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Ten years ago today, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 was signed into law, bringing with it sweeping financial reforms in response to the anti-consumer behaviors of big banks responsible for the 2008 financial crisis. Credit unions continue to be subject to burdensome regulations despite their proven commitment to responsibly serving their members, and NAFCU has been at the forefront since day one fighting to bring the industry relief.

“Today marks ten years since the Dodd Frank Act was signed into law and nine since the CFPB opened its doors. With them, we are reminded of the egregious practices of Wall Street that caused the 2008 financial crisis,” said NAFCU President and CEO Dan Berger. “We are also reminded, however, that small community financial institutions were incorrectly looped into the 2010 law despite not being responsible for bringing the economy to its knees.

"Credit unions have had to do more with much less resources complying with regulations created to reign in big banks," Berger added. "It’s time the credit union industry finally be exempt from the CFPB’s authority, for the Bureau to be led by a bipartisan commission, and for policymakers to work towards reforming rules that will create an environment where credit unions can better strengthen their members and communities."

NAFCU was the only financial trade association to oppose putting credit unions of any size under the authority of the CFPB - created as a result of the Dodd-Frank Act -  when the bureau was first proposed and consistently works to set the record straight on the differences between credit unions and banks.  Credit unions play a critical role in the lives of more than 121 million Americans and the nation's economy as a whole. According to satisfaction surveys among financial institutions, consumers rank credit unions higher than banks, and, notably, national banks rank the lowest. View credit unions' benefits. .

Additionally, NAFCU has long called for the CFPB’s leadership structure to be changed from a single director to a bipartisan commission to ensure transparency and accountability. NAFCU has also supported calls to subject the bureau to congressional appropriations oversight. In June, the U.S. Supreme Court ruled the CFPB's current single-director structure is unconstitutional. Read more about NAFCU’s history advocating for credit unions when it comes to the CFPB.