WASHINGTON – Credit unions must go on offense if they want to be successful in convincing Congress that they are over-regulated, CUNA President/CEO Jim Nussle said as the organization's Governmental Affairs Conference began Monday.

During a pep talk to attendees, Nussle said CUNA's regulatory relief effort will be called, “The Campaign for Common-Sense Regulation.”

The former congressman from Iowa said Congress erred when it passed Dodd-Frank and it misled credit unions.

“They told us we didn't have anything to worry about,” he said. Dodd-Frank was supposed to provide exemptions for institutions like many credit unions, he added.

That didn't happen, Nussle said, adding that the law created a rigged system that protected large banks that could handle the new regulatory regime.

“Don't tell me they're feeling the pinch of over-regulation,” he said.

Dodd-Frank created the CFPB, which is governed by a single director who has little accountability since he only can be removed for cause.

“Our government officials ought to be accountable to us,” he said.

He urged the conference attendees – numbering more than 5,000 – to meet with their members of Congress on a regular basis.

“If you're not communicating with them, someone else is,” he said.

Instant Insights /

Go on Offense to Fight Regulation, Nussle Says: GAC

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