Newsroom

NAFCU President and CEO Dan Berger, appearing Wednesday on Fox Business Network's Countdown to the Closing Bell with guest host Cheryl Casone, talked about the positive impact the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) will have on credit unions and American consumers.

"We lose about a credit union a day and it's mostly because of the regulatory burden – it's so expensive to deal with all those regulations that have been promulgated," Berger explained to Casone. "So for us, this releases a lot of the burden. It's a really good first step.

"[Senate Banking Committee] Chairman [Mike] Crapo and [House Financial Services Committee] Chairman [Jeb] Hensarling took the ball and really ran with it in a bipartisan fashion. This is about Main Street financial institutions in turn being able to help Main Street businesses. This isn't about Wall Street or big banks … What this is all about is helping small businesses grow and for American consumers to start new businesses," Berger continued.

The House passed the NAFCU-backed S. 2155 on Tuesday after the Senate passed the measure in March. The president is expected to sign it into law soon.

Casone, noting Berger's recent meetings with President Donald Trump and Hensarling, R-Texas, to discuss regulatory relief priorities, said credit unions' concerns must have been heard.

Berger discussed other ongoing efforts to provide credit unions with more relief, including CFPB reforms that would exempt credit unions from the bureau's enforcement authority and create a bipartisan commission to lead the bureau.