Credit unions, as well as the entire financial servicesindustry, should be encouraged by the recent remarks ofPresident-elect Donald Trump relating to governmentregulations.

Mr. Trump has stated that for every new regulation imposed by agovernment agency, he wants two taken away. A very bold plan butone that hopefully signals an administration willing to work withcredit unions, small banks and businesses in general to besuccessful, productive and responsive to the people they serve.

Since the financial crisis of 2008, credit unions, along witheveryone else engaged in the business of financial services, hasbeen overly burdened by regulations imposed as a result of theDodd-Frank legislation. For years, leagues, CUNA, NAFCU andindividual credit unions have been pleading for relief from thetremendous cost and hours required for compliance with the steadystream of new, and often unneeded, government regulations. Repeatedefforts for change have fallen on deaf ears, especially with theCFPB.

The recent election could signal a new dawn in Washington andmany believe the opportunity exists for significant changes in theway the White House and Congress view the role of financialregulators. I personally believe that our credit unions willcontinue to operate under the stringent standards of being safe andsecure. However, they will now be given the opportunity to serveeven more citizens and provide even better services without theconstraints of unneeded regulations.

Some individuals in Congress would like to return to theprincipals contained in the Glass-Steagall Act. Congressman JebHensarling (R-Texas), and some of his colleagues, believe theprovisions of the Financial CHOICE Act would be a good start in theright direction. Regardless of which road is taken, it could onlymean good things for consumers and credit unions.

The start of a new year is always exciting. For credit unions,2017 could be one of the most exciting years in a long time. Withan administration and Congress that has indicated support forbusiness and regulatory reform, the opportunity exists for a newdirection. No one would argue that regulations to ensure safety andsoundness are needed; however, credit unions should not be burdenedby unneeded regulations intended for the largest of financialinstitutions.

Now, more than ever, we need to be pro-active, involved andengaged at the forefront of making sure everyone in governmentunderstands what credit unions do for the communities they serve.They also need to understand that the credit union philosophy ofpeople helping people is demonstrated every day and that they standready to do even more.

John J. Bratsakis is president/CEO of the the Maryland andDistrict of Columbia Credit Union Association. He can be reached at443-325-0774 or [email protected].