U.S. Capitol
A House Financial Services Committee hearing marking the 15th anniversary of the Dodd-Frank Act has generated a wave of proposed legislation, 37 bills in total, aimed at reshaping the law’s legacy and reining in the regulatory agencies it created. Many of these proposals have direct implications for credit unions.
The legislative package includes measures to restructure the CFPB, eliminate unused regulatory powers and reduce compliance burdens. Several bills target the CFPB’s controversial small business lending data rule, while others hope to encourage the creation of new banks and credit unions by easing the chartering process.
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America’s Credit Unions (AmCU) filed a letter ahead of the hearing expressing strong support for reform. “In the years since Dodd-Frank’s enactment, credit unions have increasingly faced regulation designed for large banks, leading to unnecessary compliance burdens,” AmCU wrote. The group endorsed multiple bills under consideration, including those to restructure the CFPB, reform its data collection rules and add more cost-benefit analysis to rulemaking.
AmCU emphasized that while credit unions share the goal of protecting consumers, “regulatory tailoring is essential to ensure smaller institutions can continue to thrive.” The group called for Congress to provide clarity on the CFPB’s authority, ensure transparency in its budget and enforcement priorities and reaffirm the distinct oversight role of the NCUA.
One notable proposal, the American Access to Banking Act, would require federal agencies to streamline charter applications and support new credit union formation, a key growth priority for the industry.
Lawmakers are also examining reforms to the Financial Stability Oversight Council, Office of Financial Research and the Securities and Exchange Commission, agencies whose actions indirectly influence credit union operations and investment options.
While not all 37 bills will advance, the volume and focus of the proposals underscore Congress’s renewed interest in deregulation and tailoring regulations to fit the scale and mission of community-based institutions.
For credit unions, the legislative moment represents an opportunity to influence how financial regulations evolve, potentially shifting the balance toward greater flexibility, transparency and fairness for member-focused financial institutions.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
