WASHINGTON – Sen. Sherrod Brown (D-Ohio) told attendees of NAFCU's 2015 Congressional Caucus that efforts to amend the Dodd-Frank Act in order to provide regulatory relief failed this year – and will keep failing as long as the bill's opponents bring forth efforts to repeal the measure or make major changes to it.
Brown (pictured) told his audience's mix of credit union industry executives and board members that he supported regulatory relief, especially for financial institutions with less than $10 billion in assets, but said neither he nor other Democratic senators would go along with efforts to gut or repeal the bill.
"We just aren't going to do that," Brown said.
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Instead, Brown said he favored a system of tiered regulation, where smaller institutions would have significantly fewer regulations than major banks would.
He also urged credit unions to work harder at telling their stories and alerting their legislators to the work they do to help improve the financial lives of the working poor and other struggling Americans.
"I am not biased for you, but I am biased in favor of your work," he said.
He recounted a story he recently heard from an Ohio credit union, where a member came in to get a mortgage to purchase a home. She didn't qualify for the mortgage, but rather than sending her out the door, Brown said, the credit union worked with her to improve her credit score and financial situation until she could qualify.
"The credit union didn't send her on her way, the way most banks would have done," Brown noted. "You worked with her to help her reach her financial goals. That's the credit union difference."
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