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NAFCU's Carrie Hunt shared credit unions' concerns about being swept into a whole new batch of banking rules in light of Wells Fargo's fraudulent actions in an article in The Hill Monday.

Hunt, NAFCU's executive vice president of government affairs and general counsel, said the recent problems at Wells Fargo provide proof that a sweeping law like the Dodd-Frank Act does not solve all the issues in the banking arena. She said credit unions worry that more sweeping regulations are to come, despite regulators not knowing the exact source of Wells Fargo's problems.

"That is a fear we certainly wouldn't want to come to fruition," she said. She also noted the stress credit unions are already under from current Dodd-Frank regulations. She said data now show that some of those broad-brush rules do "have a negative effect."

Similar concerns have been aired by some of the lawmakers who have questioned Wells Fargo Chairman and CEO John Stumpf.

During last week's House Financial Services Committee hearing where Stumpf testified, Reps. Andy Barr, R-Ky., and Bruce Poliquin, R-Maine, pointed out that credit unions and community banks bear the brunt of regulations inspired by bad actors like Wells Fargo. Poliquin referenced the 58 credit unions in his district.

"These folks are relied upon in their communities," Poliquin said, adding that this scandal will lead to more "smothering" regulation for credit unions and others. He also noted the 13 settlements and fines Wells Fargo has faced over the past six years.