NAFCU’s Berger: Credit Unions Are Different From Wells Fargo

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WASHINGTON–(BUSINESS WIRE)–National Association of Federal Credit Unions (NAFCU)
President and CEO Dan
Berger
 issued the following statement advancing the credit union
difference in light of the Senate Banking Committee’s hearing today on
Wells Fargo. Last week, Wells Fargo was fined $185 million due to
illegal sales practices.

“Credit unions — not-for-profit, member-owned, financial
cooperatives—have been widely recognized for not causing the financial
crisis and for their prudent business model,” said Berger. “We ask our
lawmakers and regulators to keep in mind the critical difference of
credit unions and the valuable services they provide to nearly 105
million Americans. We urge them not to delay much-needed regulatory
relief for credit unions as they contemplate any new regulations to
address the fraudulent practices of bad actors.”

“Credit unions are Main Street’s financial institutions. Unfortunately,
we have already had to endure an overwhelming regulatory burden put in
place to keep Wall Street banks and big banks in check after the
financial crisis. We have lost approximately 20 percent of the industry
since the second quarter of 2010, when Dodd-Frank was implemented. Going
forward, we hope legislators and regulators recognize that credit
unions’ have the utmost regard for their members trust. Credit unions
welcome the ability to help their members fulfill their financial goals,
grow their businesses or help our nation’s economy to prosper. American
consumers need more Main Street and less Wall Street.”

The National Association of Federal Credit Unions is the only national
trade association focusing exclusively on federal issues affecting the
nation’s federally-insured credit unions. NAFCU membership is direct and
provides credit unions with the best in federal advocacy, education and
compliance assistance. www.nafcu.org.

Contacts

National Association of Federal Credit Unions
Patty Briotta, 703-842-2820
Director
of Public Relations
pbriotta@nafcu.org