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.
