NEW YORK (9/18/12)--Credit unions also need relief from government regulation, a St. Louis credit union executive wrote in a Monday op-ed in The Wall Street Journal, commenting on a Sept. 6 Journal op-ed by U.S former Secretaries of State George Schultz and Madeline Albright. That op-ed expressed concern about the Bangladesh government's intervention into the country's Grameen Bank and its organizational structure.
"But the virtues aren't exclusive to Grameen Bank," wrote Patrick K. Adams, president/CEO of St. Louis Community CU. "There is an entire not-for-profit, member-owned credit-union industry doing the same thing in the U.S. every day and we, too, are overrun with government regulation.
"Thanks to [the] Dodd-Frank [Act], regulation and compliance within the U.S. banking industry is much more onerous than what Bangladesh is proposing for Grameen," he added. "Unfortunately, regulation is eroding our impact in the middle- and lower-income communities we work so hard to help.
"Piling more regulation onto smaller institutions will ultimately manifest itself in the increased likelihood that people will have fewer choices in financial services. Such an occurrence ultimately serves to hurt the consumer," Adams wrote.
To read the whole op-ed, use the link.