Compliance costs at the $42 million Dixies FCU have increased five-fold since 2009, from about $20,000 a year to $100,000 annually. President/CEO Scott Eagerton pressed that point about his Darlington, S.C.-based cooperative to members of the House Committee on Small Business Economic Growth, Tax and Capital Access Thursday during a hearing that examined the effect Dodd-Frank has had on small lenders.
"I feel like we're getting away from helping people and focusing on following laws created in Washington," Eagerton said about regulatory burden created by the 2010 law.
He also said Dixies FCU spends $30,000 per exam cycle on lost wages due to employees preparing for the exam, being available to examiners during the exam, and following up with examiners after they've left. Eagerton, who testified on behalf of NAFCU, pitched the trade's position that the NCUA return to an 18-month exam cycle.
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