Status quo election results that retain Democratic control of the White House and Senate and Republican control of the House mean credit unions are unlikely to see much regulatory relief in the form of a full or partial repeal of the Dodd-Frank Act.
However, credit unions may have a regulatory relief ally in Senator-elect Elizabeth Warren.
The Massachusetts Democrat defeated Republican Sen. Scott Brown.
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In her victory speech Tuesday night, Warren thanked a list of campaign supporters that included credit unions.
“Credit unions … yes … love my credit unions,” Warren said.
After naming a couple additional supportive groups, Warren said, “All of you have my back and I promise you, I'll have your back.”
Dan Egan, president of the Massachusetts Credit Union League, said Warren was “extremely gracious” in mentioning credit union support, and said the league is looking forward to the opportunity to work with her.
The MCUL endorsed Warren, drawing criticism from some in the industry thanks to her association with the Consumer Financial Protection Bureau.
“Elizabeth Warren brings a unique understanding of credit unions and their value to her new position as a United States senator,” Egan said. “Her insight into the way that the financial industry works, especially for working families is unparalleled and because of that insight she knows what an important resource credit unions are for the people of this nation.”
NAFCU Director of Political Affairs Katie Marisic said the fact that Warren mentioned credit unions in her speech sounds like “she is already willing to have open lines of communication with us, and that can only be beneficial.”
Although Warren's history as a champion of the CFPB earned her disdain from credit unions overwhelmed by regulatory burden, Marisic said Warren has proven to be very intelligent and knowledgeable about financial services issues.
“We will work to make sure we have a relationship with her office and our members will, too,” Marisic said.
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