COLUMBUS, Ohio (7/21/14)--Ohio Credit Union League President Paul Mercer sat down with Columbus Business First recently as part of the publication's "People to Know" series on banking, where he fielded various questions about the state of the credit union movement.
Questions ranged from how Mercer got involved with credit unions to how to attract new members to the movement, but much of the conversation centered on the impact that recent decisions made by U.S. lawmakers have had on credit unions.
"How will the Dodd-Frank Wall Street Reform and Consumer Protection Act affect the businesses and individuals who are your clients?" Mercer was asked.
While the legislation was created with good intentions, Mercer answered, "For credit unions, Dodd-Frank is the latest contribution to a serious real-world, street level, Main Street problem: Federal government overreach and regulation is a large and growing cost, burden, limitation and distraction for smaller, community-centered financial institutions such as credit unions and community banks."
When asked about too-big-to-fail banks, Mercer said: "One travesty of financial markets reform is that (the) government took a big swing at the real problem--Wall Street excess, real systemic risk--but mostly missed and landed a blow directly on the chin of smaller financial market players.
"More good intentions leading to laws and rules yielding unintended consequences," he said.
In addition to Mercer, Michael Shafer, CEO of Pathways Financial CU, Columbus, Ohio, with $223 million in assets, will be interviewed for the series.