Member-owned credit unions like ours are focused on our local communities. We know what middle-class members in our communities need better than any bureaucrat in Washington does.
Yet the regulatory climate at present limits consumer options and is rigged to favor the big Wall Street banks. It’s time to change that.
One important way in which Congress can make a difference is by overhauling Washington’s excessive regulation of credit unions.
The current set of complex Washington regulations was devised to rein in the big Wall Street banks. But these one-size-fits-all rules do not work for community credit unions on Main Street.
Excessive and unnecessary Washington regulations are:
- Costing members like you an average of $71 per year
- Leading to longer wait times for mortgages and loans
- Making it harder for credit unions to provide the services and products our members need
If we want OTIS FCU and other financial cooperatives to stay strong and to protect our families’ financial futures, we must ensure that credit unions stay top-of-mind for lawmakers in Washington D.C. and in state legislatures. Elected officials hear from bank lobbyists all the time. To match them, we must all step up and tell Congress and state lawmakers the credit union story, that credit unions are a consumer’s safest and best option in financial services, and the strongest advocate for the middle class. We need common-sense regulations that better allow local institutions like credit unions to make decisions that best suit their communities. Our members, and members of credit unions across America, should not be forced to pay for the mistakes of the big banks.
Something must be done. And you can help by getting involved.
As the 115th Congress assembles, we need support from our elected officials for legislation that will rectify these problems.
We need legislative fixes that will direct the Consumer Financial Protection Bureau (CFPB) to treat credit unions like credit unions, and not like big banks. We need more oversight at the CFPB, which could be accomplished by installing a multi-member board instead of one, single-minded director.
Above all, we need fixes that will restore credit unions’ ability to serve members in the safe and responsible way that we always have. And no one knows how to protect their members better than credit unions.
We think that our members deserve to know how these flawed regulations are hurting consumers. That’s why we are inviting you to visit the Campaign for Common Sense Regulation’s website at www.CommonSenseRegulations.com to learn more about how these issues impact you.
Inspired to make your voice heard? Please use the Take Action link to let our US Senators and Representatives know that you want them to make fixing costly regulations on credit unions a top priority.