Rein in Wall Street. Stop hurting Main Street.
Credit unions are not-for-profit financial cooperatives that provide high-quality, affordable services to 105 million American consumers—their member-owners. During the financial crisis, while big Wall Street banks had to be bailed out by taxpayers, financially sound credit unions like Great Basin Federal Credit Union helped middle-class families weather the storm.
Great Basin members didn’t cause the problems that pushed the economy into the Great Recession, so why are we being punished like the gigantic banks that did?
Instead of focusing on the real problems with Wall Street, Congress and Washington bureaucrats overcorrected and created expensive new regulatory burdens that hurt credit union members on Main Street.
Let’s take a quick look at the facts:
- Out-of-control federal regulations have a staggering $7.2 billion total impact on credit unions.
- Since 2010, total regulatory costs for credit unions have increased by 39%.
- Credit unions have lost $1.1 billion in revenue due to regulatory costs.
If those numbers don’t resonate, take it from credit union CEOs themselves. When asked in a survey recently what they would do if those lost costs were returned, the top two answers were that they would turn around and provide members lower rates on mortgages and higher interest rates on deposits. Washington’s overreaction has taken money out of the pockets of credit union members for a problem credit unions did not cause.
- Loan rates are higher
- Approval times for mortgages and other loans are longer
- One out of four credit union employees now must spend their time dealing with regulations instead of serving member needs.
- Wait times, paperwork and complexity increase, becoming serious drains on your valuable time.
Since 2010, credit unions have been forced to spend $1.7 billion more on unnecessary new regulations. That’s our members’ hard-earned money that could have been invested in lower interest rates on loans and better rates of return on deposits.
Credit union members deserve to be treated fairly. What may work for the biggest banks in America doesn’t make sense for us.
It’s time for Congress to fix the problem and tell regulators to ease the excessive burden that is being placed on Great Basin and millions of individual credit union members.
Ask your U.S. Senators and Representatives to demand that regulators exempt credit unions from these expensive and punitive new rules.
Wall Street caused the problem. Credit union members like us shouldn’t have to keep paying the price!
CEO and President, Dennis Flannigan
Great Basin Federal Credit Union
P.S. These punitive regulations are costing you $71 per year. Tell Congress you don’t want to pay the price anymore for Wall Street’s mistakes.Share: