WASHINGTON (10/14/14)--Response to the financial crisis of 2008 led to the implementation of the Dodd-Frank Act, which was meant to tamp down risky behavior by big banks. A recent voter poll found the legislation, rife with rules that increased credit unions' regulatory burden, should apply to big banks over credit unions.
The poll of 1,587 voters by digital media company Morning Consult reported less than half thought credit unions should be subject to Dodd-Frank statutes.
Fifty-six percent, however, said the rules should apply to big banks such as Wells Fargo and Bank of America, and 47% responded that community banks should fall under the act's umbrella as well.
"Credit unions, which are often lumped together with community banks despite different regulatory requirements, lead the pack with almost one out of every five Americans saying they shouldn't be subject to Dodd-Frank statutes," Morning Consult found.
The Dodd-Frank Act created roughly 35 new rules that affect credit unions, according to the Credit Union National Association's analysis. Throughout the legislative process, CUNA worked to minimize the legislation's regulatory burden on credit unions, reminding lawmakers that credit unions did not cause the problems that the Dodd-Frank Act was intended to address.
CUNA continues to work to reduce the regulatory burden on credit unions.