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Sen. Elizabeth Warren, D-Mass., yesterday introduced legislation that would reenact some provisions of the Glass-Steagall Act, including separating commercial banks from investment banks, among other things. While NAFCU has not specifically endorsed any existing bill to date, it believes that Glass-Steagall should be looked at in closer depth to assess its impacts on the U.S. economy and consumers.

NAFCU last year released a white paper calling on Congress to assess and discuss a modernized Glass-Steagall Act to hold big banks accountable. 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.