WASHINGTON (1/8/16)--Credit Union National Association (CUNA) Chief Advocacy Officer Ryan Donovan spoke in an article that appeared in The Hill Thursday, commenting on the impact massive regulatory burden has had on the credit union system. Donovan was the sole representative from a financial trade organization in the article, which discussed Dodd-Frank regulations and their effects.
“If the goal was to lead to a gradual reduction of credit unions in the country as a result of an overwhelming regulatory burden in response to the a crisis credit unions didn’t contribute to, then the [Dodd-Frank] was a success,” Donovan said. “Credit unions, however, would view the law as a failure.”
Headed into 2016, reducing regulatory burdens for credit unions is the top priority for CUNA. Several victories were had at the end of 2015, with multiple regulatory relief provisions signed into law.
Looking ahead, there more than 20 regulatory relief bills have passed the House Financial Services Committee, and 15 credit union provisions are part of a Senate Banking Committee regulatory relief bill, setting credit unions up for additional relief.
In 2016, Donovan said CUNA’s goals are to: