WASHINGTON—Ahead of Tuesday’s House Financial Services Committee hearing, “Dodd-Frank Turns 15: Lessons Learned and the Road Ahead,” America’s Credit Unions President/CEO Jim Nussle sent a detailed letter to Committee leaders urging targeted reforms to the Dodd-Frank Act and the CFPB’s regulatory structure.
The letter outlines how Dodd-Frank has affected credit unions over the past 15 years—and offers a forward-looking roadmap to ensure community-based financial institutions like credit unions can continue serving members without being subject to rules designed for Wall Street.
Among matters covered in the letter, Nussle emphasized that credit unions were not the cause of the 2008 financial crisis. Yet, despite their consumer-protection mission, credit unions were swept into Dodd-Frank’s regulatory web—accelerating costly consolidation and diverting resources away from members.
Nussle, too, pointed out Dodd-Frank subjected credit unions to a “costly and arbitrary” $10 billion regulatory threshold that detrimentally impacted their ability to serve their member-owners.
Nussle reiterated support for transforming the CFPB into a bipartisan commission and placing it under congressional appropriations—measures that would enhance transparency, continuity, and accountability.
Read the letter here.