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July 22, 2014 – House Financial Services Committee Chairman Jeb Hensarling, R-Texas, and Subcommittee on Oversight and Investigations Chairman Patrick McHenry, R-N.C., put out a report Monday alleging that the Dodd-Frank Act has entrenched "too big to fail" as government policy, rather than ending it.

Hensarling and McHenry released the report on the law's fourth anniversary. The report focuses on the results of the committee's investigation into the law's provisions on bailouts, as well as the causes of the financial crisis.

"In no way, shape or form does the Dodd-Frank Act end ‘too big to fail,'" Hensarling said. "Instead, Dodd-Frank actually enshrines ‘too big to fail' into law. Today, hardworking taxpayers are at greater risk of being forced to fund yet more Wall Street bailouts. Dodd-Frank officially designates an entire category of Wall Street firms as ‘too big to fail' and then creates a taxpayer-financed bailout fund for their use."

NAFCU President and CEO Dan Berger said, "Today's report, marking the fourth anniversary of the Dodd-Frank Act, is yet another piece of evidence highlighting the fact that the growing regulatory burden in the wake of Dodd-Frank has all but guaranteed that only the largest of banks will be able to survive the costs associated. Unfortunately, this leaves American consumers with costlier financial services and fewer choices."

House Financial Services Ranking Member Maxine Waters, D-Calif., also issued a report on the law this week, saying: "Although many continue to fight implementation of the Wall Street Reform Act, it has already changed the paradigm for how consumers, investors and other market participants interact with our financial system."

NAFCU was the only financial trade association to oppose putting credit unions of any size under the authority of CFPB when the bureau was proposed. Repeated NAFCU member surveys have reflected the number of credit unions which are having to forgo offering new services and increase fees as a direct result of regulation. Ninety-two percent of member credit unions surveyed have seen their regulatory burden increase in the past four years.

NAFCU continues to work to help mitigate the growth of regulatory burden, through its five-point plan for regulatory relief, its "Dirty Dozen" list of rules to amend or eliminate, and other efforts.