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Dakota Credit Unions Air Compliance Gripes at Special CFPB Roundtable

Legislator, official, get an earful from unhappy CU executives.

By Jim Rubenstein | Updated on April 12, 2012

The head of the Consumer Financial Protection Bureau and South Dakota’s U.S. senator, Tim Johnson, received an earful Wednesday regarding the heavy compliance burden on credit unions as well as community banks emanating from Dodd-Frank and other new federal laws and which is triggering a spate of mergers.

In unusually candid remarks at a quietly-called Sioux Falls roundtable, a string of top managers from South Dakota credit unions and small banks complained that the ”mountain of new regulations-18,000 pages over the past three years – coming out of Washington D.C.” is driving numerous mergers of smaller institutions unable to bear the cost.

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