WASHINGTON—NAFCU emphasized the vital role credit unions play in the economic health of local economies in a letter to leaders of the Senate Banking Committee.
The letter was sent in advance of the Committee’s hearing on the importance of financial companies to economic prosperity.
NAFCU Vice President of Legislative Affairs Brad Thaler cited the recent financial crisis and how credit unions continued to lend and help creditworthy consumers and small businesses during those years. He also noted the regulatory burden imposed on the industry despite the fact that credit unions played no part in causing the financial crisis.
"Unfortunately, every credit union dollar spent on regulatory compliance is a dollar that can't be used to help consumers through member service, better rates or additional money to lend," Thaler wrote. "This is why regulatory relief remains a top priority for our nation's credit unions, and a key tool to help foster economic growth."