WASHINGTON – Praising credit unions for their work on behalf of working Americans, Senate Banking Committee Chairman Christopher Dodd (D-Connecticut) said today that "I regret you are paying the prices for errors made by others."
During a speech at CUNA's Governmental Affairs Conference he said there needs to be strong changes in the way financial services are regulated to police the bad practices by some companies and to reverse years of "regulatory neglect."
Although he did not address regulatory issues of specific concern to credit unions, he said any changes would reflect his belief that "economic growth and consumer protection are not antithetical."
Recommended For You
He said that the Federal Reserve's track record on consumer protection is "poor" and any reassigning of regulatory responsibilities would be aimed at "getting to the root" of the current economic crisis.
Dodd praised the values of "democratic membership and economic inclusiveness" that are the hallmarks of credit unions and vowed that during the discussions on regulation "there will be a seat at the table for America's credit unions."
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
