April 11, 2019

Consumers need protection from big banks, NAFCU says

Capitol DomeThe House Financial Services Committee held a hearing Wednesday with members questioning CEOs of some of the world's largest banks on current capital levels, employee pay and their involvement with student lending, among other issues. The hearing focused, mainly, on ways to hold big banks accountable.

NAFCU last year released a white paper calling on Congress to assess and discuss a modernized Glass-Steagall Act to do just that. The association has also advocated against efforts to loosen Volcker rule requirements.

NAFCU for years has worked to set the record straight on the differences between credit unions and banks. As not-for-profit, member-owned cooperatives, credit unions focus on member service rather than stockholder enrichment.

NAFCU will continue to advocate for regulatory relief for credit unions as they were not the ones who caused the 2008 financial crisis and continue to prove their commitment to members' best interests in the safe, affordable products and services they provide.