A healthy and reasonable regulatory environment is important for credit unions to thrive. Reducing regulatory burdens will allow credit unions the ability to create jobs, help consumers, and boost our nation’s economy.
A robust credit union industry is good for our nation’s economy, as credit unions fill a need for consumers and small businesses in the financial services marketplace that may otherwise not be met by other institutions. NAFCU was the first trade association to call on Congress to provide comprehensive broad-based regulatory relief for credit unions. We remain committed to reducing regulatory burdens on credit unions in order to significantly enhance their ability to create jobs, help consumers, and boost our nation’s economy.
How This Impacts You
Even though they did not contribute to the financial crisis, credit unions have been victims in the new tide of regulations aimed at those institutions who did. Since the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the number of credit unions has declined by over 25 percent at a pace of roughly one per business day, primarily due to the new regulatory burdens. Compliance costs have skyrocketed in the aftermath of the economic crisis. A 2018 survey of NAFCU’s members found that the number of full-time equivalent staff members devoted to “total compliance activities” has increased 127 percent since 2010, a 13 percent increase from 2017.
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November 15, 2022
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