Three credit union witnesses testified April 10 in a House Financial Services Committee Financial Institutions Subcommittee hearing that rules and regulations mandated by the Dodd-Frank Act are interfering with credit unions' ability to serve their members.
"I understand that it is often difficult to pinpoint specific rules and regulations that are especially burdensome for credit unions; rather it is the cumulative effect of new regulations being layered on top of old regulations," said Financial Institutions Subcommittee Chairwoman Shelley Moore Capito (R-W.V.) during her opening remarks.
Robert Burrow, president/CEO of the $309 million Bayer Heritage FCU and who testified on behalf of NAFCU, told the committee that while a number of regulations may be worthwhile and well intentioned, they are often issued with little coordination between regulators and without eliminating outdated regulations that remain on the books.
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