. Patrick McHenry, R-N.C., the new vice chairman of the House Financial Services Committee, told a newspaper serving his congressional district of his concerns that the Dodd-Frank Act is stifling credit unions' and small banks' ability to lend.

"Small community banks and credit unions have been harmed by the regulatory agenda in Washington that makes it more costly to get credit … in a time where families and small businesses need access to capital," he was quoted saying in a recent Lincoln Times-News story. He also noted concern about the government being "on the hook" for bailouts of banks and other institutions and said lawmakers are looking to revise Dodd-Frank to prevent that.

The president, in his State of the Union speech Tuesday, promised to veto any legislation that would roll back the protections of the law created to address ills that gave rise to the financial crisis.

NAFCU President and CEO Dan Berger said the association recognizes the need to ensure consumers are protected, but he warned of unintended consequences. "We urge the president to work with Congress to bring about common-sense changes that ensure that the provisions enacted to rein in bad actors on Wall Street – through the Dodd-Frank Act or any other measure – not be so constraining that the nation's credit unions are hampered in their ability to meet the very real financial services needs of their more than 100 million members nationwide."

NAFCU continues to tell Congress and regulators "enough is enough" when it comes to credit unions' regulatory burden. Easing that burden remains on NAFCU's top priorities for the coming year; read more.