In the aftermath of the financial crisis, banking regulations were put in place to rein in the large banks and Wall Street Investment firms. Credit unions and Community banks were caught up in a one size fits all approach that was taken by Congress. With a new administration, banking regulations are under review. This allows Credit Unions to educate our law makers of the Credit Union difference and advocate on behalf of our memberships. However, no lobbyist can be as effective as the voice of credit union members.
As a not-for-profit cooperative, we return our profits to our members through new branches, best in market rates, low or no fees, surcharge fee ATM networks and the latest technology. Increased regulations have created a burden on credit unions that reduce the profits we want to pass on to our members. Currently excessive regulations cost credit unions nationwide $7.2 Billion per year, which translates to $71 per member.
Members of Congress on both sides of the aisle are rolling up their sleeves to help middle-class Americans and Regulatory Relief is on their agenda. The Campaign for Common Sense Regulation is the newest member education program being implemented by credit unions nationwide. The goal of this Campaign for Common Sense Regulation is to remove one size fits all regulatory barriers.
Our members are our greatest resource and we need you to ask Congress for common-sense regulations. If you agree that it's time for Congress to overhaul excessive regulation of credit unions, you can make your voice by clicking on the link above to take action.
Visit the Common Sense Regulation site
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