Dear Congress: We can’t wait on reg relief
April 6, 2018
While political gridlock exists in Washington on most issues, there’s one topic both sides of the aisle have come to agree on: The Dodd-Frank Act has hurt small financial institutions.
The bill was always meant to curb predatory behavior by Wall Street’s biggest banks, but small banks and credit unions were wrongfully swept up in the law. The good news is that a bipartisan group of senators recently moved to address the harmful effects.
Last year, Cornerstone Advisors performed an in-depth analysis on the impacts of arduous post-crisis financial regulations on credit unions, and the results were not surprising: Burdensome, growing regulatory costs are limiting credit unions’ abilities to serve their customers. As of 2017, the cost totaled $6.1 billion, which translates into $115 per credit union household.