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Berger calls for reg relief on Dodd-Frank anniversary in new op-ed
On the 10-year anniversary of the signing of the Dodd-Frank Act, NAFCU President and CEO Dan Berger penned an op-ed in Credit Union Times calling on policymakers to reduce the regulatory burdens credit unions face as a result of the legislation as well as the challenges they are confronting amid the coronavirus pandemic.
"While it was important Congress acted quickly to reign in the egregious practices of the big banks, credit unions – which have been heralded for not contributing to the financial crisis – were caught in the crosshairs unnecessarily," wrote Berger. "As a result, credit unions and their members have long paid the price of over-regulation."
Berger added that "we have a new crisis that credit unions have been facing – how to help their members during the COVID-19 pandemic. This crisis has shown that we need deregulation now more than ever."
Outlining several legislative and regulatory policy requests, Berger called on policymakers to consider:
- exempting credit unions from the CFPB’s authority;
- establishing a bipartisan commission at the CFPB; and
- passing policies that would provide credit unions with capital relief and member business lending relief.
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. Additionally, NAFCU was the only financial trade association to oppose putting credit unions of any size under the authority of the CFPB.
You can read Berger’s full op-ed in Credit Union Times here.