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August 25, 2016
Berger: NAFCU ready to work with Clinton, Trump on CU reg relief
NAFCU's Dan Berger reiterated the heavy toll regulatory burden takes on credit unions and their 104 million members in letters Thursday to presidential nominees Hillary Clinton and Donald Trump, and he noted the association's willingness to work with both parties in this regard.
Berger, NAFCU's president and CEO, thanked Clinton for her support in wanting to cut regulatory red tape for credit unions, as noted in her recently released platform for small business.
"Credit unions have faced a tidal wave of new regulatory burdens in recent years," Berger wrote in his letter to Clinton, which was also sent to Democratic vice presidential nominee and Virginia Sen. Tim Kaine. "We are pleased to see your commitment to tailoring regulations and cutting down on regulatory creep."
In his letters to both nominees, Berger pointed out that since the second quarter of 2010, more than 1,500 federally-insured credit unions have been lost. "Many smaller institutions simply cannot keep up with the increased regulatory expectations and have been forced to merge out of business," he wrote. "There is an urgent need for meaningful regulatory relief and better tailoring of regulations to help credit unions."
Berger also reiterated to both Clinton and Trump the importance of credit unions' federal tax exemption. "Without the federal tax exemption, credit unions would not survive and the American public would be at a great financial disadvantage," he added.
Berger's letter to Trump was also sent to Republican vice presidential nominee and Indiana Gov. Mike Pence. NAFCU's federal advocacy team has met with both Clinton's and Trump's campaigns.
Berger, NAFCU's president and CEO, thanked Clinton for her support in wanting to cut regulatory red tape for credit unions, as noted in her recently released platform for small business.
"Credit unions have faced a tidal wave of new regulatory burdens in recent years," Berger wrote in his letter to Clinton, which was also sent to Democratic vice presidential nominee and Virginia Sen. Tim Kaine. "We are pleased to see your commitment to tailoring regulations and cutting down on regulatory creep."
In his letters to both nominees, Berger pointed out that since the second quarter of 2010, more than 1,500 federally-insured credit unions have been lost. "Many smaller institutions simply cannot keep up with the increased regulatory expectations and have been forced to merge out of business," he wrote. "There is an urgent need for meaningful regulatory relief and better tailoring of regulations to help credit unions."
Berger also reiterated to both Clinton and Trump the importance of credit unions' federal tax exemption. "Without the federal tax exemption, credit unions would not survive and the American public would be at a great financial disadvantage," he added.
Berger's letter to Trump was also sent to Republican vice presidential nominee and Indiana Gov. Mike Pence. NAFCU's federal advocacy team has met with both Clinton's and Trump's campaigns.
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