VIDEO: Senator Joe Donnelly introduces Dallas Bergl during Senate Banking hearing.
Approximately $73 per member per year on average. That’s how much the Consumer Financial Protection Bureau’s regulation burdens cost Clark County Credit Union during the 2015 to 2016 period.
The Financial Choice Act is a revision of the 2010 Dodd-Frank Act and is pending in the House of Representatives. It is far from a perfect bill, but it advances the conversation about which types of lenders need additional regulatory scrutiny.
Minneapolis Federal Reserve Bank President Neel Kashkari said on Wednesday that there should not be any relaxation of regulations that have tightened oversight of Wall Street. “Progress has been made. I wouldn’t want to roll that back off the biggest banks,” Kashkari said at an event in Minneapolis, when asked about the fate of the Dodd-Frank reform act that was passed in part to prevent big banks from causing a repeat of the 2007-2008 financial crisis.
The Credit Union National Association today urged Congress to direct the CFPB to exempt credit unions and small banks from its rulemaking. “The Bureau’s unwillingness to exercise fully its exemption authority has resulted in credit unions reducing the availability of or eliminating entirely, safe and affordable financial products from the market,” the group said in a letter to Senate Banking Committee Chairman Mike Crapo and ranking member Sherrod Brown.