Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
IWall St. JournalI op-ed CUs need relief too
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.
Other Resources

RSS print
News Now LiveWire
September is National Preparedness Month. Read how your CU can get ready in #NewsNow #NPM @AgilityRecovery @Readygov
13 hours ago
Bay Area #creditunions featured in @SFBusinessTimes article http://t.co/SE7W81Ulia
15 hours ago
#NewsNow: 8 CU advisory board, new senior leaders named at @CFPB. http://t.co/EPKgHEDRRN
17 hours ago
#NewsNow: @FTC warns of government impostor scams. http://t.co/MMWBOcrqwJ
17 hours ago
Registration open for @CUNAMutualGroup's Discovery Conference #NewNow http://t.co/CATF0j9ct1
18 hours ago