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Credit Union, Bank Leaders Tell House Panel That Regulatory Burdens Threaten Survival

Small institutions particularly hard hit by increased compliance costs and falling debit card interchange rate, subcommittee told.

By Heather Anderson | Updated on May 09, 2012

Small financial institutions are being hit especially hard by the rising cost of regulations, and the impact of more red tape is a threat to the existence of small town community banks and credit unions, witnesses told a House Financial Institutions and Consumer Credit Subcommittee on Wednesday.

“While any one single regulation may not be particularly burdensome, the layering of new regulation on top of old and outdated regulation can completely overwhelm small financial service providers like credit unions,” said Ed Templeton, president/CEO of the $630 million SRP Federal Credit Union of North Augusta, S.C.

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