Dodd-Frank Impact Produces Divergent Views at House Hearing
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.
Rep. Michael E. Capuano (D-Mass.), responding to Smith’s testimony, said the hearing was the first he had heard about the burdens CFPB’s proposed remittance disclosure rule would have on financial institutions.
“I’m under the impression that this aspect has not been finalized, and I intend to look into it,” he said.