WASHINGTON —The Dodd-Frank Act has added so many new regulations to financial institutions, it has helped boost a 31% projected growth in job opportunities for Compliance Officers, Rep. Shelly Moore Capito (R-W.Va.) told GAC attendees Tuesday.
Capito is author of H.R. 3461, the Financial Institution Examination Fairness and Reform Act, which she said aims to provide “more transparent, timely and fair examinations” by reducing the disconnect between exams and their regulating agencies.
The bill currently has 113 co-sponsors, and was the topic of a Feb. 1 hearing in which credit union leaders testified in its favor.
“We view the Exam Fairness and Reform Act as a firm step in the right direction toward ensuring regulators conduct fair exams which are consistent with the law and regulation and ensure safety and soundness,” said CUNA President and CEO Bill Cheney.
“The bill seeks to address concerns that examiners are in some cases requiring credit unions and other financial institutions to take action that is not required by law or regulation, and in other cases, prohibiting these institutions from taking action that is otherwise permitted by law or regulation,” Cheney said.
Capito said she also views interchange income limits as an issue, saying she’s concerned low-income members could be pushed out of credit unions if the cooperatives have to raise fees to make up for lost interchange income.