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

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.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160920006931/en/

National Association of Federal Credit Unions
Patty Briotta, 703-842-2820
Director of Public Relations
[email protected]

Source: National Association of Federal Credit Unions

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