We know banks large and small are concerned about the compliance costs and other implications of Dodd-Frank. How about credit unions?
Testimony from credit union witnesses varied at one of the recent House hearings to examine the effects of Dodd-Frank, according to coverage in Credit Union Times.
"We're going to have to hire a full-time compliance officer," said Lynette Smith of Washington Gas Light Federal Credit Union of Springfield, Va. She also expressed concern that her credit union might have to raise fees for members.
"The majority of those pages don’t apply to us," said Deyanira Del Rio, board chair of the Lower East Side People’s Federal Credit Union of New York City and vice chair of the National Federation of Community Development Credit Unions, in contrast.
The Credit Union National Association had negative take. "Dodd-Frank created a whole new regulatory world that is like Alice in Wonderland," said Mary Dunn, the organization's general counsel
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