Linda Sweet, president and CEO of the $56 million Big Valley Federal Credit Union in Sacramento, Calif., told Congress Dec. 3 the declining number of credit unions in the U.S. is partly due to the mounting compliance burden coming from the federal government.
"The impact of this growing compliance burden is evident as the number of credit unions continues to decline, dropping by more than 800 institutions since 2009. While there are a number of reasons for this decline, a main one is the increasing cost and complexity of complying with the ever-increasing onslaught of regulations," she said at a House Small Business Subcommittee on Investigations, Oversight and Regulation hearing.
The topic of the hearing was the regulatory landscape for small financial institutions.
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