WASHINGTON—NAFCU Wednesday sent a letter to House leaders to share support for the efforts of Speaker Paul Ryan's (R-WI) Confident America task force to reduce regulatory burdens, and offered NAFCU's assistance.
“The need for regulatory relief for credit unions is great,” wrote NAFCU President and CEO Dan Berger. “Credit unions are struggling with costs associated with compliance, stemming from the relentless regulatory burdens imposed by federal agencies, particularly those with direct jurisdiction over credit unions, including the National Credit Union Administration and Consumer Financial Protection Bureau. NAFCU is pleased that the need for regulatory relief for credit unions has bipartisan recognition. We urge you to work together to ultimately enact substantial regulatory relief for credit unions."
Berger noted that the impact of growing regulatory burden on credit unions is evident in the declining number of CUs—dropping by 24% (more than 2,000 institutions) since 2007.
“A main reason for the decline is the growing cost and complexity of complying with the ever-increasing onslaught of regulations,” said Berger. “Since the second quarter of 2010, we have lost over 1,350 federally insured credit unions, 96% of which were smaller institutions below $100 million in assets."