Newsroom
November 09, 2016
Berger congratulates Trump, urges reg relief for CUs
NAFCU President and CEO Dan Berger, in a letter Wednesday congratulating President-elect Donald Trump, touted credit unions' service to Main Street America, expressed the urgent need for meaningful regulatory relief and asked Trump for his support for the industry.
"As member-owned cooperatives, credit unions are designed to provide the best financial services to consumers and take great pride in the work they have done in serving Main Street America throughout the financial crisis," Berger wrote. "It is with the over 105 million credit union members in mind that I respectfully ask for your support for credit unions, the credit union federal tax exemption and regulatory relief measures for credit unions."
Berger noted the value that credit unions' tax exemption provides to consumers and how they serve as a check on rates for other financial institutions, benefiting all Americans. "Without the federal tax exemption, credit unions would not survive and the American public would be at a great financial disadvantage," Berger wrote.
Regarding credit unions' regulatory burden, Berger discussed the declining number of credit unions – with more than 20 percent of the industry lost since the second quarter of 2010 – largely due to the "growing cost and complexity of complying with the ever-increasing onslaught of regulations."
Berger asked for Trump's support in providing regulatory relief to the credit union industry, including nominating regulators at the NCUA and the CFPB "who understand the unique role and importance of credit unions in the economy."
Also Wednesday, Berger told association members of several key wins for credit union friends in Congress. He also noted efforts underway to advocate for credit union regulatory relief in the association's outreach to Trump's campaign and transition team.
"As member-owned cooperatives, credit unions are designed to provide the best financial services to consumers and take great pride in the work they have done in serving Main Street America throughout the financial crisis," Berger wrote. "It is with the over 105 million credit union members in mind that I respectfully ask for your support for credit unions, the credit union federal tax exemption and regulatory relief measures for credit unions."
Berger noted the value that credit unions' tax exemption provides to consumers and how they serve as a check on rates for other financial institutions, benefiting all Americans. "Without the federal tax exemption, credit unions would not survive and the American public would be at a great financial disadvantage," Berger wrote.
Regarding credit unions' regulatory burden, Berger discussed the declining number of credit unions – with more than 20 percent of the industry lost since the second quarter of 2010 – largely due to the "growing cost and complexity of complying with the ever-increasing onslaught of regulations."
Berger asked for Trump's support in providing regulatory relief to the credit union industry, including nominating regulators at the NCUA and the CFPB "who understand the unique role and importance of credit unions in the economy."
Also Wednesday, Berger told association members of several key wins for credit union friends in Congress. He also noted efforts underway to advocate for credit union regulatory relief in the association's outreach to Trump's campaign and transition team.
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