The escalating regulatory burden from the federal government is partially to blame for the declining number of credit unions, said Linda Sweet, president/CEO of the $56 million Big Valley Federal Credit Union, in testimony before Congress this week.

“The impact of this growing compliance burden is evident as the number of credit unions continues to decline, dropping by more than 800 institutions since 2009. While there are a number of reasons for this decline, a main one is the increasing cost and complexity of complying with the ever-increasing onslaught of regulations,” the witness for NAFCU told a House Small Business Subcommittee on Investigations, Oversight and Regulation hearing on Tuesday.

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