ARLINGTON, Va.–The Dodd-Frank Wall Street Reform and Consumer Protection Act marked its fifth anniversary yesterday, with no reports to CUToday.info from any credit unions with celebratory birthday cakes.
The bill was signed into law on July 21, 2010, by President Obama in a ceremony at the Ronald Reagan Building in Washington.
The anniversary brought a statement from NAFCU, which opposed the Dodd-Frank Act when it was before Congress, saying it has contributed to the demise of nearly one-fifth of credit unions
“Since the implementation of the Dodd-Frank Act, we have lost 1,250 federally-insured credit unions – over 17% of the industry – since the second quarter of 2010 due to the overwhelming regulatory burden,” said NAFCU CEO Dan Berger. “Credit unions – not-for-profit, member-owned financial institutions – have been widely recognized for not having caused the financial crisis and for their prudent business model, but they are bearing the heavy burden of regulations imposed on them in response to Dodd-Frank and there appears to be no end in sight.”
“As credit unions disappear, consumers suffer the most. Credit unions offer financial services with low fees, competitive interest rates and exceptional service,” Berger added.
NAFCU reiterated that to help stem the tide of overregulation, it released a “Five Point Plan for Credit Union Regulatory Relief” and a list of “Top Ten Regulations to Eliminate or Amend.”