WASHINGTON — Two credit union witnesses voiced disagreements over the impact the Dodd-Frank Act has had on their credit unions when they testified July 19 before the House Financial Services Subcommittee on Oversight and Investigations.
Lynette Smith, CEO of the $87 million Washington Gas Light Federal Credit Union of Springfield, Va., and Deyanira Del Rio, board chair of the $33 million Lower East Side People's Federal Credit Union of New York City and vice chair of the National Federation of Community Development Credit Unions testified at the last Thursday's hearing that is part of a series of congressional hearings reviewing the effect Dodd-Frank has had on markets and consumers.
The hearing was packed with witnesses friendly to conservatives, who oppose the CFPB and the Dodd-Frank legislation. As such, all witnesses, except Del Rio, described how the bill's increased regulations have caused burdens for their organizations.
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