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President-elect Donald Trump's transition team called the "bureaucratic red tape" of the Dodd-Frank Act economy ineffective and said its Financial Services Policy Implementation team will work to dismantle the statute and replace it with new policies.

The new policies, the transition team said, will "encourage economic growth and job creation."

Because of Dodd-Frank, the statement said, "the big banks got bigger while community financial institutions have disappeared at a rate of one per day, and taxpayers remain on the hook for bailing out financial firms deemed ‘too big to fail.' "

NAFCU President and CEO Dan Berger raised similar concerns in a letter last week to Trump, which congratulated him on his electoral victory and encouraged him to support regulatory relief measures for credit unions.

Berger noted 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 for the NCUA and the CFPB "who understand the unique role and importance of credit unions in the economy."