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U.S. Rep. Luetkemeyer Addresses Regulatory Burden Impact on Credit Unions

Credit unions are negatively impacted by regulatory burdens stemming from the Dodd-Frank Act, and the effects are growing.  As more and more resources are directed to comply with growing regulatory requirements, there are less funds available to assist credit union members - a direct impact on consumers.  

In an op-ed, U.S. Representative Blaine Luetkemeyer (MO-District 3) recently addressed the impact of the Dodd-Frank act on credit unions and community financial institutions.

“Fees for checking accounts have gone up, the personal savings rate has declined and the regulatory burdens stemming from Dodd-Frank are having devastating consequences on local financial institutions,” writes U.S. Rep. Luetkemeyer. “Community banks and credit unions, which serve as the lifeblood of many Missouri towns, find themselves faced with regulations designed for the world's largest, most complex financial institutions.”

The U.S. House Financial Services Committee Chairman Jeb Hensarling (R-Texas) has introduced a new bill, the Financial Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs (CHOICE) Act, to address some of these concerns. 

Luetkemeyer, who serves on the Financial Services Committee, supports the new legislation and addressed it in his op-ed

“The legislation goes a step beyond Dodd-Frank and increases penalties for fraud committed by financial institutions, promoting not only consumer protection but also enhanced transparency and accountability,” writes U.S. Rep. Luetkemeyer.

Click here to read the entire op-ed by Congressman Luetkemeyer.

For more information about the CHOICE Act, visit the Financial Services Committee website.