WASHINGTON - CUNA President/CEO Bill Cheney is scheduled to testify today before a House Financial Services subcommittee, which is studying the impact of the Dodd-Frank Act on small financial institutions and small businesses.
The House financial institutions and consumer credit subcommittee has set three panels of witnesses and representatives from the financial industry and D.C.-based think tanks will also weigh in.
The 2,200 pages of the Dodd-Frank financial regulatory reform package, signed into law last year, contains numerous changes to current financial laws, but only about 35 directly impact credit unions. However, Cheney is expected to testify that, for credit unions and their members, the most chilling effect of the Dodd-Frank Act would be the implementation of government controls on interchange fees.
He will also detail other statutory restrictions that contribute to the overall regulatory burden of credit unions, or restrict how credit unions may serve their members, such as an arbitrary legislative restriction on credit union member business lending.