FOR IMMEDIATE RELEASE
NAFCU Responds to President Obama’s State of the Union
(Jan. 12, 2016) - In response to President Obama’s State of the Union address,
National Association of Federal Credit Unions (NAFCU) President and CEO Dan
Berger issued the following statement.
and our members appreciate the president’s outlook that we are in a time of
extraordinary change. NAFCU welcomes
the prospect of working with the administration and Congress to move our
country’s economy forward, particularly through several key issues that
mirror our priorities for 2016 – including regulatory relief for credit unions
and increased small business lending.
welcome President Obama’s recognition that a thriving private sector is the
lifeblood of our economy. Our nation’s credit unions are uniquely qualified to
help make this a reality by facilitating access to capital and financial
services in communities throughout Main Street America. Unfortunately, they are
restricted by an arbitrary member business lending cap on credit unions. Lifting
this arbitrary lending cap could make more capital available to small
businesses and help create valuable jobs.”
“President Obama’s call that we eliminate
outdated regulations, as well as his acknowledgment of excessive red tape,
echoes our concerns about the overwhelming impact of the compliance burden on
credit unions. In particular, the impact of rulemaking as a result of the
Dodd-Frank Act is evident as the number of credit unions continues to decline, dropping since the second quarter of 2010 by
more than 17 percent (more than 1,280 institutions), 96 percent of which
were smaller institutions with assets of less than $100 million.
looks forward to working with the administration, Congress and federal
regulators on ways to ease Dodd-Frank burdens that were not intended for the
credit union industry, relief from constraints on lending to member small
businesses and enactment of national data security standards that ensure all
stakeholders are doing all they can to protect consumers’ sensitive personal
and financial data,” said Berger.
National Association of Federal Credit Unions is the only national trade
association focusing exclusively on federal issues affecting the nation’s
federally insured credit unions. NAFCU membership is direct and provides credit
unions with the best in federal advocacy, education and compliance assistance. www.nafcu.org.
Patty BriottaDirector of Public Relations703firstname.lastname@example.org