Opinion: Credit unions deserve a break, so do their members
East Bay Times
May 31, 2017
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.
It has been well established that Wall Street banks and predatory lenders caused the “Great Recession.” Community lenders such as non-for-profit credit unions, on the other hand, were doing right by their communities before, during, and after the recession. Ironically, Dodd-Frank and the Consumer Financial Protection Bureau (CFPB), while designed to rein in the excesses of Wall Street, inflicted substantial collateral damage on local credit unions.