Dodd-Frank rollback poised to remove handcuffs from small lenders
June 7, 2018
FAIRBANKS — Credit unions and other small community financial institutions keep the U.S. economy humming. More than 110 million Americans are members of credit unions and over 465,000 Alaskans are credit union members. Community banks employ three-quarters of a million people and originate nearly half of all loans made to small businesses.
Yet many of these small institutions are under attack. Almost a decade ago, the federal government imposed rules aimed at reining in Wall Street’s excesses. In the years since, a growing number of credit unions and community banks have been ensnared by this costly web of federal regulation.
Fortunately, Congress is standing up for small lenders. The Senate recently green-lit legislation that would exempt credit unions and smaller community financial institutions from the most burdensome of these federal regulations. The House followed suit — and the bill was signed into law by President Donald Trump.