House Panel Hears Two Dodd-Frank Tales: Print Preview
WASHINGTON — Two credit union witnesses voiced disagreements over the impact the Dodd-Frank Act has had on their credit unions when they testified July 19 before the House Financial Services Subcommittee on Oversight and Investigations.
Lynette Smith, CEO of the $87 million Washington Gas Light Federal Credit Union of Springfield, Va., and Deyanira Del Rio, board chair of the $33 million Lower East Side People’s Federal Credit Union of New York City and vice chair of the National Federation of Community Development Credit Unions testified at the last Thursday’s hearing that is part of a series of congressional hearings reviewing the effect Dodd-Frank has had on markets and consumers.
“I’m under the impression that this aspect has not been finalized, and I intend to look into it,” he said.
NAFCU quantified the effect some regs currently have on credit unions with a member survey on the subject. The results were published in the July issue of its “Compliance Monitor.” Research revealed that credit unions currently spend an average of 207 hours per year complying with the CARD Act of 2009 and nearly 60 staff hours each month meeting current mortgage disclosure requirements.