Issues affecting credit unions will get tangled up in the drafting of the Democratic national party platform. A July 1 draft of the party platform stated the Dodd-Frank Act should be defended and even expanded and the U.S. Postal Service should be allowed to offer basic banking services.
"At a time when many of the largest banks have shunned communities across America, Democrats believe that we need to give Americans affordable banking options, including by empowering the United States Postal Service to facilitate the delivery of basic banking services," the document stated.
In January 2014, the USPS Office of Inspector General recommended that the postal service was well positioned to offer basic banking services.
"More than a quarter of Americans live partially or completely without access to mainstream financial services and are often forced to rely on costly services like payday loans or check cashing to cover their everyday expenses," the USPS said on its website.
The Democrats also vowed to defend Dodd-Frank.
"We will also vigorously implement, enforce and build on the landmark Dodd-Frank financial reform law, and we will stop dead in its tracks every Republican effort to weaken it," the platform continued. "We will continue to protect consumers and defend the CFPB from Republican attacks."
Rather than offering specific legislative proposals, the platform outlined general principles for which the party stands. The final platform officially will be adopted at the Democratic National Convention in Philadelphia Aug. 25-28.
Republicans on Capitol Hill have been pushing for a repeal of Dodd-Frank and decreased powers for the CFPB. House Financial Services Chairman Jeb Hensarling (R-Texas) has included the repeal as a main point in his financial services overhaul plan.
While that legislation won't become law this year, the proposal and the Democratic platform frames a debate that is certain to occur next year, with the outcome depending on which party captures the White House and Congress.
The Democrats also said they will ban golden parachutes for financial services officials who accept jobs as regulators.
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