At least one government agency – the U.S. Small Business Administration – has heard the message that credit unions are fed up and overwhelmed with excess regulation and compliance hindering their contributions to President Obama's push on jobs.
That message was delivered Monday by a group of Oregon/Washington CEOs during a White House/SBA Roundtable Forum conducted during a closed-door, 90-minute meeting in Tacoma, Wash., prior to the start of the inaugural annual convention of the Northwest Credit Union Association.
"I know of one credit union that now has four members of its management team having to spend all of their time just on the crush of regulation, so how in the world can they be generating new business or creating new jobs in the community?" asked William Anderson, president/CEO of the $152 million Mid Oregon CU in Bend, Ore.
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