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Vigilance Is Key in 2015

The loss of more credit unions is at stake if regulatory burdens do not ease up.

By B. Dan Berger | Updated on January 09, 2015
Dan BergerWith another slate of regulations expected this year, keen vigilance will be needed to ensure against unintended consequences that negatively impact credit unions. Since the implementation of the Dodd-Frank Act in 2010, we have lost over 1,000 credit unions. In the past year, we lost over 270 credit unions.

Last year, NAFCU was steadfast in drawing attention to credit unions’ overwhelming regulatory burden and championed “enough is enough” to lawmakers and regulators and we netted some notable successes. Now, with a new Congress beginning and numerous new faces in the House and Senate, our work to ensure credit unions’ best interests – the flexibility and resources they need to serve members – begins anew.

In 2014, we welcomed several legislative wins that supported key aspects of NAFCU’s five-point plan for regulatory relief for credit unions. President Obama signed into law H.R. 3468, the Credit Union Share Insurance Fund Parity Act, giving credit unions parity with FDIC-insured institutions offering escrow accounts like Interest on Lawyer Trust Accounts.

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